GARRETT KELLEHER'S ambitious 150-storey Chicago Spire project has received a major boost with the sale of its so-called "master of the universe" penthouse to Beanie Babies magnate Ty Warner.
The soft toy manufacturer, listed as the 84th wealthiest person in the US by Forbes, has purchased Shelbourne Development's penthouse at the top of the quarter-of-a-mile tower which has been valued at €2 billion. Shelbourne has not disclosed the sale price but the penthouse originally carried a $40 million (€28.49m) price tag when the scheme was first unveiled in September 2007.
Located on floors 141 and 142 of the 2,000ft tower, the 929sq m (10,000sq ft) penthouse will have 360-degree views of Lake Michigan when it is complete. Currently, however, the scheme is an eight-storey hole in the ground. Last week Shelbourne Developments confirmed that construction "will be slowed down in line with current events on Wall Street and global markets".
Utility work will continue, but the pace will be slowed down, according to a spokesperson for Shelbourne. The super-structure above ground will commence when signs of market improvement are seen, she said.
A Chicago native, Mr Warner is said to have a net worth of $4.4 billion (€3.1bn). He took to the road selling upmarket toys after dropping out of college. Beanie Babies first hit the shelves in 1993, prompting a collecting craze.
Billed as the tallest apartment building in the western world, the Calatrava-designed Chicago Spire will have 1,193 apartments on completion, scheduled for 2012. Prices at the scheme start at $750,000 (€534,000) and sales are now above the 30 per cent point, according to Shelbourne.
