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Billionaire Lester Crown pays $2.75 million for Water Tower Place condo

Billionaire Lester Crown and his wife, Renee, last month paid $2.75 million for a three-bedroom, 3,400-square-foot condo on the 37th floor of Water Tower Place, according to public records.

Lester Crown, 90, is one of Chicago's most prominent figures. A longtime Wilmette resident, he is the son of Material Service Corp. founder Henry Crown, who in 1959 merged his firm with General Dynamics.

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It's not known whether the Crowns bought the Water Tower Place unit as an investment or as a pied-a-terre. Located in the building's southeast corner, the unit recently underwent a gut rehab. It has 3 1/2 baths, custom cabinets, new electric, recessed lighting, wide plank floors, electric shades, large closets and steam humidification.

The unit came on the market in August for $2.8 million.

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Lester and Renee Crown.
Lester and Renee Crown. (Yvette Dostatni / Chicago Tribune)

Listing agent Tom Gorman of Baird & Warner, who represented the sellers, told Elite Street that "both seller and buyer have requested no comment." He said the sale was a record price per square foot for that particular size unit in Water Tower Place, changing hands for $826 per square foot.

Bob Goldsborough is a freelance reporter.

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