Ritz Carlton Penthouse Tied To Mexico’s Second Wealthiest Billionaire Now For Sale

This week’s release of the Forbes Billionaires List meant that billionaire Germán Larrea Mota Velasco dropped a a few spots to land at No. 98 on the list with an estimated net worth of $13.9 billion (down from $17.3 billion last year). He owns a majority of shares in Grupo México, the largest copper mining company in Mexico and the third largest copper mining company in the world. He is the second richest man in Mexico after telecom giant Carlos Slim.

Mota Velasco has listed his Chicago penthouse in the Ritz Tower on Chicago’s famed Magnificent Mile for $8 million, a unit which he purchased unfinished at the end of 2013 for $3.572 million in a hidden LLC. His name surfaced during a dispute with a buyer of another unit in the building which Mota Velasco believed he had the right of first refusal to purchase, as Crains Chicago reported. This three-bed, three-and-half-bath unit takes up half of the entire 38th floor with near-panoramic views over the city.

Residences at the Ritz follow a design intent similar to the hotel with a neutral palette and a focus on anchoring the space to its famous location. At the top is the living room with floor-to-ceiling windows that look out to the skyscrapers and busy streets below.

The kitchen has a six-burner dual oven Wolf range, Miele dishwasher and two Subzero refrigerators subtly residing behind a facade that matches the cabinetry in the room. That same striated pattern shows up in several places throughout the condo. 

A separate media space has custom built-ins and a wet bar with Subzero wine fridge and ice maker as part of the space.

The already-large master bedroom relies on extra-wide trims around the doors to add a sense of spaciousness to the room.

The attached master bathroom is where the hotel design aesthetic comes into play with neutral tones and the striated pattern of the kitchen cabinets has shown up again here.

Monthly HOA fees come to $5,768 per month and cover amenities such as the Landmark Club with access to this resident-only lounge with impressive wine storage. Other amenities include a billiard room, screening room, exercise facility, spa treatment rooms and dedicated concierge staff. 

For more information go to the listing page with agent Rachel Vecchio of dreamtown.

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