Rent Oprah Winfrey's Co-op For $15,000/ Month

Rent Oprah Winfrey's Co-op For $15,000/ Month

It seems that even Oprah Winfrey has become a reluctant landlord these days. According to the Chicago Tribune, after trying unsuccessfully to sell her Streeterville co-op in the 2008/ 2009 timeframe for $6 MM, Oprah has decided to rent her co-op out. According to the Tribune story she "never actually moved into the unit, choosing instead to remain in her massive duplex condominium spread in a different building a few blocks away." She bought it for $5.6 MM in 2006. Yeah she got caught in the bubble peak.

OK, when you have Oprah's kind of money you can afford to buy stuff that you never use. But why on God's earth would she want to be a landlord? Could you see her getting up at 2 in the morning to come over and fix a stopped up toilet? Yeah, I know she wouldn't really do that. Of course, she would wait until she woke up the next morning.

But seriously, why not just sell the place at whatever price? Heck, she should have given it to a studio audience member on her last show, considering that her taxes were last shown to be $40,511/year and her monthly assessment was last shown to be $9213/month, which very likely includes the taxes. Assuming the assessment includes the taxes she's getting a lousy return on her investment - but then you don't have to be very good at math to be a talk show host. I think Oprah is suffering from loss aversion.

So it looks like the address is 199 E Lakeshore Dr. Unit 6E and it is listed by Todd Vitale of Prudential Rubloff. Here are some stats:

  • 4607 square feet
  • 3 bedrooms
  • 3 full baths and 2 half baths
  • 2 fireplaces
  • 2 garage spots
  • Master bedroom is 26 x 24 but the Tribune says the master suite is a total of 1241 square feet
  • Rent is $15,000/ month
  • 1 Year minimum/ 2 year maximum lease with review after 1st year
  • Board approval is required as well as personal, financial, and business references

Here is the description from the MLS:

Gracious Benjamin Marshall Beaux-Arts style luxury 4607 sq ft home has amazing views from library, living rm and master bedroom w/10ft ceilings, formal spaces include inner foyer, grand foyer, living rm, library, formal dining rm, solarium, butler's pantry, wine rm, gourmet custom kitchen, laundry rm, office/3rd bed, en-suite guest & large master suite w/his/her baths. The ultimate in elegant living! 2 CAR GAR. INC.

Here is a slideshow of the property but please note that it is cleverly, virtually staged. Damn smart for a vacant luxury property like this.

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    Gary Lucido

    After 20 years in the corporate world and running an Internet company, Gary started Lucid Realty with his partner, Sari. The company provides full service, while discounting commissions for sellers and giving buyers rebates.

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