Sold! Trump Penthouse Bought For $17 Million In Cash

By John Dodge

CHICAGO (CBS) -- In what is believed to be the most expensive residential real estate transaction in Chicago history, a suburban Chicago-based businessman has bought the penthouse at Donald's Trump's hotel for $17 million in cash.

The 14,260 foot space on the 89th floor is unfinished. The buyer, Sanjay Shah, estimates it will take another $15 million to finish the space.

Shah, 46, is founder and CEO of a technology company called Vistex, based in Hoffman Estates.

"If there ever was a bird's-eye view of Chicago, I think this place is it," he tells WBBM Newsradio.

The residence at what is officially known as Trump International Hotel & Tower, 401 N. Wabash, is one of the tallest residential properties in the world. It was first listed at $32 million. Shah says that was simply a reference point for negotiations, but he and his wife will have spent nearly that much by the time they are done decorating their new home.

The living room at Trump is the size of some small homes at 1,296 square feet.

The master bedroom is not far behind at 1,122 square feet, according to the listing information.

It also comes with five fireplaces, a massive exercise room (also the size of a small home), a media room, study and laundry room.

Property taxes are listed at "TBD", and the buyer will have to budget for a $12,150 monthly condo association fee.

Shah can also claim Bulls superstar Derrick Rose as a neighbor. He bought a three-bedroom condo five floors below for a reported $2.8 million. The Blackhawks' Patrick Kane also has a unit at Trump.