Amancio Ortega, the founder of Zara parent firm Inditex and Spain’s richest person, has purchased a $232 million Chicago apartment complex.
Pontegadea, Ortega’s family office, purchased the 45-story 727 West Madison building, according to a business representative. The sale was published in Cook County property records early this month, according to multiple outlets. This could not be confirmed immediately by an insider.
There are 492 studio, one-, two-, and three-bedroom apartments ranging in size from 490 to 1,550 square feet in the building. The nearly 500-foot-tall building features a sky lounge, media theater, coffee bar, coworking area, and meeting rooms. There’s a gym, a yoga studio, an outdoor pool and spa, a dog park, and even a pet spa.
There’s also a pilates studio, an AT&T Store, and a Chase Bank on the main level.
Prices for a studio start at $2,166 per month and rise to $6,083 for the most costly property offered, a three-bed. Penthouse apartment costs are not listed.
According to the Bloomberg Billionaires Index, Ortega is the 14th richest person in the world, with an estimated net worth of $75.2 billion. That makes him wealthier than Charles Koch, Michael Dell, and individual Walton family members, the relatives of Walmart’s founders.
Ortega also owns Meta’s Seattle offices, the Haughwout Building in Manhattan, a number of other buildings in Chicago, and the Royal Bank Plaza in Toronto, which he purchased last year for $916 million. According to Bloomberg, the real estate investment group also has investments in infrastructure companies.
As of late January, Inditex had approximately 6,000 outlets worldwide. In the fiscal year ending January 31, it earned 32.6 billion euros, or around $352 billion.
