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Friday, April 8, 2011

J. P. Morgan covers sale costs for Dimon's Chicago mansion

(Crain's) — Jamie Dimon made nearly $21 million last year in cash and stock awards as CEO of J. P. Morgan Chase & Co., but the giant bank still covered $421,458 in real estate commissions and related costs in selling his Gold Coast mansion.
In the company's proxy, it said the payment of commissions, appraisals, inspections, title search and other ordinary costs of selling a home was “in accordance with the firm's general policy on relocation expenses, applicable to all eligible employees who relocate at the request of the firm.”

Mr. Dimon, 55, moved from New York to Chicago in 2000 to become CEO of Bank One Corp., then Chicago's biggest bank. Five years later, he engineered Bank One's $58-billion sale to New York-based J. P. Morgan, a deal that positioned him to become CEO of the combined bank and enabled him to move home to New York.

He kept the Chicago home for several more years to allow his children to finish high school in Chicago. Mr. Dimon sold the mansion last year to billionaire energy-industry magnate Michael Polsky for $6.8 million after Mr. Dimon slashed the original asking price of $13.5 million a few times before reaching agreement.

Mr. Dimon paid $4.7 million for the home in 2000, property records show.

J. P. Morgan's agreement to cover Mr. Dimon's transactional costs was first reported by Bloomberg News.

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