James G. McConnell

Chicago City Colleges intended to expand its Loop campus, and wanted to take a high rise office building across the alley from the existing Loop College. The Board of Trustees offered $1,800,000.00 for the property. The building had been built in 1929, immediately after the stock market crash. The building was situated on three lots leased for 99 years. Because of the stock market crash, all three leases provided the rent was to be paid in gold, rather than banknotes.

Mr. McConnell won a verdict for the building owners valuing the property at $4,454,818.00.

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Lessons Learned:

If it glitters, it just might be gold.