Rex Grossman lost big on Chicago Trump Tower

In September of 2008, Rex Grossman felt sufficiently comfortable as the Bears’ quarterback that he bought a condo in Donald Trump’s downtown Chicago high rise. That turned out not to be a great idea.

Grossman, now a backup with the Redskins, would have been better off renting, not buying, in Chicago. By 2009 the Bears had said farewell, and early this year he decided to sell the condo that he had purchased for $2.68 million at a $680,000 loss.

Crain’s Chicago Business reports that Grossman ended up with a 25 percent loss on the 36th-floor two-bedroom condo.

It’s another reminder, in the wake of the Mark Brunell bankruptcy, of how quickly players who make millions of dollars can lose that money.

49 responses to “Rex Grossman lost big on Chicago Trump Tower

  1. Slow news day huh?? I’d rather see no news that the waste of time article this is….

  2. Yeah, who did the Redskins get in compensation for trading Grossman?!

  3. Uh… Sex Cannon hasn’t been a member of the Houston Texans for about 6 months now. He’s probably in the UFL or something.

  4. In light of what’s going on with that projet and residential and commercial real estate nationwide, that’s not bad. At least he got out completely and didn’t buy some $5-10million house, where the loss could have been huge. This isn’t money mis-management or ‘mark brunell-esque’ Florio, just a sign of the times..he’s lucky

  5. That’s not so much a commentary on NFL stars investing poorly as it is a reminder that we all lost at least 25% of the equity in our homes between 2008 and 2009. Welcome to the club Rex.

  6. A famous NBA star once said, “Yea, we make a lot of money, but we spend a lot of money.”

  7. Yeah, add this to the long list of bad decisions by Rex in Chicago. He bought a 2.8 Million+ condo at the precise moment the real estate market in Chicago went to hell. Also, he bought (arguably) the flashiest condo he possibly could.
    Not smart, Rex. This will haunt your future career as a realtor.

  8. This may not be bad news if he has a decent accountant, re: not a Mets Accountant. The Chosen One would have raised his capital gains tax by 5% next filing if he would have made money on the sell. That’s why the economy is in the tank. Its better now to be able to write something off then make money. That’s the truth. Let the hate begin.

  9. It’s the ECONOMY dummy…..Everyone is losing…HAve you seen the housing stats lately??!!?!?!?!?!?
    Geez….Are y’all MoFos also saying like the other dumb media members that we are not in a recession/depression??
    We, as Americans, brought too much house. Took advantage of cheap and easy credit, and now are paying for it.

  10. Only lost 25%? He’s lucky that condo wasn’t in Phoenix or Las Vegas.

  11. I believe Rex Grossman is an old old wooden ship used during the Civil War era

  12. And now he wishes he would have been content with a lousy million dollar shack like the rest of us working stiffs.

  13. Amazing how many of these athletes win the lottery with their huge contracts only to piss it away on one bad move after another. I’d rather buy (with cash) 10 houses that cost an average $268,000 than have one pricey condo in a downward trending market. Live in one, and rent the other nine. Never have a care in the world again, as all that money is income. Pay a good property manager and live happily ever after on all the left over rental income. Stick those big NFL checks in your retirement account. Oh well.. At least he’s not Mark Brunell or Bernie Kosar. Grossman can still make a few million dollars..

  14. “Thingamajig says:
    July 6, 2010 2:58 PM
    Only lost 25%? He’s lucky that condo wasn’t in Phoenix or Las Vegas. ”
    Or Miami, Orlando, Tampa…
    At least he sold it and didn’t have it foreclosed on.

  15. Good to know the Sex Cannon lives life off the field like he does on the field.
    “F it, I’m going downfield….2-bedroom ranches in suburbia are for p*ssies!”

  16. Football players=Idiots.
    As much as I love this sport, the athletes are stupid. Not all of ’em, but the very most.
    Well, no business and economy education, just an average stupid American…

  17. Maybe he can borrow some money from Jake Delhomme… since two teams are paying him this year.

  18. # MotorCityKitties says: July 6, 2010 2:43 PM
    Who hasn’t taken a 25% loss on their home in this economy?
    That’s what I was wondering. I’ve lost more than 25%. It doesn’t add up to 700k, of course, but I’m not a crappy pro QB, either.

  19. @Matt S.
    That really brought my day up. hahahaha but seriously, that is how he plays.

  20. where was his agent or money advisor on this deal?why didn’t they know that the housing market was so risky?

  21. sorry, anyone who pays almost $3 million dollars for an apartment- er condo- deserves to lose out.

  22. Lost Big??? since when is 680k losing big when u paid 2.68 for it?
    Maybe if he lost the 2 million and only got 680k for it.
    In this economy even the rich aren’t spending all that much. This was probably as good as to be expected.

  23. Anyone who buys from that shyster Donald Trump should know they are being taken.

  24. When the hell will these guys, and everyone else learn, that Trump = LOSER. Trump airline, Trump Casino, Trump Towers. The guy is a vampire who will suck you dry, right donnie?

  25. How did Grossman steal (I mean “earn”) enough money to buy a $2.68 Million home ???
    oh wait, the Bears paid him that ! HAHAHAHAHAHAHAHAHAHAHAHA
    He’d be lucky to be making 30K in the private sector.

  26. A pro football player losing about 700K isn’t really news. the only reason it got posted here was so dudes in their one-bedroom apartments or parents’ basement can crack jokes about a millionaire and line florio’s pockets.
    straight cash homey

  27. Rex Grossman: hot wife, rocket arm, ability to buy $2 million condo, NFL QB, only QB worth a crap in Chicago since Erik Kramer.
    PFT User: $40,000 salary, cubicle, 32 inch LCD TV, reruns of Law & Order, ugly wife
    Rex Grossman > PFT User

  28. @ myeaglescantwin Are you really forcing me to defend Rex Grossman? How is he in the NFL? He is a backup and God help me for saying this he is a good one. If he were entering the season as a starter yeah, that would be alarming, but a #2, he has earned that role by virtue of not being a quality starter but being too good to be a #3 or worse yet out of the league. Don’t forget he was still quite young when last he started.

  29. Grossman doesn’t have to worry about money though; his parents are loaded. His dad donated a ton of money to rebuild his high school in Bloomington. He’ll be fine the condo market just sucks right now.

  30. thats what happenes when u make bad investments. hopefully he knows for later to be a little smarter.

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