Marine Drive to Chicago penthouse
The incredible journey of Sanjay Shah, who recently bought the most expensive apartment in the Windy City, USA
Till some months ago, few outside the business circles had heard of Chicago entrepreneur Sanjay Shah. Yes, he owns a business software company, Vistex Inc., which is estimated to be approaching $200 million in annual revenue. Still, not many knew about the 46-year-old Gujarati Jain and a father of two daughters.
But you can no longer fly below the radar once you buy an 89th floor penthouse (nearly 1,200 feet from the ground). And not just in any property but the Trump Tower in Chicago for a price of $17 million (`105 crore approx) -a record in the city's residential real estate history.
Life, Shah says, has changed "quite dramatically" after the purchase. It instantly aroused the interest of media across the US and India."People wondered, `W ho is t his g uy who just dropped $17 million on Donald Trump?'" Shah says laughingly in a phone interview from Chicago. Trump was meant to keep the penthouse for himself. It took Shah two years of negotiation with Trump to bring down the apartment's listed price of $32 million to $17 million. He paid the sum in cash. There was no bank or financing involved, an aspect that resonates with his work as well. Vistex is bootstrapped and has managed to keep investors at bay since its inception in 1999. Not surprisingly, after Shah became famous for being the new owner of the penthouse, he's been flooded with investment re quests from private equity and venture capital firms.
Trophy apartment
Shah has put in a lot of money to acquire the penthouse, which is almost 15,000 sq feet in area, with a 16-18 feet high ceiling. He will spend $ 12 -15 mi l lion more on doing it up. The understanding he had with Trump was that he would do justice to the space.
"We are not going to cut corners because we want to make it into a truly exemplary piece of residence," says Shah. "It will be elegant not ornate. So, no diamonds or gold."
But it will remain his second home -Shah has homes in Germany and India as well. As yet they have only had a New Year's Eve party for close friends there. Shah intends to use it for entertaining clients and hosting fund raising events. He lives in the suburbs of Chicago, close to his office, in an estate house, which he bought around the same time of starting Vistex. His home, which is roughly 10,000 sq feet, is spread across three levels, comprising six bedrooms, eight bathrooms and a gym room, where he exercises at night.
Call it the game fate plays. Shah says it's funny that while he's bought an apartment on the 89th floor, he grew up in an apartment on the first floor on Mumbai's Marine Drive.
Cloud and tech
The penthouse is on the 89th floor. But given the high ceilings of the apart ments, it is akin to being on the 120th floor. "If it's cloudy, you're engulfed by cloud. It is interesting because in our world of business software, everything is moving to the cloud," Shah says.
The apartment offers a 360 degree view that spans several landmarks -Navy Pier, United Center (the home of Chicago Bulls), North Shore, Lake Shore Drive, Wrigley Building and the Chicago river