It took a while, something like two years to be exact, but finally Oprah Winfrey has closed a deal to sell off her Chicago based studios, late last week.
As I wrote last fall, with the end of a 25-year run on her daily talk show, and now devoting all her energy to the Oprah Winfrey Network, which is headquartered in Los Angeles, there was speculation that Oprah would soon unload the facilities.
And around that time she, Winfrey, very quietly “retained the real estate investment company Eastdil Secured to explore the possible sale of all, or part, of her Harpo Studios, located on the Near West Side of Chicago, where she taped her talk show for years, starting in 1988."
But now it's been announced that the Chicago real estate developer, Sterling Bay Companies, has made a deal to buy the entire four unit property, which is expected to close in the next 30 days.
However the deal is unusual in that it will actually be, at first, for a period of time, a sale/leaseback deal in which the studio and property will be leased back to OWN for the next two years, allowing the network to continue creating programming.
However, if you’re in the market for other Chicago property formally owned by Oprah, her four unit duplex condo in Water Tower Place on north Michigan Ave in Chicago, is still on sale for just only $7.75 million