(Above) “Bargain hunters jam the Hotel Continental’s grand ballroom during an auction of 31 Marina City condominiums,” reads the caption for this image by Chicago Sun-Times photographer Dom Najolia. This auction took place on February 2, 1983, according to the Sun-Times. “Whether or not they found bargains is an open question – prices were relatively high, but a special financial package with low interest rates was offered.”

“Fast Eddie“ sells his condo collection

In early July 1983, it was announced that four investors, including 10th Ward Alderman Edward “Fast Eddie” Vrdolyak, would sell 33 Marina City condominium units.

Vrdolyak had purchased 50 units from Charles Swibel in 1978, reportedly at “bargain basement” prices. It was a controversial deal at the time because it happened on the day before the city council approved the condo conversion.

Most of the units to be auctioned on July 10, 1983, at the Ambassador West Hotel, belonged to Vrdolyak. Market values in 1983 were estimated at $59,500 to $150,000 (or $135,500 to $341,700 in 2011 dollars) for the studio, one-bedroom, and two-bedroom units.