Jacques Courtois Jr., a businessman with a controversial history, has made headlines by purchasing Quebec’s most expensive condominium for $18.75 million. The 6,657-square-foot penthouse, located in the Ritz-Carlton hotel, was previously owned by Alvin Cramer Segal. Courtois, who once served time for insider trading, has since turned his focus to philanthropy and business in Colombia, notably co-founding Quala. At 70, he remains active in both fields, contributing significantly to various educational institutions.
The Record-Breaking Condo Purchase in Quebec
The title of the most expensive condominium in Quebec’s history now belongs to Jacques Courtois Jr., a prominent businessman and philanthropist, who has a controversial past involving a prison sentence in the United States for insider trading. Recent notarial documents reveal that Courtois acquired the luxurious Montreal residence of the late Alvin Cramer Segal, the former president and CEO of Peerless Clothing, who passed away two years ago. This stunning penthouse, spanning 6,657 square feet, occupies the 14th and 15th floors of the upscale Ritz-Carlton hotel in Montreal. The sale, which made headlines three weeks ago, was finalized for an impressive $18.75 million—marking the highest price ever paid for a condo in the province.
From Wall Street to a New Life in Colombia
Jacques Courtois Jr.’s rise to prominence began in 1977 when he became the vice president responsible for mergers and acquisitions at the prestigious Morgan Stanley investment bank in New York. This remarkable achievement followed his graduation from the esteemed Harvard Business School. However, his career took a dramatic turn in February 1981 when he faced charges for fraud and conspiracy related to insider trading activities that spanned from 1975 to 1978. Using insider information, Courtois and his accomplices reportedly earned about $600,000 in illicit profits. After several years, he surrendered to authorities in December 1983, leading to a six-month prison sentence, a $150,000 repayment, and a $10,000 fine.
Following his release, Courtois shifted his focus to Colombia, where he played a significant role in developing Quala, a company he co-founded in 1980. Today, Quala stands as a leading player in the Latin American food industry. Notably, in 2018, Quala divested its beauty and household products division to Unilever, a move that enabled the Courtois Foundation to commit a record-breaking donation of $159 million to the University of Montreal. His philanthropic efforts have also extended to McGill University and UQAM, earning him recognition as one of Quebec’s most significant university donors.
At seventy, Courtois continues to make waves in both business and philanthropy. His new penthouse at the Ritz-Carlton features an impressive layout with approximately twenty rooms, including four bedrooms, four bathrooms, and an expansive 1,200 square foot outdoor terrace. Although the condo sold for $18.75 million—16.6% less than the initial asking price of $22.5 million—it now ranks as the third most expensive condo transaction in Canada, following two sales in West Vancouver that surpassed this amount.