Ken Griffin is out to set another real estate record.
In 2019, the Citadel CEO and founder splashed out a staggering $238 million for a New York City penthouse, the most anyone in the country has ever paid for a piece of residential property. Now, in Palm Beach, Florida, he’s in the midst of building what’s expected to become the priciest home on the planet, The New York Post reported.
The billionaire hedge fund manager’s new house will be situated on one of Palm Beach’s largest private waterfront sites. Per the Post, Griffin has already invested an eye-watering $450 million and over 10 years into developing the 25-acre parcel on Billionaires Row. When complete, the mammoth 50,000-square-foot estate will be worth a whopping $1 billion.
“The vast majority of the properties Ken owns are in South Florida,” Zia Ahmed, a spokesperson for Griffin, told The Post. “Palm Beach real estate is among the most valuable in the world because of the pro-growth and pro-business policies voted for by the citizens of Florida.”
The beachfront spread on Blossom Way, which was approved by the Architectural Board in 2022, will occupy roughly eight of the 25 acres and comprise a massive swimming pool, a main residence, and a guest house. Initially, the abode will be used by Griffin’s family, including his mother. However, the financier has future plans to use the entire property as his retirement home, sources told the newspaper.
Griffin’s buying spree in Palm Beach began back in 2012, when he amassed a series of four oceanfront properties for a collective $129.6 million. Since then, he’s acquired several other adjacent estates on Blossom Way and Ocean Boulevard. Most notably in 2019, a company linked to Griffin snapped up a four-and-a-half-acre mansion for $104.99 million, breaking a real estate record for the area. The ocean-to-lake compound formerly belonged to the late Broadway producer Terry Allen Kramer.
In the years to come, the hedge fund titan is expected to shell out an additional $150 million on building out his Palm Beach outpost.
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