Ken Griffin is putting together the most expensive home on earth for... $1 BILLION!
Palm Beach, Florida, a playground for the rich and famous, is no stranger to opulence. But it seems that billionaire hedge-fund manager Ken Griffin is taking luxury living to a whole new level.
Griffin, already a prominent figure in the seaside town and a Florida native, is turning heads with his ambitious plans to create the most expensive home not just in America — but on the planet.
The enigmatic financier, known for his vast wealth and astute investments as founder and CEO of Chicago-based Citadel, has made headlines by acquiring more than 20 acres of prime Palm Beach real estate.
What’s even more astounding is that Griffin, 55, has obliterated the existing homes on this sprawling property, with intentions to spend up to $400 million on constructing a mega-estate that will be worth an estimated $1 billion upon completion.
‘Billionaires’ Row’
Griffin, who knows the wealthy enclave of Palm Beach intimately, is no stranger to grandeur.
Over the years, he has assembled approximately 27 acres of beachfront real estate, which include a couple of parcels on the Intracoastal Waterway.
This colossal property is situated just a quarter mile south of former President Donald Trump’s Mar-aLago, a stretch of South Ocean
Boulevard renowned among locals as “Billionaires’ Row.”
Records indicate that Griffin has earmarked hundreds of millions for the construction of his mammoth mansion, expected to be worth that sky-high sum, according to industry insiders.
As one industry insider pointed out, “If he spent nearly half a billion to buy up acres of land in Palm Beach over the last decade and is expected to spend $150 million more to build an entirely new home, that piece of property is worth at least $1 billion now.”
When reached for comment about Griffin now owning the most valuable home in America, a spokesperson for Griffin cited Florida’s policies that have skyrocketed the values of properties in the area.
“The vast majority of the properties Ken owns are in South Florida. Palm Beach real estate is among the most valuable in the world because of the pro-growth and probusiness policies voted for by the citizens of Florida,” said Griffin spokesperson Zia Ahmed.
Griffin unveiled part of his grand vision for a beachfront mansion, which is to be built on a 7½-acre portion of his sprawling ocean-tolake estate. With an impressive 50,000 total square feet, including the service basement, the contemporary-style house and guesthouse will be a testament to extravagant living.
The estate’s acreage marks the largest of its kind in Palm Beach, beating out Trump’s Mar-a-Lago estate, which is on almost 20 acres.
Merged acquisitions
Griffin initiated the acquisition of this property 10 years ago, investing no less than $450 million in real estate, fees and tear downs, according to records.
Sources familiar with the project reveal that the residence, on Blossom Way, will initially be used by Griffin and his family, including his mother, Catherine Gratz Griffin.
The billionaire has even grander
designs in the works, as he plans to use the entire estate as his future retirement home.
In May, Griffin filed an agreement with the county to consolidate all parcels on Blossom Way with his Ocean Boulevard properties, effectively creating a single vast estate, records obtained by The Post show.
The Architectural Board granted approval for a long-and-lean house on the north side of his Billionaires’ Row estate in June 2022. This estate will occupy approximately eight of the 27 acres Griffin and his companies own off South Ocean Boulevard.
While renderings of the northern property have been revealed, an application for a property in the southern part of the compound was recently submitted for approval, documents obtained by The Post show.
Construction machinery is already visible at the far end of the lot, once home to several mansions and now part of Griffin’s estate.
Renderings offer a glimpse into the lavish design, featuring an upper event lawn leading to a magnificent swimming pool with windows on both sides that frame mesmerizing views of the Atlantic Ocean.
The grand swimming pool will stretch from the residence to a vast lawn, creating a serene and picturesque oasis. The estate will also feature several meticulously landscaped gardens.
Another rendering reveals a caretaker’s cottage.
Griffin’s journey in assembling this opulent oasis was made possible with the assistance of his longtime real estate broker, Lawrence Moens of Lawrence A. Moens Associates.
The saga began in December 2012 when Griffin, through two separate shell companies, acquired four adjacent properties totaling 8 acres on Blossom Way in the Blossom Estate subdivision for a recorded $129.6 million, giving him an astounding 560 feet of oceanfront.
The plan ‘Blossoms’
Today, Griffin, worth an estimated $34.2 billion, now owns a string of properties along Blossom Way, which once held addresses 10 Blossom Way, 20 Blossom Way, 30 Blossom Way, 40 Blossom Way, 50 Blossom Way, and 70 Blossom Way.
In the summer of 2015, a Griffincontrolled company made another remarkable acquisition, purchasing that non-waterfront house and guesthouse at 70 Blossom Way for $15.25 million, which added 1.44 acres to his already vast holdings.
January 2017 witnessed yet another jaw-dropping deal when a Griffin-controlled company forked over a colossal $85 million for an oceanfront mansion at 1290 S. Ocean Blvd., just south of his other estate. This purchase expanded his property to 12 contiguous acres, boasting a cool 871 feet of oceanfront.
However, Griffin’s ever-evolving plans didn’t stop there. By spring 2018, a transaction shrouded in secrecy added the first lakefront property, boasting 2 acres and 193 feet on the Intracoastal Waterway, to his estate. Although the exact price remains undisclosed, industry observers estimated that this acquisition cost him as much as $20 million
In September 2019, a company linked to Griffin paid $99.13 million for the mansion at 60 Blossom Way, which has since been razed to make way for the new mansion and guesthouse. Those will boast stone exteriors, and modern, sleek lines.
In late June 2019, a Griffin-linked company paid $104.99 million, briefly setting a Palm Beach sales price record, for an ocean-to-lake estate at 1295 S. Ocean Blvd. This significant acquisition, made just after the death of investment-bank heiress and Broadway producer Terry Allen Kramer, added around 4.5 acres to Griffin’s massive Palm Beach property.
The summer of 2022 saw the town grant Griffin permission to build an oceanfront mansion designed for his mother, family members and guests on approximately 8 acres at the northern end of his property. The rest of his estate remains undeveloped, leaving ample room for future expansions and innovations.
It’s worth noting that despite the magnitude of his Palm Beach holdings, Griffin has confirmed that he has relocated his family to Miami and is in the process of moving his company from Chicago to the Magic City.
The financier shelled out $83 million for an office space on Worth Avenue, the iconic shopping boulevard in Palm Beach.
Hedge funder Ken Griffin has bought up 14 plots in tony Palm Beach (left) which he plans to combine and turn into his own mansion/compound. Between the land and construction, the project will cost $1 billion.