Ken Griffin, founder and CEO of hedge fund firm Citadel, is making headlines in the real estate world again.
The Florida native continues to purchase homes and land in Palm Beach as he prepares to build one of the most expensive residences in the world. In 2019, Griffin made history by purchasing a New York City penthouse for $238 million — at the time the most expensive residential property transaction in the United States.
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Born in 1968 in Daytona Beach, Florida, Griffin is at No. 35 on the Forbes Real-Time Billionaire’s list as of Oct. 26 with a net worth of $33.5 billion. In 1990, he founded Citadel, a multibillion-dollar hedge fund and financial services company. He is frequently interviewed about the economy and topics such as generative artificial intelligence (AI).
Griffin’s new residence will become one of Palm Beach’s most expansive private waterfront properties. He reportedly has invested $450 million and spent a decade putting together a 25-acre parcel on Billionaires Row. When finished, the 50,000-square-foot estate should reach a value of $1 billion. The estate is about a half-mile south of former President Donald Trump’s Mar-a-Lago Club in one of the most expensive and exclusive areas in the country. Billionaires residing at least part of the time in Palm Beach include socialite Julia Koch, Blackstone Group CEO Stephen Schwarzman and former Interactive Brokers CEO Thomas Peterffy.
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Palm Beach, one of the wealthiest cities in the United States, is on a barrier island across from West Palm Beach about 70 miles south of downtown Miami.
The Palm Beach architectural board approved plans for the beachfront property on Blossom Way in 2022. The development will occupy approximately 8 of the 25 acres and include a swimming pool, a main residence and a guest house. Initially intended for Griffin’s family, including his mother, the estate may eventually serve as his retirement home.
Griffin’s foray into Palm Beach real estate began in 2012 when he acquired four oceanfront properties for a combined $129.6 million. Since then, he has added several adjacent estates on Blossom Way and Ocean Boulevard. In 2019, a company linked to Griffin acquired a 4½-acre lot and mansion for $104.99 million, setting a new real estate record for the area. In July 2023, 125 Worth LLC, a company linked to Griffin and Citadel, bought a property for $83 million that Citadel intends to use as office space.
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This article Ken Griffin Building Billion-Dollar Palm Beach Home Located A Half-Mile from Donald Trump’s Mar-a-Lago originally appeared on Benzinga.com
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