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  • Writer's pictureRaj Sukkersudha, Founder of Denver Capital

Which Hedge Fund Manager owns the Most Expensive Home?


Stoev Design Group, Courtesy Town Of Palm Beach

Ken Griffin, the distinguished founder and CEO of Citadel, a well-known hedge fund firm, is once again creating headlines in the world of real estate.


As a native of Florida, Griffin has been steadily amassing properties and land in the scenic Palm Beach area, signaling his intention to construct one of the most extravagant residences globally. Back in 2019, Griffin made history by purchasing a penthouse in New York City for a remarkable $238 million, marking it as the most expensive residential property transaction in the United States at that time.


Born in 1968 in Daytona Beach, Florida, Griffin currently holds the 35th position on Forbes’ Real-Time Billionaires' list as of the 26 October, boasting a substantial net worth of $33.5 billion. In 1990, he took the audacious step of founding Citadel, which has evolved into a multibillion-dollar hedge fund and financial services company. Griffin is frequently sought after for his insights on economic matters and cutting-edge topics such as generative artificial intelligence (AI).


Griffin’s upcoming residence is positioned to become one of the most luxurious private waterfront properties in Palm Beach. Reportedly, he has invested a staggering $450 million and dedicated a decade to assemble a 25-acre parcel located on Billionaires Row. When completed, this expansive estate, spanning 50,000 square feet, is anticipated to be valued at a remarkable $1 billion. Notably, this estate is situated approximately half a mile to the south of the Mar-a-Lago Club, formerly owned by former President Donald Trump, in one of the nation’s most upscale and exclusive areas. The vicinity is home to several billionaires among its part-time residents, including individuals like socialite Julia Koch, Blackstone Group’s CEO Stephen Schwarzman, and former Interactive Brokers CEO Thomas Peterffy.


Palm Beach, acknowledged as one of the wealthiest cities in the United States, is located on a barrier island just across from West Palm Beach, approximately 70 miles to the south of downtown Miami.


In 2022, the Palm Beach architectural board granted approval for the development of Griffin’s beachfront property on Blossom Way. This development, covering approximately 8 acres of the total 25-acre expanse, will include amenities such as a swimming pool, a primary residence, and a guest house. While originally intended for Griffin’s family, including his mother, the estate may eventually serve as his retirement haven.


Olson Kindig, Courtesy of Town of Palm Beach

Griffin’s venture into Palm Beach’s real estate scene began in 2012 when he acquired four oceanfront properties for a combined cost of $129.6 million. Subsequently, he expanded his holdings by acquiring various adjacent estates on Blossom Way and Ocean Boulevard. His 2019 purchase of a 4½-acre plot and mansion for $104.99 million set a new record for real estate prices in the area. In a recent development in July 2023, 125 Worth LLC, a company associated with Griffin and Citadel, acquired a property for $83 million, with plans for Citadel to utilise it as office space.


 

IMPORTANT: This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualised advice from a qualified professional.



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