Ken Griffin, the CEO and founder of Citadel, is aiming to establish another real estate milestone. In 2019, he made headlines by purchasing a New York City penthouse for a remarkable $238 million, setting a record as the highest price ever paid for residential property in the United States. Now, in Palm Beach, Florida, he is in the process of constructing what is anticipated to become the most expensive home globally, as reported by The New York Post.
The billionaire hedge fund manager is building a new house on one of Palm Beach’s largest private waterfront sites. According to the Post, Griffin has already spent an astonishing $450 million and over a decade developing the 25-acre parcel located on Billionaires Row. Once finished, the enormous estate, spanning 50,000 square feet, will have an estimated value of $1 billion.
Ken Griffin’s spokesperson, Zia Ahmed, stated that the majority of Ken’s properties are located in South Florida. He highlighted that the value of Palm Beach real estate is due to Florida’s pro-growth and pro-business policies, supported by its citizens.
The beachfront property on Blossom Way, approved by the Architectural Board in 2022, will cover approximately eight of the 25 acres. It will include a substantial swimming pool, the main residence, and a guest house. Initially, this dwelling will serve as a residence for Griffin’s family, including his mother. However, Griffin has future plans to use the entire property as his retirement home, according to sources cited by the newspaper.
Starting in 2012, Griffin embarked on a purchasing spree in Palm Beach, acquiring four oceanfront properties for a total of $129.6 million. Over time, he expanded his holdings by purchasing adjoining estates on Blossom Way and Ocean Boulevard. Notably, in 2019, a company associated with Griffin set a new real estate record in the area by acquiring a four-and-a-half-acre mansion for $104.99 million. This magnificent ocean-to-lake compound was formerly owned by the late Broadway producer Terry Allen Kramer.
In the coming years, the hedge fund magnate is anticipated to invest an additional $150 million in developing his Palm Beach property.