Billionaire Ken Griffin finances his Palm Beach assemblage with $114M loan

Town Council approved preliminary plans for large single-family residence in April

Jul.July 06, 2016 05:15 PM

Is billionaire hedge-fund honcho Ken Griffin now Palm Beach’s most leveraged homeowner? Tough to say, but one thing is certain: he’s got big plans for the roughly 8 acres of beachfront turf he owns on the ritzy barrier island.

County records show Blossom Way Holdings LLC, a company affiliated with Griffin and his Chicago hedge fund Citadel, just scored two separate loans for the land from JPMorgan Chase Bank totaling $114 million.

Griffin’s loans cover five properties at 20, 30, 40, 50 and 70 Blossom Way, which encompass roughly 8 acres of waterfront land and three existing houses. He’s paid more than $145 million to collect those pieces for his sandy chessboard over the past four years.

The mystery of Griffin’s plans for the land was somewhat alleviated in April, when reports surfaced stating he planned to build a massive single-family home occupying three of those lots.

Palm Beach’s Town Council approved the preliminary plans, which include a new private entrance for the estate from South Ocean Boulevard and unifying the title of those lots. His neighbors on the Blossom Way cul-de-sac have agreed to the plans.

The terms of the loan documents also reveal some information: in the larger of the two loans, which has a principal of $101.25 million, JPMorgan included a rider that says Griffin will begin construction work by March 2017 on the property at 20 Blossom Way, which is the dry lot on which the private entrance will cut through on his new estate.

There’s also a “Second Home Rider” in the smaller $12.75 million loan, which covers the house at 70 Blossom Way. It precludes Griffin from using the home as a timeshare, or by renting the property through a management firm.

Griffin, whose net worth is valued at $7.5 billion by Forbes, grabbed South Florida’s attention late last year when he paid a record-breaking $60 million for two penthouse units at the newly built Faena House condominium in Miami Beach. He’s since put both units back up for sale at $55 million and $18 million.

Related Articles

From left: Ashley McIntosh, and John Moran, with 100 Regents Park Road

GOP fundraiser buys Palm Beach home near Mar-a-Lago

The Breakers in Palm Beach

The Breakers in Palm Beach is closing amid coronavirus pandemic

Jazz musician Bob Merrill and 500 Regents Park Road (Credit: Compass)

Jazz musician snags Palm Beach home near Mar-a-Lago for $8M

1296 South Ocean Boulevard (Credit: Google Maps and iStock)

Palm Beach mansion across from Ken Griffin’s assemblage sells for $40M

110 Clarendon Avenue (Credit: Sotheby's)

Founder of private preschool sells Palm Beach estate for $10M

630 Island Drive and Mark Biondi

Related Beal exec linked to purchase of $19M Palm Beach estate

Carl Panattoni, Raymond G. Perelman and 965 North Ocean Boulevard in Palm Beach (Credit: Panattoni, PennToday, and Google Maps)

Developer Carl Panattoni drops $29M on Palm Beach estate

Dan Gilbert and 100 El Bravo Way (Credit: Getty Images and Realtor)

Company tied to Quicken Loans buys Palm Beach estate for $25M