Billionaire Ken Griffin pays $85 million for Palm Beach estate

He bought oceanfront property next to his own to build a house longer than a football field

TRD MIAMI /
Jan.January 14, 2017 12:15 PM

Hedge fund billionaire Ken Griffin paid $85 million for oceanfront property in Palm Beach next to his own, with plans to build a massive new home there.

It was the second-highest price in a single real estate transaction in Palm Beach history, behind only Russian billionaire Dmitry Rybolovlev’s $95 million purchase of President-elect Donald Trump’s mansion at 515 North County Road in 2008, the Palm Beach Daily News reported.

Griffin bought the 4.18-acre estate at 1290 South Ocean Boulevard from Linda and Paul C. Saville. The estate is located in a corridor called Billionaires Row in the South End area of Palm Beach.

Last summer, Griffin announced his plan to buy the Saville estate, now part of a group of nearby properties that he has assembled for construction of a new home. Demolition of the Saville estate, built in 1991, was approved last year in anticipation of the Griffin acquisition.

Before he bought the Saville estate, Griffin already had acquired four adjacent South End properties on Blossom Way totaling eight acres. He bought the four properties for almost $130 million in 2012.

Griffin plans to build a 55,800-square-foot mansion straddling the boundary between the Saville estate and his Blossom Way properties. His new one-story residence would be 405 feet long, or 105 feet longer than a football field.

The hedge fund manager billionaire owns other property in Miami Beach. In September 2015 he closed on his $60 million purchase of its two penthouse units — which were originally planned to be combined — and put them back on the market a few months later after for a combined $73 million.

Griffin founded Chicago-based hedge fund company Citadel LLC and has a personal net worth of $7.8 billion, according to Forbes. [Palm Beach Daily News] –  Mike Seemuth


Related Articles

arrow_forward_ios
Mark Freitas and 201 El Vedado Road (Mark Edwards Partners, Google Maps)

Insurance tycoon sells Palm Beach mansion for $21M

Insurance tycoon sells Palm Beach mansion for $21M
Michael Aram and Aret Tikiryan with 135 Seminole Avenue, Palm Beach (Patrick McMullan/Getty, Realtor)

Imagine the decor: Michael Aram buys Palm Beach house for $5M

Imagine the decor: Michael Aram buys Palm Beach house for $5M
Andy Unanue & 111 El Brillo Way (Credit: Google Maps)

Goya Foods heir buys Palm Beach mansion for $11M

Goya Foods heir buys Palm Beach mansion for $11M
Carl Esrey & 119 E Inlet Drive (Credit: Google Maps)

Real estate financier drops $6M on Palm Beach home

Real estate financier drops $6M on Palm Beach home
The late Kate Ford with 300 North Lake Way (Credit: William Jacobellis/New York Post Archives /(c) NYP Holdings, Inc. via Getty Images, and Google Maps)

Ford family estate in Palm Beach lists for $58M

Ford family estate in Palm Beach lists for $58M
Donald Burns and 1021 North Ocean Boulevard (Twitter, Realtor)

Telecom tycoon sells Billionaires Row teardown in Palm Beach for $28M

Telecom tycoon sells Billionaires Row teardown in Palm Beach for $28M
From left: The Bristol in West Palm Beach; 6431 Pine Tree Drive Circle, Miami Beach; 2325 Desota Drive, Fort Lauderdale; and 12520 Seminole Beach Road, North Palm Beach (Realtor, iStock)

South Florida signed resi contracts up in September: Elliman

South Florida signed resi contracts up in September: Elliman
11750 Turtle Beach Road, North Palm Beach (Realtor)

Billionaire businessman sells North Palm Beach mansion for $19M

Billionaire businessman sells North Palm Beach mansion for $19M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...