Billionaire Ken Griffin pays $85 million for Palm Beach estate

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
Frank A. Baker II and 680 South Ocean Boulevard, Palm Beach (Google Maps)
Siris Capital co-founder buys Palm Beach mansion for $32M
Siris Capital co-founder buys Palm Beach mansion for $32M
Jim Clark and 120 Jungle Road in Palm Beach (Getty, Douglas Elliman)
Netscape billionaire Jim Clark sells Palm Beach estate for $30M
Netscape billionaire Jim Clark sells Palm Beach estate for $30M
Clockwise from top left: 375 South County Road, 225 Worth Avenue, 220 Peruvian Avenue and 219 Worth Avenue (Google Maps) 
Burton Handelsman sells Palm Beach retail, offices for $58M
Burton Handelsman sells Palm Beach retail, offices for $58M
341 Peruvian Avenue, Palm Beach (Google Maps)
A trust spent $18M on a Palm Beach home
A trust spent $18M on a Palm Beach home
Steve Wynn and 1040 North Lake Way (Getty, Google Maps)
He did it again: Casino magnate Steve Wynn drops $24M on lakefront Palm Beach home
He did it again: Casino magnate Steve Wynn drops $24M on lakefront Palm Beach home
Red Carnation Founder Beatrice Tollman. (Compass, Red Carnation)
Hotelier Beatrice Tollman sells Palm Beach estate for $57M
Hotelier Beatrice Tollman sells Palm Beach estate for $57M
Steve Wynn and 235 Via Vizcaya (Photos via Getty, Realtor)
Steve Wynn flips waterfront home in Palm Beach for $24M
Steve Wynn flips waterfront home in Palm Beach for $24M
Todd Glaser (Compass)
Todd Glaser flips Palm Beach home under construction for $28M
Todd Glaser flips Palm Beach home under construction for $28M
arrow_forward_ios

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

Loading...