Billionaire Ken Griffin nabs $51M loan for Palm Beach property

Miami /
Feb.February 13, 2017 03:00 PM

About a month after spending $85 million for the missing piece of his enclave in Palm Beach, hedge fund billionaire Ken Griffin closed on a $51.3 million mortgage for the property.

Records show Blossom Way Holdings LLC secured the loan for 1290 South Ocean Boulevard. JP Morgan is the lender.

Griffin spent $85 million on the 4.18-acre estate in January, marking the second-highest price for a single real estate deal in Palm Beach history. In all, he spent about $215 million on five contiguous oceanfront lots on South Ocean Boulevard/Blossom Way between 2012 and 2017.

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 “beach house” will include 33,500 square feet of space on the ground floor and a 22,300-square-foot service basement, two swimming pools, a service building, guard house, and 875 feet of beachfront. The single-story house will have floor-to-ceiling glass windows and doors, which could lower electronically into the basement, and be set back nearly 290 feet from South Ocean Boulevard.

San Francisco architect Ugo Sapp is designing Griffin’s property, which will be surrounded by dense landscaping and palm trees. Hundreds of trees will be moved and more than a dozen kept in their original spots, according to the Palm Beach Daily News.

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.


Related Articles

arrow_forward_ios
Todd Glaser with 210 Via Del Mar
Todd Glaser buys Palm Beach “forever home” for $24M
Todd Glaser buys Palm Beach “forever home” for $24M
830 Brickell and 401 E Las Olas Blvd (Google Maps)
Lease roundup: Thoma Bravo signs major lease in Brickell & more
Lease roundup: Thoma Bravo signs major lease in Brickell & more
W. Allan Jones and 320 Island Road, Palm Beach (Wikipedia Commons, Google Maps)
Converting to cash: Payday lender flips his waterfront Palm Beach home for $42M
Converting to cash: Payday lender flips his waterfront Palm Beach home for $42M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Todd Glaser with 576 Island Drive (Google Maps, Todd Glaser)
Todd Glaser, partners buy waterfront Palm Beach home to renovate, flip
Todd Glaser, partners buy waterfront Palm Beach home to renovate, flip
228 Via Las Brisas and Maximo Haddad. (Compass, Global Industries via YouTube)
Mexican construction tycoon sells Palm Beach mansion for $23M
Mexican construction tycoon sells Palm Beach mansion for $23M
Ed and Jackie Rabin with 505 South County Road, Palm Beach (Patrick McMullan/Getty, Google Maps)
Former Hyatt Hotels president buys Palm Beach home for nearly $6M
Former Hyatt Hotels president buys Palm Beach home for nearly $6M
Clockwise from top left: 1500 West 21st Street in Miami Beach, 259 Pendleton Avenue in Palm Beach, 1221 North Lake Way in Palm Beach, 215 Indian Road in Palm Beach and Todd Glaser (Google Maps)
Todd Glaser buys and sells houses totaling $50M, amid South Florida luxury frenzy
Todd Glaser buys and sells houses totaling $50M, amid South Florida luxury frenzy
arrow_forward_ios

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

Loading...