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