After spending years assembling more than a dozen acres of land in Palm Beach, billionaire hedge-fund honcho Ken Griffin is shutting down construction of his sprawling, planned Billionaires Row project, according to the Palm Beach Daily News.
Last week, Palm Beach officials were sent an email by the town’s head of Planning, Building and Zoning Department, Paul Castro, saying that budget projections for the house came in “substantially higher than initial estimates.”
Griffin paid more than $230 million for the oceanfront land at 1265 South Ocean Boulevard. The price does not include a lakefront parcel and a house reportedly under contract at 10 Blossom Way. The entire estate features about 870 feet of beachfront.
Griffin’s spokesperson told the publication the cancellation of the project is temporary. The Citadel hedge fund founder wants to instead build a different house on the property. The house, which would have stretched longer than a football field, was designed by San Francisco-based architect UgoSap of Atelier UgoSap. Van Acker Construction was the contractor.
Construction crews were in the midst of building the house’s service basement. They are expected to vacate the site as soon as they fill up the hole. [Palm Beach Daily News] – Amanda Rabines