Ken Griffin scores approval to demolish Palm Beach property

Citadel founder spent more than $250M assembling 17-acre property
May 31, 2019 08:45AM

Ken Griffin and a rendering of the project (Credit: Town of Palm Beach via Chicago Tribune)

Ken Griffin and a rendering of the project (Credit: Town of Palm Beach via Chicago Tribune)

Billionaire hedge fund manager Ken Griffin is taking a step forward in developing his sprawling assemblage in Palm Beach.

The Citadel founder and CEO received permission from Palm Beach officials to knock down the lakefront house at 1285 South Ocean Boulevard, part of Griffin’s 17-acre estate, according to the Palm Beach Daily News.

It’s still unclear what he plans to build on the properties, which Griffin spent more than $250 million assembling.

The house that will be demolished sits on about an acre of land with 193 feet of lakefront, across from Griffin’s beachfront land.

More than a year ago, he withdrew plans to build a massive oceanfront mansion with 871 feet of beach frontage.

In addition to property in Palm Beach and Miami Beach, the Chicago billionaire recently spent a record $238 million to buy a penthouse at 220 Central Park South in Manhattan. He grabbed the record for the priciest home in Chicago in 2017, when he paid $59 million for a four-story penthouse at the top of JDL Development’s No. 9 Walton.

In April, he sold a unit at the Setai Miami Beach for $7.75 million. [Palm Beach Daily News]Katherine Kallergis