Billionaire hedge funder Ken Griffin pays $37M for Star Island property

Lennar’s Stuart Miller sold the property

TRD MIAMI /
Aug.August 25, 2020 11:30 AM
Stuart Miller, Ken Griffin and 11 and 12 Star Island Drive (Credit: Google Maps)

Stuart Miller, Ken Griffin and 11 and 12 Star Island Drive (Credit: Google Maps)

A company tied to billionaire hedge fund manager Ken Griffin paid $37 million for a double-lot on Miami Beach’s Star Island, where a number of multimillion-dollar sales have closed in recent months.

Stuart Miller, executive chairman of Lennar Corp., sold the property at 11 and 12 Star Island Drive to 11 Star Island LLC, a Delaware company that lists Citadel’s Chicago address, property records show.

Griffin is founder, CEO and co-chief investment officer of Citadel, a Chicago-based hedge fund that’s been operating a temporary trading room in Palm Beach during the pandemic. Griffin owns some of the most expensive residential properties around the world. In South Florida, he owns two penthouse units at the ultra luxury condo building Faena House in Miami Beach, and has assembled land in Palm Beach for more than $350 million.

Miller sold the double lot through a land trust managed by attorney Brian Bilzin in an off-market deal.

Star Island — home to celebrities including Sean “Diddy” Combs, Gloria and Emilio Estefan, and most recently, Jennifer Lopez and Alex Rodriguez — is experiencing some resident turnover. Lopez and Rodriguez last week spent $32.5 million for the mansion at 13 Star Island Drive, next to the property that Miller just sold. The estate on the other side of Lopez and Rodriguez’s home, at 14 Star Island Drive, sold the same day to an unknown buyer for $24 million. And in July, Miller sold 22 Star Island Drive for $49.5 million.

The island, with only waterfront properties, is among the high-end neighborhoods in South Florida experiencing a jump in activity during the pandemic, as buyers from high-tax states continue to buy homes in Florida.

A year ago, Miller sold 10 Star Island Drive for $17.5 million. His land trust paid $27 million for the lots at 10, 11 and 12 Star Island Drive in 2006. Coupled with this latest deal, that means he more than doubled his investment, by selling for a total of $54.5 million.

On Star Island, where his late parents lived at 23 Star Island Drive, Miller is now left with 4, 5, 6 and 7 Star Island Drive.

Write to Katherine Kallergis at [email protected]


Related Articles

arrow_forward_ios
Joseph A. Sanz & 190 S Hibiscus Drive, Miami Beach (Credit: Google Maps)

Orion Real Estate founder buys waterfront Miami Beach home

Orion Real Estate founder buys waterfront Miami Beach home
The Lincoln at 1691 Michigan Avenue

Citing Covid-19 shutdown, Williams Sonoma and Pottery Barn want out of Lincoln Road

Citing Covid-19 shutdown, Williams Sonoma and Pottery Barn want out of Lincoln Road
6431 Pine Tree Drive Circle, Miami Beach (Credit: Google Maps)

Restaurateur sells waterfront Miami Beach home for $8M

Restaurateur sells waterfront Miami Beach home for $8M
Michael Comras and 947 Lincoln Road (Credit: Google Maps)

Lawsuit accuses Michael Comras, Robert Cayre and Harry Adjmi of dodging $300K judgment

Lawsuit accuses Michael Comras, Robert Cayre and Harry Adjmi of dodging $300K judgment
Peter Vauthy and Red South Beach (Getty)

The Weekly Dish: Red South Beach signs $5M lease for new space & more

The Weekly Dish: Red South Beach signs $5M lease for new space & more
Alan Faena, Len Blavatnik, Faena House (Credit: Faena House via Miami Herald)

Faena House condo association sues developer, contractor over alleged construction defects at ultra-luxury tower

Faena House condo association sues developer, contractor over alleged construction defects at ultra-luxury tower
Jacques Nasser aJacques Nasser and 445-441 East Rivo Alto Miami Beachnd 445-441 East Rivo Alto Miami Beach (Courtesy of Dora Puig / Luxe Living Realty)

Longtime Ford Motor exec sells Venetian Islands estate for $18M

Longtime Ford Motor exec sells Venetian Islands estate for $18M
58 La Gorce Circle Miami Beach & Bart Reines (Credit: Google Maps)

Luxury homebuilder Bart Reines buys waterfront LaGorce Island home

Luxury homebuilder Bart Reines buys waterfront LaGorce Island home
arrow_forward_ios

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

Loading...