Billionaire Ken Griffin parting with Faena House penthouses in Miami Beach at a loss
Griffin paid $60M for both units in 2015
Billionaire hedge fund manager Ken Griffin is bidding adieu to the ultra luxury Faena House in Miami Beach.
Griffin sold his larger penthouse for $35 million and is in contract to sell his second penthouse, which is on the market for $12.5 million, according to the Multiple Listing Service. He paid $60 million for both units in 2015. At the time, the sale was considered a record for residential real estate in South Florida, but both units were never combined.
Even if Griffin, the founder and CEO of his Chicago-based hedge fund Citadel, sold the second penthouse at asking price, he would still sell the units at a loss of at least $12.5 million.
Oren Alexander of Douglas Elliman represented the buyer and seller of the larger unit, a four-bedroom, 7,433-square-foot condo. Ryan Mendell of Maxwell E. Realty is representing Griffin in the sale of penthouse B, a three-bedroom, 4,243-square-foot unit.
Alexander declined to comment on the deal. Mendell could not immediately be reached for comment.
The 44-unit Faena House at 3315 Collins Avenue, was developed by Alan Faena and investor Len Blavatnik.
In September, the condo association sued the developer, general contractor and subcontractors for a laundry list of alleged construction defects at the 17-story building, including a broken elevator in the penthouse, missing art, cracking in the concrete and chalky paint.
Griffin, a Daytona Beach native, has been assembling land in both Palm Beach and Miami Beach where he’s planning to build multimillion-dollar waterfront mansions. His Chicago-based Citadel Securities began operating a temporary trading room in Palm Beach at the start of the pandemic.
On the island of Palm Beach, Griffin has paid more than $350 million for land.
He owns some of the most expensive residential properties around the world, including in Manhattan, Chicago and London. In 2019, he closed on a $240 million apartment at New York City’s 220 Central Park South, breaking the record for the most expensive residential transaction recorded in the U.S.