Inside Ken Griffin’s plans to build a billion-dollar megalith estate

Real estate

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by Mary K. Jacob

Palm Beach, Florida, a playground for the rich and famous, is no stranger to extravagance.

But billionaire hedge fund manager Ken Griffin appears to be taking luxury living to a whole new level.

Griffin, already a prominent figure in the coastal city and a Florida native, is turning heads with his ambitious plans to create the most expensive home not just in America — but on the planet.

The mysterious financier, known for his vast wealth and shrewd investments as founder and CEO of the then Chicago-based Citadel, now Miami, has made headlines with the acquisition of more than 20 acres of prime Palm Beach real estate.

Even more surprising is that Griffin, 55, has razed the homes on the sprawling estate, intending to spend a staggering $150 million to $400 million on building a massive estate that will be worth nearly $1 billion when completed.

Griffin, who knows the affluent Palm Beach area intimately, is no stranger to greatness.

Over the years, he has already amassed nearly 27 acres of beachfront real estate, which includes two parcels on the Intracoastal Waterway.

Located just a quarter-mile south of former President Donald Trump’s Mar-a-Lago, this massive estate is a stretch of South Ocean Boulevard popular among locals as “Billionaires’ Row.”

Records show that Griffin has set aside hundreds of millions to build his mega-mansion, and it is expected to be worth that much, according to industry insiders.

As one industry insider noted, “If he spent nearly half a billion buying an acre of land in Palm Beach over the past decade and is expected to spend an additional $150 million to build a brand new home, that piece of real estate is worth at least $1 billion now.” “

When reached for comment on Griffin now owning the most valuable home in America, a spokesperson for Griffin cited Florida policies that have led to higher property values ​​in the area.

“The vast majority of Ken’s properties are located in South Florida. Palm Beach properties are among the most valuable in the world because of the pro-growth and business policies voted on by Florida citizens,” said Zia Ahmed, a spokesman for Griffin.

Griffin revealed part of his grand vision for a beachfront mansion, which will be built on 7 acres of his sprawling property stretching from ocean to lagoon.

With a staggering total area of ​​50,000 square feet, including the service basement, the contemporary style home and guest house will stand as a testament to lavish living.

This property is the largest of its kind in Palm Beach, surpassing Trump’s Mar-a-Lago property, which is approximately 20 acres.

Griffin began the acquisition process 10 years ago, investing at least $450 million in real estate, fees and deconstructions, according to records.

Sources familiar with the project reveal that the residence, located on Blossom Way, will initially be used by Griffin’s mother, Katherine Gratz Griffin.

The billionaire has even bigger designs in the works, as he plans to use the entire estate as a retirement home in the future.

In May, Griffin filed an agreement with the county to combine all of the parcels on Blossom Road with his properties on Ocean Boulevard, effectively creating one expansive property, records obtained by The Post show.

The Architectural Council granted approval to build a long, skinny house on the north side of his Billionaires’ Row property in June 2022.

This property will occupy approximately 8 of the 27 acres owned by Griffin and his companies off South Ocean Boulevard.

Meanwhile, while designs for the northern properties have been unveiled, an application for a property in the southern portion of the complex was recently submitted for approval, documents obtained by The Post show.

Construction machinery can already be seen at the far end of the plot, which was once home to several mansions and is now part of the Griffin estate.

The renderings offer a glimpse into the lavish design, which features a rooftop event garden leading to a stunning swimming pool with windows on either side offering sweeping views of the Atlantic Ocean.

The large swimming pool will extend from the residence into a spacious garden, creating a peaceful and wonderful oasis.

The property will also feature several landscaped gardens.

Another view reveals the caretaker’s hut.

Griffin’s journey in putting together this luxurious oasis was made possible with the help of his longtime real estate broker, Lawrence Moens of Lawrence A. Moens Associates.

The saga began in December 2012 when Griffin, through two separate shell companies, acquired four contiguous properties totaling 8 acres on Blossom Road in the Blossom Estate subdivision for $129.6 million, giving him a stunning 560 feet of ocean frontage.

Today, Griffin, worth an estimated $34.2 billion, owns a string of properties along Blossom Way, which were titled 10 Blossom Way, 20 Blossom Way, 30 Blossom Way, 40 Blossom Way, 50 Blossom Way, and 70 Blossom Way.

In the summer of 2015, a company controlled by Griffin made another splashy acquisition, purchasing this non-waterfront home and guest house at 70 Blossom Way for $15.25 million, adding 1.44 acres to his already expansive holdings.

January 2017 saw another stunning deal when a company controlled by Griffin paid a whopping $85 million for an oceanfront mansion at 1290 S. Ocean Blvd., just south of his other home.

This purchase expanded his property to 12 contiguous acres and boasts an impressive 871 feet of coastal frontage.

However, Griffin’s ever-evolving plans did not stop there. By the spring of 2018, a closely guarded deal added the first lakefront property, a two-acre, 193-square-foot inland waterway, to his holdings.

Although the exact price remains undisclosed, industry observers have estimated that this acquisition cost him up to $20 million.

In September 2019, a company linked to Griffin paid $99.13 million for the mansion at 60 Blossom Way, which has since been demolished to make way for the new mansion and guest house.

It will feature stone exteriors and sleek, modern lines.

In late June 2019, a company linked to Griffin paid $104.99 million, briefly setting a Palm Beach sales price record, for an ocean-to-lagoon property at 1295 S. Ocean Blvd.

This major acquisition, made after the death of investment bank heiress and Broadway producer Terry Allen Kramer, added about 4.5 acres to Griffin’s massive Palm Beach estate.

The summer of 2022 saw the city grant Griffin permission to build an oceanfront mansion designed for his mother, family members and guests on approximately 8 acres on the north end of his property.

The rest of its property remains undeveloped, leaving plenty of room for future expansions and innovations.

It is worth noting that despite the size of his properties in Palm Beach, Griffin confirmed that he moved his family to Miami after moving his company from Chicago to the Magic City last year.

The financier also allocated $83 million to purchase office space on Worth Avenue, Palm Beach’s famous shopping street.