Hedge fund billionaire Ken Griffin has revealed plans to create the world’s most expensive home – a $1 billion mega-estate just a quarter mile south of Donald Trump’s Mar-a-Lago. The 55-year-old tycoon has recently turned heads by acquiring more than 20 acres of prime Palm Beach real estate in his home state of Florida, adding to his ever-growing catalog of impressive properties around the world. But what makes this one different is the fact it’s projected to be worth $1 billion upon completion, making it the most pricey mega-mansion in the world.
Griffin – the CEO of Citadel, a Miami-based hedge fund – has bought up existing mansions on the land with plans to spend an eye-popping $150 to $400 million on construction. His scheme spans South Ocean Boulevard and Blossom Way – just a quarter mile south of former President Trump’s Mar-a-Lago, a stretch of the Miami boulevard known as ‘Billionaire’s Row.’
It will comprise a luxury spa, ginormous swimming pool with views of the Atlantic Ocean, lakeside gardens, a caretaker’s cottage and guest housing, according to the New York Post. Aerial photographs show construction is underway on the ambitious project – and renderings of the colossal project offer a glimpse into Griffin’s vision for how the estate will look once it is completed.
Zia Ahmed, a spokesperson for the world’s 38th richest man said Florida’s housing policies have sparked a huge growth in property value in the area. ‘The vast majority of the properties Ken owns are in South Florida,’ Ahmed told the Post. ‘Palm Beach real estate is among the most valuable in the world because of the pro-growth and pro-business policies voted for by the citizens of Florida.’
The purchase was made possible with the assistance of Griffin’s longtime real estate broker, Lawrence Moens of Lawrence A. Moens Associates. Republican donor Griffin currently owns more than $600 million in personal real estate, spanning condominium units in Manhattan and Chicago and an historic London mansion as well as his Palm Beach holdings.
He has donated more than $600 million to a number of non-profit organizations including the University of Chicago, Ann & Robert Lurie Children’s Hospital and the American Museum of Natural History, according to Bloomberg. Griffin has given more than $500 million to Harvard for student aid, which was the largest-ever gift to school at the time. He made headlines recently for pressuring the university to speak out in defense of Israel following the Hamas attack via reaching out to the head of the university’s board Penny Pritzker.
His call came after a letter from more than 30 student groups blamed Israel for the attacks, but before university leaders had responded publicly. In 2019 he completed the purchase of a penthouse on New York’s Central Park South for $238 million – the most ever paid for a home in the United States. The 20-storey building, 220 Central Park South, is a residential skyscraper which was under construction at the time and has since been completed.
It came just days after Mr Griffin bought the exclusive $124 million 3 Carlton Gardens in St James’s, near Buckingham Palace in London, which had been on the market for the past two years for $163.5 million. Vornado Realty Trust, a real estate investment trust, is building 220 Central Park South and expects it to generate $1billion in after-tax cash flow and net income once all condo units are sold, a regulatory filing in October showed. Griffin will have some fabulously rich and famous neighbors in the building. British rock legend Sting and his wife, Trudie Styler, have reportedly bought a unit there. Tong Tong Zhao, who founded a hotel management company based in China, paid $13.49 million for a 2,400-square-foot two bedroom apartment on the 27th floor, according to the New York Times.
Griffin began trading while at Harvard in 1987, and he even stuck a satellite dish to his dorm so he could get real-time stock quotes. He graduated with a degree in economics in 1989 and went on to start Citadel, a hedge fund, in 1990, which is today worth $52 billion in assets under management, according to Bloomberg. The company expanded rapidly and by 1998 had grown to a team of more than 100 employees. Griffin quickly became one of the most influential figures in the world of finance and has featured numerous times in the Forbes rich list. He is a known philanthropist who has donated to his alma mater Harvard, the Robin Hood Foundation and the Bill and Melinda Gates Foundation. Read the full story: https://www.dailymail.co.uk/news/article-12647195/Billionaire-Ken-Griffins-1-billion-mega-mansion-Palm-Beach-Trump-Mar-Lago-Miami-Florida-real-estate.html?ito=msngallery
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