Outlined in yellow is where Ken Griffin plans to build his residential estate and in white, another property he owns.
Billionaire Ken Griffin is making sure his new home on Billionaires’ Row stands out. The hedge funder will reportedly convert the 8 acres, three houses and 575 feet of beachfront in Palm Beach into an oceanfront mansion with a “long-and-lean profile.”
Griffin, founder and CEO of global investment firm the Citadel, paid nearly $130 million in 2012 for four properties at 20, 30, 40 and 50 Blossom Way, the Palm Beach Daily News reported. And last year, Griffin bought a mansion at 70 Blossom Way for $15.2 million, marking his total investment in the neighborhood at about $145 million.
He’s currently worth $7.6 billion, according to Forbes.
Griffin will build “a large residential estate with a single-family home straddling three lots,” according to the newspaper. At a town hall meeting this month, the council approved plans to create a new private entrance for the estate from South Ocean Boulevard, shortening the Blossom Way cul-de-sac, and joining the three lots through a unity of title. His new driveway will cut through the dry lot he owns to the west. Three neighbors have signed off on Griffin’s changes.
In January, the town council already agreed to move an easement changing pedestrian access to the beach, at Griffin’s request.
Griffin made headlines last year when he paid $60 million for two penthouses at Faena House, and then again in January when he put them both on the market for $55 million and $18 million, respectively. [Palm Beach Daily News] – Katherine Kallergis
Source: The Real Deal Miami