Billionaire Ken Griffin Adds $99 Million Purchase To Massive Real Estate Portfolio
Michael Milken and Ken Griffin participate in a panel discussion during the annual Milken Institute Global Conference at The Beverly Hilton Hotel on April 29, 2019 in Beverly Hills, California.
Hedge fund founder Ken Griffin (who has a net worth of $12.8 billion) has expanded his developing foothold in South Florida with a $99.13 million purchase of a 3.7-acre piece of real estate parcel, as indicated by the Palm Beach Daily News. He adds this to the actual 17-acre parcel he began collecting in 2012 through several different purchases, which totaled nearly $250 million. This $99.13 million transaction is the second-highest on record for Palm Beach, as indicated by the Daily News, outranked only by a $105 million sale in July to unknown buyer protected by an LLC.
A Florida local, Griffin has been deliberately purchasing up the land that stretches from the sea on one side to the lake on the other and with this new expansion builds his sea shore facade by about 30%, to around 1,100 straight feet. The whole bundle was at that point the biggest around the local area when it was 17 sections of land; since it is more than 20 sections of land, few will have the option to contend with the size of the spread.
The seller of this piece of the puzzle was former L.A. Dodgers owner Frank McCourt, who bought the estate for $77 million in April 2017. The land comes with an existing 27,000-square-foot house that had been built for the now-deceased billionaire George Lindemann (Forbes estimates his family has a net worth of $3.3 billion). Griffin isn’t modest about tearing down the current houses he’s purchased through the span of the previous five years, presently having thumped down in any event four of the homes that have joined this trail of exchanges.
This latest purchase brings the number right into $350 million territory, easily surpassing Griffin’s other records of buying the most expensive homes: one in the U.S. (a New York penthouse for $238 million); a $122 million London property, reported as being the highest-priced London property purchase in over a decade; and four floors atop a Chicago condo building for $58.5 million, more than twice the next highest price on record of $18.5 million (set by Star Wars creator George Lucas and his wife).
His exact plans for these 20 acres has not been disclosed. He had originally submitted plans to build a home that would stretch larger than a football field and included a design for exterior walls that would descend to below grade to create an indoor/outdoor living plan, but those plans were scrapped as he gained more land.