Hedge fund billionaire Ken Griffin has unveiled plans to build the world’s most expensive house: a $1 billion mega-estate just a quarter-mile south of Donald Trump’s Mar-a-Lago.
The 55-year-old tycoon 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 building different is the fact that it is expected to be worth $1 billion upon completion, making it the most expensive mega-mansion in the world.
Griffin – the CEO of Citadel, a Miami-based hedge fund – has been buying up existing mansions on the land with plans to spend an eye-watering $150 to $400 million on construction.
His plan includes South Ocean Boulevard and Blossom Way — just a quarter-mile south of former President Trump’s Mar-a-Lago, a stretch of Miami boulevard known as “Billionaire’s Row.”
Hedge fund billionaire Ken Griffin has unveiled 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. (Image: Exterior view)
The 55-year-old tycoon 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.
Griffin (pictured) – the CEO of Citadel, a Miami-based hedge fund – has been buying up existing mansions on the land with plans to spend as much as $150 to $400 million to build his luxury Palm Beach mansion
It will consist of a luxurious spa, a giant pool overlooking the Atlantic Ocean, lakeside gardens, a caretaker’s house and guest accommodations, according to the New York Post.
Aerial photos show construction on the ambitious project is underway – and renderings of the colossal project offer a glimpse into Griffin’s vision of what the estate will look like once completed.
Zia Ahmed, a spokesperson for the world’s 38th richest man, said Florida’s housing policies have led to a boom in property values 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, pro-business policies that Floridians have voted for.”
The purchase was made possible with the help of Griffin’s longtime real estate agent, Lawrence Moens of Lawrence A. Moens Associates.
Republican donor Griffin currently owns more than $600 million in personal real estate, including condominium units in Manhattan and Chicago and a historic mansion in London, as well as his properties in Palm Beach.
According to Bloomberg, he has donated more than $600 million to a number of nonprofits, including the University of Chicago, Ann & Robert Lurie Children’s Hospital and the American Museum of Natural History.
Griffin’s $1 billion mansion is just a quarter mile from Trump’s Mar-a-Lago estate
Griffin currently owns more than $600 million in personal real estate, spread across condominium units in Manhattan and Chicago and a historic townhouse in London, as well as his holdings in Palm Beach. (Image: Map of planned construction on Palm Beach)
Aerial photos show that construction of the ambitious project is underway
Griffin’s mansion is located on Miami’s Palm Beach, overlooking the Atlantic Ocean
Renderings of the colossal project offer a glimpse into Griffin’s vision of what the estate will look like once completed
Griffin gave more than $500 million to Harvard for student aid, at the time the largest gift ever to the school.
He recently made headlines for pressuring the university to speak out in defense of Israel after the Hamas attack by contacting the head of the university’s administration, 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 in New York’s Central Park South for $238 million – the most ever paid for a home in the United States.
The 20-story building, 220 Central Park South, is a residential skyscraper that was under construction at the time and has since been completed.
The penthouse that Griffin is purchasing was under contract (meaning an offer was made and accepted) in 2015, but real estate experts say a sale of this size will take years to close.
The building is 300 meters high, making it one of the tallest buildings in New York City.
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 $163.5 million for the past two years.
Vornado Realty Trust, a real estate investment trust, is building 220 Central Park South and expects it to generate $1 billion in cash flow and net after-tax income once all apartments are sold, an October regulatory filing showed.
Griffin will have some fabulously rich and famous neighbors in the building.
British rock legend Sting and his wife Trudie Styler have reportedly purchased a unit there.
Tong Tong Zhao, who founded a hotel management company 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 started trading while at Harvard in 1987, and even taped a satellite dish to his dorm so he could get real-time stock quotes.
He graduated in 1989 with a degree in economics and in 1990 founded Citadel, a hedge fund, which today is worth $52 billion in assets under management, according to Bloomberg.
The company grew rapidly and by 1998 had grown to a team of over 100 employees.
Griffin quickly became one of the most influential figures in the financial world, appearing on the Forbes Rich List numerous times.
He is a well-known philanthropist who has donated to his alma mater Harvard, the Robin Hood Foundation and the Bill and Melinda Gates Foundation.