Billionaire hedge-fund executive Ken Griffin is selling both of his Miami Beach penthouses for at least a 20% loss, Katherine Kallergis reported for the Real Deal. Griffin isn’t shy about tearing down the existing houses he’s bought over the course of the past five years, now having knocked down at least four of the homes that have come along with this trail of transactions. The founder and CEO of Chicago-based Citadel has spent about $950 million on mansions, condos and land parcels in New York, Chicago, Florida’s Miami Beach and Palm Beach, and in London. Opinions expressed by Forbes Contributors are their own. If he is doing this just to flip the properties, he’s going to make a loss. This $99.13 million transaction is the second-highest on record for Palm Beach, according to the Daily News, outranked only by a $105 million sale in July to anonymous buyer shielded by an LLC. August 2019: This $99.1 million purchase was for an 18,452-square-foot oceanfront estate at 60 Blossom Way in Palm Beach. Ken Griffin’s remarkable spending isn’t restricted to real estate. But opting out of some of these cookies may have an effect on your browsing experience. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. He certainly does. Now he’s selling at a loss. This website uses cookies to improve your experience while you navigate through the website. An overhead view of Griffin's latest Palm Beach purchase. Hedge fund founder Ken Griffin (who Forbes currently estimates has a net worth of $12.8 billion) has expanded his ever-growing foothold in South Florida with a $99.13 million purchase of a 3.7-acre piece of land, according to the Palm Beach Daily News. The hedge funder’s latest purchase in Miami Beach’s exclusive Star Island has boosted his global residential real estate investment portfolio to nearly $1 billion. Hedge Funds Ken Griffin’s Real-Estate Shopping Spree Sputters In Bargain-Basement Chicago All Rights Reserved, This is a BETA experience. My work has appeared in The Washington Post, New York Times, San Francisco Chronicle, and a variety of other publications. In August 2020 an entity tied to Ken Griffin acquired the adjacent double lot with Miami Vice views 60 Blossom Way in Palm Beach (Google Maps). Griffin … November 2017: His $58.5 million purchase for the top four floors at 9 West Walton Street in Chicago made it the highest-priced home sale in the Chicago area. Follow me @amyroseRE. © 2020 Forbes Media LLC. The hedge fund founder gave a record-breaking $150 million to Harvard in 2014 and spent a combined $500 million on two works of contemporary art in 2016. Ken Griffin is approaching $1B in worldwide luxury real estate buys. In January, he closed a $238 million purchase of an under-construction penthouse at 220 Central Park South in New York City. Chris Walker/Chicago Tribune. The Real Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry. Billionaire Ken Griffin has been on a decade-long, ultra-luxury real estate buying spree, one that not even a tumultuous economy amid a worldwide pandemic can slow. Ken Griffith - Belle Property - Richmond - realestate.com.au As I hail from British background I divide my time between Washington D.C. and various parts of the U.K. depending on the weather. He broke a U.S. record when he paid $238 million for a massive Manhattan penthouse at 220 Central Park South and shattered a Chicago mark with a $58 million condo splurge. May 2018: This $20.3 million buy was for an estate at 10 Blossom Way in Palm Beach, and is on 2 acres. In 2015, Griffin paid a then-record $60 million for two penthouse units at the Faena House in Miami only to put them on the market the following year for $73 million. In recent years, he spent a total of $350 million on multiple purchases in Palm Beach and $97 million in Miami Beach. September 2015: Griffin spent $60 million for two condos at Faena House at 3315 Collins Avenue in Miami Beach. He founded Citadel in 1990 but first began trading from his Harvard dorm in 1987. The billionaire hedge funder’s investment property portfolio in glitzy locales reveals his strategy, one industry pro says Global Conference at The Beverly Hilton Hotel on April 29, 2019 in Beverly Hills, California. Covering everything from luxury homes to housing trends around the world. 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January 2017: In Palm Beach, he dropped $85 million for the oceanfront 4.18-acre estate at 1290 South Ocean Boulevard. Free and clear: Vornado pays off debt at 220 CPS, At record-breaking 220 Central Park South, a unit just closed at $6,400 a foot, Against all odds: A by-the-numbers look inside Vornado’s 220 Central Park South, 220 Central Park South dominates NYC’s priciest resi sales of the year, Billionaire Ken Griffin parting with Faena House penthouses in Miami Beach at a loss, Tom Brady, Gisele Bündchen revealed as buyers of Indian Creek property, Karlie Kloss, Joshua Kushner revealed as buyers of Miami Beach mansion, Cher’s former Miami Beach mansion sells to Keith Menin for $17M. 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. In 2015, Griffin… One real estate source said, “Ken Griffin’s real estate purchases do not make sense from an investor perspective. Billionaire hedge funder Ken Griffin has developed a reputation for spending big on real estate — setting new records from New York to Miami. His exact plans for these 20 acres has not been disclosed. He reportedly planned to combine them but never did. Hedge fund billionaire Ken Griffin has just smashed another real estate price record, buying the most expensive home sold in London in over a decade for $122 million. Tags: Apple, Citadel, gold, hedge fund, Ken Griffin, real estate, S&P 500, T-Mobile Necessary cookies are absolutely essential for the website to function properly. 9 West Walton Street in Chicago (Google Maps), “Before, when he was buying everything in Palm Beach, everyone thought he was overpaying for everything, but he was actually getting very good deals,” said Gonzalez, who is with Berkshire Hathaway HomeServices EWM Realty and hasn’t represented Griffin. The multi-billionaire hedge fund magnate Ken Griffin, who founded the Chicago-based Citadel Securities, has expanded his Star Island assemblage with the acquisition of 10 Star Island for $25 million. It’s a total that places him in the upper echelon of property moguls worldwide and makes fellow billionaire and luxury real estate buyer, Michael Bloomberg, look like a bargain hunter. This month, Griffin paid $37 million for a double-lot on mansion-filled Star Island, adding to his appetite for real estate in the glitziest locales around the globe. Log In Sign Up. Billionaire hedge funder Ken Griffin has developed a reputation for spending big on real estate — setting new records from New York to Miami. According to the Wall Street Journal, he was under contract in February to purchase a 7-acre compound in Southampton from Calvin Klein. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. Try again later. March 2020: The CEO is said to be the buyer of 650 Meadow Lane in Southampton, which sold for $84 million. Fresh and trending news about Real Estate industry business, finance, ... Press question mark to learn the rest of the keyboard shortcuts. Round-up of top news and topics for each of the following cities: Editorially-curated headlines and news to know for the following areas: The numbers behind office leases, retail, sales and financing. B.A. Billionaire Ken Griffin has added to his pricey real estate roster. Ken Griffin's real estate purchases. Ken Griffin joins Citadel exec in giving another $1 million to boost internet access in Catholic ... Chicago Residential Real Estate Report - Scoops on Chicago's residential real estate … The condo is a 23,000-square-foot quadplex encompassing the 50th through 53rd floors of the tower developed by Vornado Realty Trust, and designed by Robert A.M. Stern. Billionaire Ken Griffin is selling his Miami penthouses at a 20% loss. Ken Griffin: Nobody Cares About Inflation, but They Should. The billionaire hedge funder’s investment property portfolio in glitzy locales reveals his strategy, one industry pro says, Citadel CEO Ken Griffin has been acquiring ultra-luxury residential properties around the world for a decade (Getty, iStock). 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). The estate at 650 Meadow Lane closed for $84 million in March, according to the Real Estate Report Inc., but a buyer was not listed. He said the belief "that a larger government is what creates prosperity, that a larger government is what creates good" is wrong. The historic home at 3 Carlton Gardens was once a wartime residence of Charles de Gaulle and has been the home of three British prime ministers. These cookies will be stored in your browser only with your consent. Now he’s selling at a loss. “And Miami Beach is still extremely undervalued.”. Ken Griffin founded and runs Citadel, a Chicago-based hedge fund firm that manages roughly $34 billion in assets. Citadel’s funds don’t invest in real estate in a “meaningful way,” Griffin said. Billionaire hedge funder Ken Griffin has developed a reputation for spending big on real estate — setting new records from New York to Miami. In Central London, he also dropped $122 million on a mansion. My work has appeared in The Washington Post, New York Times, San Francisco Chronicle, and a variety of other publications. This category only includes cookies that ensures basic functionalities and security features of the website. He adds this to the existing 17-acre parcel he began assembling in 2012 through several different purchases, which totaled approximately $250 million. Griffin regularly makes national headlines for his real estate deals. In 1987, while many of his classmates at Harvard were out partying and living the stereotypical college life, a student named Ken Griffin was already focused Ken Griffin added an apartment at 220 Central Park South to his expansive real-estate portfolio this month. By clicking Subscribe you agree to our Privacy Policy. We also use third-party cookies that help us analyze and understand how you use this website. January 2019: Griffin paid a record $238 million for an enormous penthouse at 220 Central Park South in Manhattan. The billionaire paid $238 million, making it … Ken Griffin Slams Socialism and Government Spending. 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. It’s on 3.6 acres of land. Late 2012: Griffin spent $130 million on his first Blossom Way assemblage in Palm Beach, acquiring four properties on 6.5 acres of land. Records show that in July 1989, Griffin bought the Lake Point Tower condo -- a … Ken Griffin, who is worth an estimated $5.5billion, sent legal papers to his wife of 11 years, Anne Dias-Griffin, while she was in London with their three children, aged six, three and two. These cookies do not store any personal information. Citadel’s funds don’t invest in real estate in a “meaningful way,” Griffin said. Ken Griffin’s suddenly got lots of places to stay in a city where Citadel has no office. Billionaire hedge funder Ken Griffin has developed a reputation for spending big on real estate — setting new records from New York to Miami. Nelson Gonzalez, a residential agent who specializes in Miami Beach, said Griffin’s investments have been strategic and have paid off. Please Allow Javascript and reload this page. This is not the first time the billionaire has closed on a record-breaking real estate deal. Griffin was also reportedly buying in a place where many wealthy New Yorkers have escaped to during the pandemic. 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). This year he purchased Calvin Klein’s oceanfront estate in the Hamptons for $84 million. It is mandatory to procure user consent prior to running these cookies on your website. He certainly does. For full functionality of this site it is necessary to enable JavaScript. Real estate has been a main beat of mine for. (Photo by Michael Kovac/Getty Images). 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