Construction of Citadel’s Ken Griffin’s massive Palm Beach Island estate begins
Ken Griffin is no stranger to South Florida luxury real estate observers. But recently he announced plans to do something no one else has yet attempted. He’s going to build the most expensive house on Earth.
The hedge-fund billionaire and Citadel CEO plans to spend between $150 to $400 million on the construction of a massive mega-estate. Once complete, industry insiders predict the property will be worth an estimated record-shattering $1 billion. The planned one-story compound at 60 Blossom Way will be for Griffin’s mother, Catherine Gratz Griffin.
Multi-lotted Palm Beach Property will Dominate Billionaires Row
Construction is already underway on the 25-acre site, which is located less than a quarter mile south of Trump’s Mar-a-Lago estate, along a stretch of South Ocean Boulevard dubbed by locals “Billionaires Row.” The property, created by buying up several smaller estates, is now considered the largest single parcel of contiguous beachfront real estate in Palm Beach. This property includes a couple of parcels on the Intracoastal Waterway which Griffin razed, including the demolition of their buildings.
When complete, Griffin’s estate will be over 50,000 square feet and will occupy approximately eight of the 25 acres. It will include a sprawling contemporary-style main residence with a service basement, huge swimming pool, and a guest house. Griffin plans on using the estate as his retirement home. On January 24th the Palm Beach Architectural Commission approved Griffin’s plans for a clay tennis court to be built on an empty 2.6-acre lot across from 1295 S. Ocean Blvd, which Griffin purchased in June of 2019 from the estate of the late banking heiress and theater producer Terry Allen Kramer. The lot has around 206 feet of Intracoastal frontage and is equipped with a dock.
Piecing Together the Ultimate Palm Beach Parcel
It took Griffin over ten years and an investment of $500 million to develop the parcel, which is made up of ten separate properties. His quest for the most expensive home on the planet began back in December of 2012, when Griffin purchased a series of four oceanfront properties on Blossom Way in the Blossom Estate subdivision with a joint price tag of $129.6 million. The combined properties total eight acres, and netted Griffin 560 feet of ocean frontage. Since then, he’s been scooping up several adjacent estates along Blossom Way and Ocean Boulevard, including a four-and-a-half-acre mansioned estate for $104.99 million.
In the summer of 2015, a company controlled by Griffin purchased a non-waterfront house and guesthouse at 70 Blossom Way for $15.25 million, adding another 1.44 acres to his Palm Beach real estate holdings. In January 2017 Griffin paid over $85 million for an oceanfront mansion at 1290 S. Ocean Blvd., which conjoins the south end of his parcel. This purchase expanded his holdings to 12 contiguous acres with 871 feet of oceanfront. Following that, in the spring of 2018, he bought the first lakefront property, comprised of 2 acres and 193 feet on the Intracoastal Waterway in a transaction estimated to cost approximately $20 million.
Finally, in late June 2019, Griffin purchased the former Terry Allen Kramer estate, and in September of that same year he bought a mansioned estate at 60 Blossom Way for $99.13 million. The property has since, also been razed.
Town of Palm Beach Officials Approve Plan
In the summer of 2022, the Town’s Architectural Board granted approval of the plans of Seattle architecture firm Olsun Kundig, who, along with West Palm Beach-based Smith and Moore Architects designed a main house, guest home, pools, gardens and other landscaping. The plans replace a previous proposal that was approved in 2016 for a long, 11.5-acre waterfront estate.
Contact Florida Bar Board-Certified Attorneys David E. Klein, Esq. and Guy Rabideau at Rabideauklein.com. They have the expertise and experience you need to ensure that your interests are protected throughout your real estate transactions in the Town of Palm Beach, across the Palm Beaches and throughout Florida. Contact Rabideau Klein today to discuss the legal implications of your Florida property transactions.