Billionaire Ken Griffin Undertakes Construction of the Most Expensive Residence in the World
November 11, 2023
Billionaire Ken Griffin is on a mission to set another remarkable real estate record, this time in Palm Beach, Florida. Known for his previous extravagant purchase of a $238 million New York City penthouse in 2019, Griffin is currently constructing what is anticipated to become the most expensive home globally, as The New York Post reported.
Situated on one of Palm Beach’s most prominent private waterfront sites, Griffin has invested a staggering $450 million over a decade into developing the expansive 25-acre parcel on Billionaires Row. Once completed, the colossal 50,000-square-foot estate is estimated to be valued at an astonishing $1 billion.
Zia Ahmed, a spokesperson for Griffin, emphasized the significance of Palm Beach real estate, stating, “The vast majority of the properties Ken owns are in South Florida. Palm Beach real estate is among the most valuable in the world because of the pro-growth and pro-business policies voted for by the citizens of Florida.”
The beachfront property on Blossom Way, approved by the Architectural Board in 2022, will cover approximately eight acres of the total 25 and feature an expansive swimming pool, a primary residence, and a guest house. Initially intended for use by Griffin’s family, including his mother, the home is expected to evolve into the financier’s retirement home, according to sources.
Ken Griffin’s foray into Palm Beach began in 2012 when he acquired four oceanfront properties for a combined $129.6 million. Over the years, he has expanded his holdings by purchasing additional adjacent estates on Blossom Way and Ocean Boulevard. Notably, in 2019, a company associated with Griffin acquired a four-and-a-half-acre mansion for $104.99 million, breaking a local real estate record. This ocean-to-lake compound previously belonged to the late Broadway producer Terry Allen Kramer.
The hedge fund magnate is projected to invest an additional $150 million in the ongoing development of his Palm Beach outpost, solidifying his status as a prominent player in luxury real estate.
