The Blubber

Billionaire Ken Griffin is building himself the world’s most expensive home, per NYP.

Back in 2019, the CEO and founder of Citadel made headlines when he dropped a jaw-dropping $238 million on a penthouse in New York City, setting the record as the highest residential property purchase in the United States. Now, in Palm Beach, Florida, he's in the process of creating what's anticipated to become the most expensive residence in the world, as reported by The New York Post.

This billionaire hedge fund manager is constructing his new estate on one of Palm Beach's largest privately-owned waterfront properties. According to The Post, Griffin has already invested an astounding $450 million and a decade of effort into developing the 25-acre plot situated on Billionaires Row. Once it's completed, this colossal 50,000-square-foot mansion will boast a mind-boggling value of $1 billion.

Zia Ahmed, a spokesperson for Griffin, stated, "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 occupy approximately eight acres of the 25-acre site and will include a massive swimming pool, the main residence, and a guest house. Initially, the residence will be utilized by Griffin's family, including his mother. However, the financier has future plans to utilize the entire property as his retirement home, according to sources cited by the newspaper.

Griffin's property acquisitions in Palm Beach began in 2012 when he amassed a collection of four oceanfront properties for a combined total of $129.6 million. Since then, he's acquired numerous other adjacent estates on Blossom Way and Ocean Boulevard. A notable acquisition took place in 2019 when a company associated with Griffin purchased a four-and-a-half-acre mansion for $104.99 million, shattering a real estate record for the region. This ocean-to-lake compound was previously owned by the late Broadway producer Terry Allen Kramer.

In the coming years, the hedge fund magnate is anticipated to invest an additional $150 million in expanding his Palm Beach estate.