Sketches of plans for the property at 1290 South Ocean Boulevard, Ken Griffin and an outline of what he owns (in yellow) and the property he plans to buy (in red)
Billionaire hedge funder Ken Griffin is building himself a waterfront compound in Palm Beach, a plan that now includes buying out his neighbor's 4-acre estate.
Acquiring the property at 1290 South Ocean Boulevard would bring his total to 865 feet of beachfront and nearly 13.5 acres. Plans for Griffin's new estate filed with town hall include the house owned by Virginia homebuilder Paul C. Saville and his wife, Linda J. Saville, the Palm Beach Daily News reported.
Griffin has not yet acquired the Savilles' property, at least not in county records, and it's not currently listed for sale. A trust in the couple's names paid $32 million for the mansion in 2005, which is just south of the properties Griffin already owns. It's assessed at $56.3 million, the newspaper said.
Last month, Griffin closed on two loans for his Blossom Way properties (20, 30, 40, 50 and 70 Blossom Way) totaling $114 million. He's paid more than $145 million to collect them over the past four years.
His plans for the assemblage are to build a long single-story house with floor-to-ceiling windows and more than 56,800 square feet of space.
Griffin, who was born in Daytona Beach, is the founder and CEO of Chicago-based Citadel, one of the world's largest with more than $25 billion in assets under management. He's currently worth about $7.5 billion. [Palm Beach Daily News] – Katherine Kallergis
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