The Florida mansion built by billionaire Ken Griffin is expected to become the most expensive home in the world, surpassing billionaire Mukesh Ambani’s residence.
Palm Beach, Florida, is no stranger to luxury, as it is home to America’s rich and famous. But Ken Griffin, founder and CEO of Miami (formerly Citadel), one of the world’s largest asset management firms, is taking it to the next level.
Over the past 10 years, the 55-year-old billionaire has acquired nearly 11 hectares of land along the coast in Palm Beach. He has spent no less than $450 million, including the land purchase price, annual taxes and the cost of demolishing old buildings.
In May, Griffin filed a local application to consolidate all lots on Blossom Way and Ocean Avenue, creating a single large parcel, beating the previous largest parcel in Palm Beach, Trump’s Mar-a-Lago (8 hectares). The local Architectural Council also approved a house north of the property in June 2022.
Specifically, a mansion will be built on an area of 3 hectares on the coast, stretching from the ocean to the lake shore, expected to be the residence of billionaire Griffin’s mother and family, and also a future retirement place. The project has an area of 4,654 m2, including a service basement, a private house and a modern-style guest house.
The plans reveal the Atlantic Ocean-facing mansion, set in a peaceful oasis surrounded by greenery. The lakeside portion is bordered by a large event lawn and garden, leading to a swimming pool. The project also includes several meticulously landscaped gardens, according to the description.
It is likely that billionaire Griffin will spend another $150 to $400 million to build this mansion. Once completed, the total value of the real estate could reach at least about $1 billion, becoming the most expensive home in the US and possibly the most expensive in the world, according to the New York Post. The mansion is only located in the northern part of the land, so this real estate still has a lot of space to build, making its value have room to expand in the future.
“If he spent nearly half a billion dollars buying up lots in Palm Beach over the past decade and plans to spend another $150 million to build a brand new home, that property is worth at least a billion dollars,” said one industry expert.
Currently, the most expensive private residence in the world is the 27-story Antilia building owned by billionaire Mukesh Ambani, Chairman and CEO of Reliance Industries in Mumbai (India). According to Forbes , the building is worth nearly one billion USD, has an area of 37,200 m2, and was designed by the architectural firm Perkins & Will (USA).
Responding to the possibility of Griffin owning the most valuable home in the US, Zia Ahmed, a spokesperson for the billionaire, said that most of the real estate that Ken owns is in South Florida. Palm Beach is one of the most valuable real estate areas in the world. Also on this huge land, the billionaire recently submitted plans to build on the southern land, but the construction drawings have not been revealed.
Griffin’s journey to build the world’s most expensive home was made possible with the help of longtime real estate broker Lawrence Moens of Lawrence A. Beginning in December 2012, through two separate shell companies, Griffin acquired four adjacent properties totaling 3.2 hectares on Blossom Way, part of the Blossom Estate subdivision, for a record $129.6 million, giving him a 560-foot-long waterfront plot.
He continued to acquire land until 2017, when he had 12 acres and 800 feet of shoreline. But Griffin didn’t stop there. In the spring of 2018, a secret deal allowed him to add his first lakefront property, an acre. In September 2019, a company affiliated with Griffin paid $99.13 million for the mansion at 60 Blossom Way. The mansion has since been razed to make way for the new mansion and guesthouse.
In late June 2019, a company affiliated with Griffin paid nearly $105 million, quickly setting a record for a Palm Beach sale, for a beachfront-to-lakefront property at 1295 Ocean Avenue.
