American Billionaire to Build World's Most Expensive House in Palm Beach
US-based billionaire hedge-fund manager Kenneth Griffin is set to build the world”s most expensive home in Palm Beach, Florida. Griffin, who is the founder and CEO of Citadel, has bought 20 acres of land here and plans to spend between $150 million and $400 million on his new house. The estimated cost is expected to surpass $1 billion after construction is complete.
Griffin has already sold the house he currently resides in and procured about 27 acres of beachfront real estate, including parcels on the Intracoastal Waterway. The property is located near former President Donald Trump”s Mar-a-Lago, in an area known as “Billionaires” Row” among locals. However, Griffin”s estate will outgrow Trump”s Mar-a-Lago.
Industry sources have estimated that the property will be worth at least $1 billion upon completion of construction. According to Zia Ahmed, the spokesperson for Griffin, the construction project is expected to have a positive impact on Florida’s economy. Ahmed credits this to the state’s pro-growth and pro-business policies.
The estimated size of the mansion is 50,000 square feet, with a service basement. There will be nothing devoid of plenty.
According to reports, the mansion will have an upper-story lawn with a swimming pool facing the ocean. According to the New York Post, Kenneth Griffin plans to use the entire estate, including a beachfront mansion, as his retirement home in the future. The estate features a swimming pool that stretches from the residence to a vast lawn with several landscaped gardens. There is also a caretaker”s cottage on the premises.
Griffin”s real estate investments began in December 2012 when he acquired adjacent properties on Blossom Way, giving him 560 feet of oceanfront. Today, he owns a string of properties along Blossom Way, each contributing to his sprawling estate.
In addition to his real estate investments, Griffin also spent $83 million on an office space on Worth Avenue, an iconic shopping boulevard in Palm Beach. Griffin”s net worth is estimated to be $34.2 billion.
