Is billionaire hedge-fund honcho Ken Griffin now Palm Beach’s most leveraged homeowner? Tough to say, but one thing is certain: he’s got big plans for the roughly 8 acres of beachfront turf he owns on the ritzy barrier island.
County records show Blossom Way Holdings LLC, a company affiliated with Griffin and his Chicago hedge fund Citadel, just scored two separate loans for the land from JPMorgan Chase Bank totaling $114 million.
Griffin’s loans cover five properties at 20, 30, 40, 50 and 70 Blossom Way, which encompass roughly 8 acres of waterfront land and three existing houses. He’s paid more than $145 million to collect those pieces for his sandy chessboard over the past four years.
The mystery of Griffin’s plans for the land was somewhat alleviated in April, when reports surfaced stating he planned to build a massive single-family home occupying three of those lots.
Palm Beach’s Town Council approved the preliminary plans, which include a new private entrance for the estate from South Ocean Boulevard and unifying the title of those lots. His neighbors on the Blossom Way cul-de-sac have agreed to the plans.
The terms of the loan documents also reveal some information: in the larger of the two loans, which has a principal of $101.25 million, JPMorgan included a rider that says Griffin will begin construction work by March 2017 on the property at 20 Blossom Way, which is the dry lot on which the private entrance will cut through on his new estate.
There’s also a “Second Home Rider” in the smaller $12.75 million loan, which covers the house at 70 Blossom Way. It precludes Griffin from using the home as a timeshare, or by renting the property through a management firm.
Griffin, whose net worth is valued at $7.5 billion by Forbes, grabbed South Florida’s attention late last year when he paid a record-breaking $60 million for two penthouse units at the newly built Faena House condominium in Miami Beach. He’s since put both units back up for sale at $55 million and $18 million.