Hedge-fund billionaire Ken Griffin plans to build an eight-acre estate in Palm Beach for his mother — and that’s riling his deep-pocketed neighbors, among them the owner of the NFL’s Philadelphia Eagles, according to a report.
Griffin, the founder and CEO of Citadel whose net worth is estimated by Bloomberg at $29 billion, recently won approval from local officials for a 44,000-square-foot mansion that he plans to build along 1,400 feet of South Florida coastline, The Palm Beach Daily News reported.
Once completed, it will be the largest estate in Palm Beach — quite a feat considering that the area is home to some of the world’s richest people.
But the news isn’t sitting well with Griffin’s uber-rich neighbors who were already upset that the hedge fund mogul had spent $450 million buying up several parcels of land in order to lay the groundwork for construction of the home, according to The Real Deal.
The compound planned for 60 Blossom Way in Palm Beach will be home to Catherine Gratz Griffin, Ken Griffin’s mother. Griffin has moved his family to Florida, which will become the new headquarters of Citadel.
Griffin, who owns a total of 10 properties in Palm Beach, caused a stir earlier this month when he announced that he was moving his company out of Chicago — continuing a trend of Fortune 500 firms that have packed up and left high-tax locales in favor of cheaper jurisdictions in the Sun Belt.
The 53-year-old Griffin, a Republican who has frequently criticized Democrat policies as it relates to tackling crime in Chicago, is a native of South Florida.
The design of the home was drawn up by Seattle-based architectural firm Olsun Kundig and Moore Architects of West Palm Beach, among others.
The plans call for a 21,433-square-foot main house that includes a master suite, home theater, living room, family room, office, gym, and a salt room. The compound will also house a 7,131-square-foot guest home as well as pools, gardens, and landscaping.
But neighbors, including Eagles owner Jeffrey Lurie, are raising a stink because of the size of the colossus which they say will cut off access to the beach.
Lurie is one of several billionaires who owns an estate in Palm Beach. The Super Bowl-winning owner has a two-acre lakefront estate that he bought in 2013 for $28.75 million. The eight-bedroom home measures 17,113 square feet of indoor and outdoor living spaces.
Earlier this year, a shell company with ties to Lurie filed a lawsuit against the town as well as entities affiliated with Griffin, according to The Daily Beast.
Lurie alleges that Griffin’s new compound will impede his access to the beach.
At a town hall meeting last month, an attorney representing ex-Goldman Sachs executive John Thornton and his wife, the author Margaret Bradham Thornton, blasted Griffin’s planned compound for its “inordinate size” which would “dwarf” other homes in the area.
The Post has reached out to Citadel, Lurie, and the Thorntons seeking comment.
Ex-Brit turned Manhattan resident since 2008.