Kenneth C. Griffin, popularly known as Ken Griffin, a billionaire hedge-fund manager, is planning to build the most expensive home on this planet. Mr Griffin has acquired over 20 acres of prime real estate on Palm Beach, demolished existing homes, and is investing $150 to $400 million to construct a mega-estate estimated to be worth $1 billion when finished, the New York Post reported.
Mr Griffin has revealed his grand plans for a beachfront mansion, set to occupy a 7½-acreacre section of his extensive ocean-to-lake estate. The house and guesthouse will boast a total of 50,000 square feet, including a service basement, offering a testament to luxury living.
This estate's acreage surpasses even former US President Donald Trump's Mar-a-Lago -- known locally as "Billionaires' Row" -- on Palm Beach. Mr Griffin began acquiring this property a decade ago, investing a substantial $450 million in real estate, fees, and demolitions, according to records.
Initially, the residence on Blossom Way will be used by Mr Griffin's mother, Catherine Gratz Griffin. The billionaire has even more ambitious plans on the horizon, intending to use the entire estate as his retirement home in the future.
Records suggest that Griffin has allocated hundreds of millions for building his colossal mansion, a project expected to reach that astronomical valuation, as industry insiders have indicated.
One pointed out, "If he spent nearly half a billion to buy up acres of land in Palm Beach over the last decade and is expected to spend $150 million more to build an entirely new home, that piece of property is worth at least $1 billion now."
Mr Griffin, who is well-acquainted with Palm Beach's luxury, owns around 27 acres of beachfront property, including some parcels along the Intracoastal Waterway.
The estate will occupy approximately 8 of the 27 acres owned by Mr Griffin and his companies along South Ocean Boulevard. Renderings for the northern part have been revealed, and an application for the southern section was recently submitted for approval.
The construction has begun on the property. The design includes a grand swimming pool with stunning ocean views, stretching from the residence to a spacious lawn. The estate will also feature beautifully landscaped gardens and a caretaker's cottage.
