Chicago‘s richest billionaire Ken Griffin is the mystery buyer of a record-breaking $106.9 million waterfront estate in Miami, Florida, making it the city’s most expensive listing to date.
The city’s prior sales record stood was made just months earlier in June, when software billionaire Phil Ragon bought three adjacent homes for a total of $93 million. Ragon intended to tear down the neighboring homes in order to build one mega property.
Griffin’s single property boasts old war charm and the grandeur and opulence of the Great Gatsby era.
The billionaire businessman founded the massive hedge fund Citadel in Chicago in 1990, and, Citadel Securities in 2002. Griffin, however, is originally from Central and South Florida, having been born in Daytona Beach, and raised in Boca Raton.
The move back to the Sunshine State comes only months after Griffin moved his global securities firm’s headquarters out of crime-ridden Chicago. The company had been located in the Illinois area for the last three decades, but left due to escalating crime and violence in the state.
Last week, Griffin acquired the mega 4-acre estate located in Coconut Grove on Brickell Avenue – about two miles from his future Miami office, the Real Deal reported.
The historic property features two homes – a two-bedroom, two bathroom guest villa and a 14-000 square-foot primary residence with five bedrooms, five bathrooms, 20-foot-high ceilings, grand marble staircase, three living rooms, grand salon, dining room that seats 20, sun room and breathtaking views of Biscane Bay with architectural detail throughout.
The guest villa, which was once occupied by former Secretary of State William Jennings Bryan, was built in 1913.
Renowned philanthropist Adrienne Arsht was the former of the home. She purchased the guest villa for $12 million, court records show. And, in 1996 purchased the land for $4 million where she built her main residence in 1999, the news outlet reported.
Colorful lush foliage, numerous ponds with statues of swans and birds, gorgeous inground pools, and tennis courts adorn the property.
Proceeds from the sale will be donated to a charity that Arsht was passionate about, according to CBS Miami.
In January, the property hit the market at $150 million, but sold at 29 percent below that, The Real Deal reported.
The historic property features two homes – a two-bedroom, two bathroom guest villa and a 14-000 square-foot primary residence with five bedrooms, five bathrooms, 20-foot-high ceilings, grand marble staircase, three living rooms, grand salon, dining room that seats 20, sun room and breathtaking views of Biscane Bay with architectural detail throughout
The back of the luxurious home with its stucco façade and red-titled Mediterranean style roof . Colorful lush foliage, numerous ponds with statues of swans and birds, gorgeous inground pools, and tennis courts adorn the property. The property originally hit the market at $150 million, but eventually sold at 29 percent below that
Chicago’s richest billionaire Ken Griffin is the mystery buyer of a record breaking $106.9 million waterfront estate, Miami’s most expensive listing that features opulence and old warm charm of the Great Gatsby era, DailyMail.com can now reveal
Adrienne Arsht poses for a portrait at her home on Friday September 23, 2011 in Washington, DC. Proceeds from the sale will be donated to a charity that Arsht was passionate about, according to CBS Miami
Griffin shared news of the company’s Florida relocation in a letter to employees on Thursday.
About 1,000 people work at its Chicago headquarters, and it is unclear how many will be making the move south.
‘Miami is a vibrant, growing metropolis that embodies the America Dream. I am excited to have recently moved to Miami with my family and look forward to rapidly expanding Citadel in a city so rich in diversity and abounding with energy,’ he said.
Griffin noted that ‘many’ of its Chicago teams ‘have asked to relocate to Miami, New York and our other offices around the world,’ the letter read, NBC5 Chicago reported.
Griffin added: ‘We recognize that the choice of where to call home involves personal, family, school and other considerations, and we will provide comprehensive support to meet the needs of our teams.’
The CEO has been vocal in the past about the Chicago’s escalating crime and violence. He said that some employees he knows have been mugged on their way to work and one even stabbed, the news outlet reported.
The company will be headquartered in Brickell, Miami’s financial district, and the move is expected to take several years.
In the memo to employees, Griffin recalled the warm welcome he got in Chicago when he started his firm.
‘I still remember the incredible civic pride and engagement when I arrived more than 30 years ago — and the outreach by business and political leaders who wanted us to succeed and be a part of the fabric of Chicago’s community,’ he wrote, The New York Times reported.
Citadel is just one of several major companies that have moved their headquarters out of the Chicago area.
Construction manufacturer, Caterpillar is moving its Deerfield offices to the Dallas-Forth Worth area.
Aircraft giant Boeing moved from Seattle to Chicago in 2001, and this May announced it was moving again, this time to Arlington, Virginia, NBC5 reported.
Griffin’s purchase marks the first time a Miami property has crossed the $100 million threshold. The city’s prior sales record stood at $93 million for three adjacent homes purchased together by tech titan Phil Ragon earlier this summer.
Renowned philanthropist Adrienne Arsht was the former of the home. She purchased the guest villa for $12 million, court records show. And, in 1996 purchased the land for $4 million where she built her main residence in 1999
The interior of the home’s bathroom that features a chaise and porcelain claw-footed tub
Griffin is not the only billionaire businessman calling Florida their home. About 10,000 people moved to Palm Beach between 2020 and 2021, according to the U.S. Census, with more streaming in through 2022.
Since the start of the pandemic, thousands of New Yorkers have traded bleak winters for the Sunshine State, but some of the wealthiest among them are running into a significant supply issue – a lack of private schools that rival the elite education their children receive in the Big Apple.
As a result, some real estate agents are losing out on big pay days as they see home buyers who haven’t secured a spot for their children delay the sale process.
At the Oxbridge Academy in Palm Springs – where former first-son Barron Trump attends high school – spokesman Scott Siegfried told DailyMail.com that the school has a waitlist for most grades.
Enrollment numbers at Oxbridge have jumped from 510 to 562 in the last year alone, and a ‘strong applicant pool’ is expected for the coming cycle. Tuition at the academy is $35,000.
Currently, the average price of a single-family Palm Beach home is $16 million.