Ken Griffin may not be the wealthiest particular person on the earth, however that hasn’t stopped him from outspending his fellow billionaires on splashy actual property offers. His newest purchase is reportedly in contract — trend icon Calvin Klein’s seven-acre oceanfront Hamptons property, which may be worth as much as $100 million.
The 51-year-old billionaire is the founder and CEO of Citadel — a hedge fund that manages practically $30 billion value of property — and he has a web value of roughly $12 billion, in accordance with analysis agency Wealth-X.
That quantity places Griffin properly behind folks like Amazon CEO Jeff Bezos and Microsoft co-founder Bill Gates — the world’s two richest folks, respectively, with estimated web worths properly over $100 billion apiece.
However Griffin nonetheless outranks these titans of wealth in at the very least one class: He owns the costliest residence ever bought within the U.S., a penthouse overlooking Central Park in New York Metropolis that Griffin bought in 2019 for $238 million.
That record-setting buy topped the earlier report for a house bought within the U.S., which had been the $147 million paid by fellow hedge fund supervisor Barry Rosenstein in 2014 for an 18-acre property in East Hampton, New York. Griffin’s luxurious penthouse additionally outpaces the current splashy actual property deal from the world’s richest particular person, Bezos, who reportedly paid $165 million for a Los Angeles mansion in February.
And that is removed from Griffin’s solely main actual property buy. In recent times, the billionaire has reportedly spent greater than $750 million on actual property in Chicago, New York, Miami, Palm Seashore, Florida and London, U.Ok. Griffin definitely has the funds to maintain up his spending spree, as Bloomberg estimates that the hedge fund supervisor took residence about $1.5 billion in earnings from his function at Citadel in 2019.
Wealth-X, a world excessive web value intelligence and knowledge firm, gave CNBC Make It a breakdown of the worth of Griffin’s property as of February 2020.
Listed below are a number of the methods Griffin spends his cash.
It is no secret that Griffin has costly style in relation to actual property. Actually, Griffin has a protracted observe report of record-breaking residence purchases.
His New York Metropolis penthouse (which first went into contract in 2015) consists of an estimated 24,000 sq. toes and covers 4 full flooring of the 79-story tower at 220 Central Park South. What’s extra, Griffin reportedly purchased the penthouse unfinished, which meant he’d probably spend much more cash to design the house to his tastes. And, he reportedly coughed up one other nearly $4 million for 2 smaller models in the identical constructing in October.
The identical week that Griffin’s New York penthouse deal was finalized in January 2019, CNBC also reported that he was paying $122 million for a 16,000-square-foot mansion situated close to Buckingham Palace within the coronary heart of London. The home, which is the costliest residence bought in London since 2008, is a 19th Century townhouse that beforehand housed French statesman Charles de Gaulle throughout World Conflict II. The mansion options an indoor swimming pool and spa, employees quarters and personal gardens.
Griffin can be a record-holder in his hometown of Chicago, the place the billionaire paid $58.5 million for the highest 4 flooring of a rental constructing in 2018 (the largest home sale ever in that metropolis).
Griffin additionally purchased the costliest property ever bought in Miami in 2015 — a pair of penthouses that price $60 million mixed — and he’s spent well over $200 million shopping for up greater than 20 acres of oceanfront property in Florida’s Palm Seashore (additionally a state report) the place he is constructing the biggest property in an space that additionally consists of President Donald Trump’s Mar-a-Lago property.
Moreover, Griffin has purchased multimillion-dollar homes in Aspen, Colorado and Hawaii lately.
In accordance with Wealth-X, Griffin’s property additionally embody two personal jets. Griffin owns a 2001 Bombardier World Categorical personal jet that is value $9.5 million, in addition to a $50 million 2012 Bombardier World 6000 mannequin jet, Wealth-X tells CNBC Make It.
Other than splashy actual property purchases, Griffin has additionally made headlines for shelling out hundreds of thousands of dollars to curate his private assortment of traditional paintings. In 2015, Griffin reportedly paid $300 million to Hollywood producer David Geffen for Willem de Kooning’s 1955 portray “Interchange,” whereas paying one other $200 million in a separate deal to accumulate Jackson Pollock’s 1948 work “Quantity 17A.”
Griffin’s extensive art collection additionally features a $60 million Paul Cezanne portray (“Curtain, Jug and Fruit Bowl”) and an $80 million portray by Jasper Johns (“False Begin”).
Griffin can be recognized for his philanthropy, a few of which is concentrated on supporting the humanities. He donated $40 million to New York Metropolis’s Museum of Trendy Artwork in 2015. In Chicago, Griffin has donated $10 million to that metropolis’s Museum of Modern Artwork and one other $125 million to the Museum of Science and Trade.
He is additionally made giant donations to tutorial establishments, together with a then-record $150 million present to the monetary support program at his alma mater, Harvard, in 2014. And, in 2017, Griffin gave $125 million to the College Chicago’s economics division (which in flip, is now named for him).
(In the meantime, Griffin’s hedge fund not too long ago pitched in to assist include the coronavirus, aka COVID-19. In early February, Citadel sent $7.5 million to organizations in China working to assist victims and include the lethal virus, together with Hubei Xinhua Hospital within the Chinese language metropolis of Wuhan in addition to the Hubei Charity Federation and China Charity Federation.)
All the remaining
Wealth-X estimates that Griffin’s web value consists of about $460 million from his possession stake in Citadel, the hedge fund he based in 1990, only a yr after he graduated from Harvard with a level in economics. That quantity accounts for about three.eight% of Griffin’s total web value, in accordance with Wealth-X.
Nonetheless, by far the biggest piece of Griffin’s fortune is the $11.2 billion that falls below the class of “money and others,” in accordance with Wealth-X. That quantity accounts for 93.three% of Griffin’s wealth. It consists of the cash Griffin has earned from previous salaries and bonuses because the CEO of Citadel, in addition to his personal private investments by means of Citadel, which as of the tip of December held giant stakes in firms such Apple, Normal Electrical and Snapchat, in accordance with regulatory filings.
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