Billionaire hedge fund manager Ken Griffin has closed on a contract to buy a neighbor’s house for $85 million in Palm Beach, Florida, according to property records.
And with this additional 4.18 acres, his sprawling property on Billionaire Row will encompass about 12 acres with 871 feet of oceanfront, making it one of the largest properties in the sunny county, according to Palm Beach Daily News.
Mr. Griffin, 48, reportedly began taking steps to purchase his neighbor Linda and Paul C. Saville’s property last summer. He assumed the title of the property through a Delaware-based limited liability company named Blossom Way Holdings, according to deeds filed with Palm Beach county office last Friday.
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The property at 1290 S. Ocean Blvd. last changed hands for $32 million, according to public records. It has been approved for demolition, making way for Mr. Griffin to build a 465-foot-long house by combining four other contiguous lots he already owned.
Mr. Griffin, founder of Chicago-based hedge fund company Citadel, is estimated to have a net worth of $7.8 billion, according to Forbes.
Born in Daytona Beach, Florida, Mr. Griffin has been active in the real estate market in his home state. Early last year, he listed two properties he newly purchased at Faena House in Miami Beach for $73 million.
Mr. Griffin and his broker Lawrence Moens of Lawrence A. Moens Associates didn’t immediately respond to emails seeking comment.
Write to Fang Block at fang.block@dowjones.com