Billionaire Ken Griffin’s Palm Beach mansion for mom has neighbors fuming

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.

Ken Griffin, the billionaire hedge fund executive, is planning to build an 8-acre estate for his mother in Palm Beach, Florida.

Griffin's planned compound is reportedly causing angst among his uber-wealthy neighbors. (Rendering By Stoev Design Group, Courtesy of Town of Palm Beach) — Griffin’s planned compound is reportedly causing angst among his uber-wealthy neighbors.

The oceanfront home will line the South Florida coast once it is completed. (Rendering By Stoev Design Group, Courtesy of Town of Palm Beach) — The oceanfront home will line the South Florida coast once it is completed.

Griffin spent seven years and more than $450 million in buying up parcels of land on which to build the estate. (Courtesy of Citadel LLC) — Griffin spent seven years and more than $450 million in buying up parcels of land on which to build the estate.

The designs of the compound were recently approved by local authorities in Palm Beach. (Rendering By Stoev Design Group, Courtesy of Town of Palm Beach) — The designs of the compound were recently approved by local authorities in Palm Beach.

The compound will reportedly include a pool as well as main house and a guest house. (Rendering By Stoev Design Group, Courtesy of Town of Palm Beach) — The compound will reportedly include a pool as well as main house and a guest house.

Neighbors say that the estate cuts off access to the beach. (Rendering By Olson Kindig, Courtesy of Town of Palm Beach) — Neighbors say that the estate cuts off access to the beach.

Griffin made news by announcing that he was moving Citadel from its Chicago headquarters to Miami. (Courtesy of Citadel LLC) — Griffin made news by announcing that he was moving Citadel from its Chicago headquarters to Miami.

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.

A shell company tied to Philadelphia Eagles owner Jeffrey Lurie is suing in an attempt to stop the compound from being built.

Griffin, 53, is a native of South Florida.

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.

This article was originally published by Nypost.com. Read the original article here.