Real Estate News

Report: Hedge fund billionaire bought $60 million Miami Beach penthouse

The penthouse that sold for $60 million at Faena House.
The penthouse that sold for $60 million at Faena House. Faena

The buyer who shattered local real estate records by buying a $60 million Miami Beach penthouse late last month is South Florida-born hedge fund billionaire Kenneth Griffin, according to a report in The New York Times.

The Times reported that “people familiar with the deal” said Griffin, the founder and CEO of Chicago-based hedge fund Citadel, bought the eight-bedroom penthouse at Faena House in Mid-Beach for $4,794 per square foot.

Griffin grew up in Boca Raton and attended Boca Raton Community High School, according to a profile in Chicago Magazine.

$7 billionNet worth of hedge fund mogul Kenneth Griffin

Forbes pegs Griffin’s net worth at about $7 billion. He paid $10 million above asking price for the 12,516-square-foot unit at the ultra-luxury 18-story tower built by Argentine developer Alan Faena.

The deal was done through a Delaware corporation that lists no owner or board members. Delaware state law does not require companies to reveal their owners. Wealthy buyers often use such tactics to obscure their identities and prevent them from showing up in public property records.

The previous sales record for a local home was an Indian Creek mansion that went for $47 million in 2012. The record for a condo was a unit at the Continuum in South Beach that sold for $27.5 million, or $3,342 per square foot, in 2014.

Nicholas Nehamas: 305-376-3745, @NickNehamas