HFT Pays: Citadel's Griffin Buys Palm Beach Oceanfront For $80 Million

Tyler Durden's picture

While 88% of hedge funds underperformed in 2012, no doubt relying on tried and true analysis of fundamental valuation, macro-economic trends, and flows (as opposed to a 12-inch ruler), it would appear one young chap by the name of Ken Griffin is doing rather well. As Bloomberg reports, the Citadel LLC fund founder (now gated since 2009) just purchased his second luxury oceanfront property in Palm Beach Florida in less than two months. In fact, Griffin bought the two lots for a total of $79.6mm. The compact-and-bijou house of a mere 6,055 square feet was built in 1988 and previously sold for $29mm in May 2011, was Zestimated at $33.75mm (by Zillow), meaning Mr. Griffin only 'overpaid' by a mere $8mm as he snipped it up a smidge under $42mm. The grander house, of a perfectly reasonable 9,111 square feet previously sold for $20mm in May 2000, was Zestimated at $21mm, and was bid at $38mm by the deal-making Citadel founder. It seems, given Citadel's 21% return through November, that being the Fed's alleged willing HFT-router-of-last-resort in times of 'market' need, has its handsome rewards - though all that sand would just get annoying.

Seems ok...


40 Blossom Way - looks like a clean up is in order...


50 Blossom Way - could be worse we guess...

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KingTut's picture

A few pennies per share and large lots a few thousand times a second does move markets.

And when it moves they ring the cash register a few thousand times per second.

That's why he can buy bulldozer bait for millions.

CPL's picture

Yeah but running any type of large priced insurance fraud in Florida is a HUGE red flag.  


Florida:  Disney, Retirees and property scams.

BattlegroundEurope2011's picture

"Never buy property which sits at sea level"


TruthBeforeAll's picture

From the look of those high water marks, maybe, at times, below sea level.

ItsDanger's picture

LOL.  Thought the same from that picture.  Tide looks like it reaches the tree line.

AlaricBalth's picture

And sometimes in Palm Beach you wake up with a freighter behind your house.

CPL's picture

Note it in the listing as a guest beach house.


Remember, this is Florida we are talking about.

Yen Cross's picture

 Who "coined" the term { Fortress Reserves}?  It sure as hell wasn't  Jamie  pukebarf  Dimon. It sure as hell wasn't Fortress Energy Inc. (TSX:FEI)

espirit's picture

We here in the Sunshine State know where the rich bitchez live.  Most beachfronts are accessible by boat. 

GMadScientist's picture

Most boats are sinkable with a finite number of holes.

Lokking4AnEdge's picture

He bought the wrong side of A1A.....the other side has the boat docks....I guess he is not a boat man.....oh well.....

Anyway-I am sure he does not need to buy Hurricane insurance...the federal government insures by default all the water front properties....

Lumberjack's picture

And I thought the sea level was rising...

ABG LINE's picture

I bet alot of "Quote Stuffing" goes on in there, hehehe.

Racer's picture

Now if that big chunk of the Canaries on the other side of the Atlantic was to say slide off, that will happen some unknown day, how much of them would be left after the tsunami? ROFL

devo's picture

Florida sucks. You couldn't pay me to live in that place (unless there were hot sluts all over).

Cabreado's picture

"You couldn't pay me to live in that place (unless there were hot sluts all over)."

Pack yer bags, devo... yer movin'.

devo's picture

*Sings the Jefferson's theme song*

eatthebanksters's picture

Tampa and south is the land of the best titty bars in the world.

Vooter's picture

Gee, set the priority bar any lower and we'll have to bury it...

The Gooch's picture

"This one time we went up to Florida..."

CPL's picture


Looks like you are clear for landing devo, the dirty whore per capita is number four in a nation of 340 million.  Pardon it appears Florida is competing for the entire top ten of gutter tramp places of higher learning.


And of course a listing of the places you are going to enjoy the quiet solitude of Jerkins hand lotion.



Please note that Florida isn't on that map.

Vooter's picture

There probably are hot sluts all over the place--and I still wouldn't live there. A Florida address--no matter how nice--says one thing, and one thing only: I AM TRASH.

Sutton's picture

Naples is so much better.  That's where my 80 million dollar house is.

"behind every great fortune there  is a crime"

slaughterer's picture

Calling Scarface... we have a mission for you.   

Yen Cross's picture

I never tire when Scarface is being screened. Tony Montana, is the consumate capitalist!

Have you ever watched the original Scarface?  Scarface (1932 film) - Wikipedia, the free encyclopedia

Freddie's picture

No. The people in Naples are nicer because they are usually midwesterners and the rich ones usually had factories and actually built things.   The ocean on the east coast is better and the climate is better.  Naples is more humid.

Ken Griffin grew up in Boca Raton.  Jupiter Island is a lot nicer but Palm Beach are for those who like to socialize in the winter.

Any thing out of Chicago is crooked.

Yen Cross's picture

 It's fairly safe to assume we have the "lower ranks" of our \Armed Forces/ on our sides.

 The banksters were a " formidable foe" back in the 40's. U.S. and New Zealand tested top secret 'tsunami bomb' during WWII — like something out of 'James Bond' - NY Daily News


     LONG  Bunker( banker) Busters!



The Gooch's picture

I believe "Banker Busters" is a new meme.

It's the helicopter quid to BenKevin's quo.

q99x2's picture

Think if I sent him my address he'd send me enough for a burger?

ebworthen's picture

What's the address again?

Dre4dwolf's picture

By the time they make HFT illegal, the criminals would of bought out congress, O - Wait..... never-mind.

Tom Green Swedish's picture

Used to walk buy this guys building everyday.  He's got statues with bitches with wings and their heads cut off.  Fucked up.  Oh well.

GMadScientist's picture

Son of a son...

Son of a son...

Son of a son of an asshole.

Earl of Chiswick's picture

overpaid? perhaps but prime Ocean front properties in Sunny Florida saw the market bottom in summer 2010 and in many locals prices have started to surpass the peak levels of 2005-2007. And it makes sense as the .01% have more money than ever and hard assets vs. fiat

Vooter's picture

What exactly do these people DO with all that space? Run from room to room shouting "Mine...mine...mine!"? It's pretty pathetic--especially when they obviously have plenty of money to burn. Why not at least pretend that you're secure about yourself, buy a modest house that your family can live in happily and comfortably, and then quietly enjoy your good fortune? Instead, these people almost invariably go out and desperately throw cash at gigantic palaces and estates. For what? Yes, yes, I know...because they can. Sorry--insecure trash with billions of dollars in the bank is still insecure trash...

markar's picture

"Why not at least pretend that you're secure about yourself, buy a modest house that your family can live in happily and comfortably, and then quietly enjoy your good fortune? "


Because they wouldn't be narcissistic sociopaths.

zebrasquid's picture

He didn't build that.

roadhazard's picture

LOL, Palm Beach is not even the place to be anymore for the uber rich, Boca Raton is the New Palm Beach. Sucker.

Downtoolong's picture

Why on earth would anyone want to become a doctor, engineer, chemist, physicist, biologist, teacher, fireman, policeman, or anything that adds real value to other people’s lives when the really big money is clearly in capturing, controlling, manipulating, raping, pillaging and plundering the financial markets. Yes, that would be the same markets that we all invested our life savings in because we trusted them to be safe and fair. At least that’s what the people who are doing the raping, pillaging and plundering always told us.

Earl of Chiswick's picture

bored out of your skull on a Sunday

why not take advantage of America's complete and total disregard for privacy

between the County Clerk and County Appraiser along with Google it is all there

e.g. in Palm Beach County the appraiser's site is here  http://www.co.palm-beach.fl.us/papa/Asps/papagis/papagis.aspx

type in an address e.g. Blossom Way

click the address number and presto there's the satelite view of the property and in the sidebar on the left all sorts of info

and the map is interactive and clickable so if you zoom out and see a property you might be interested in just click on it

of course if the owner is hiding behind an LLC or cryptically named trust and you want more info just go to the Clerks site and search under land records http://www.mypalmbeachclerk.com/officialrecords/search.aspx

enter the exact name of the entity and up pops all sorts of interesting and useful information, which with google can lead anywhere


and if you go down the rabbit hole far enough (remember Palm Beach is Hamptons south) there is no telling what you find (this completely unrelated to the Griffin story) - does the name Seth Tobias ring any bells for you long time CNBS viewers?  pre Zero Hedge



Ned Zeppelin's picture

Look no further: Florida's unlimited homestead exemption in the event of bankruptcy.