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...