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Hedge fund billionaire wants to flip

Sunday, February 07, 2016

Hedge fund billionaire wants to flip Miami-Dade’s most expensive condo for $73 million.

A smashed home sale deal was recorded in Miami-Dade when Kenneth Griffin purchased a penthouse at Faena House in Miami Beach for $60 million in September.

Any ways, that was quite fast!

According to a report in the Wall Street Journal, few months after Kenneth Griffin paid $60 million for a Miami Beach penthouse and a unit on the floor below, which turns out to be the most expensive home sale in Miami-Dade Country history, the hedge fund billionaire has place the condos on the market.

What is the price?

$73 million Initially, Griffin planned to combine both units into a 12, 500-square-foot duplex after he purchased them in September. Now, the condos can be bought separately. The penthouse market price is $55 million while the smaller unit is $18 million. The apartments were built by Alvan Faena, an Argentine developer. The apartments are situated in Faena House which is an 18-story tower at 3301 Collins Ave. The tower is part of a $1 billion arts district located in mid-Beach featuring an opulent and the historic hotel which has been renovated.

According to Forbes, Griffin net worth stands at $7.2 billion. He is a native of South Florida. He runs the Chicago-based hedge fund Citadel.


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