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Last week, Miami’s luxury market got a major shot in the arm when businesswoman and philanthropist Adrienne Arsht let go of her four-acre Coconut Grove estate for a record $106.875 million.
None other than hedge funder Ken Griffin has emerged as the buyer of the record-breaking sale, surpassing the previous record for the priciest single-family listing in Miami-Dade County by more than $10 million, according to The Real Deal.
That previous record went to the $93 million sale of three adjacent homes on Golden Beach to Phillip Ragon, the founder of InterSystems.
The Arsht Estate was originally listed for $150 million in January.
The news comes following Griffin’s June announcement that his hedge fund firm, Citadel, would be relocating from Chicago to Miami, citing the Windy City’s increased crime and a lack of elected officials’ action to combat it.
Property records show that the Arsht Estate was purchased by 3031 Brickell LLC, a Delaware entity.
Griffin has purchased several properties in Florida in recent years, including a $75 million property on Star Island and a $45 million property in Coral Gables.
In addition, Griffin’s firm has spent millions on commercial real estate in Brickell over the course of 2022, according to an analysis by The Real Deal.
Ashley Cusack of the Ashley Cusack Team at Berkshire Hathaway HomeServices EWM Realty represented the seller and Jill Hertzberg of the Jills Zeder Group at Coldwell Banker represented the buyer.
The two-home waterfront estate encompasses a total of 25,000 square feet of living space and 12 bedrooms.
Arsht originally purchased the land on which she eventually built the estate’s newer home, “Indian Spring,” in the late 1990s for about $4 million. She then purchased the neighboring property, the 1913-built “Villa Serena,” in the late 2000s for about $12 million.
According to Bloomberg, Griffin has a net worth of about $29 billion.
Although eye-popping, the sale of The Arsht Estate still falls short of Florida’s priciest single-family home sale, which was set with the $173 million purchase of a Manalapan estate near Palm Beach by Oracle CEO Larry Ellison earlier this year.