The way to fund a luxury property buying spree is to run a hedge fund – so says The Times newspaper.
The newspaper says that Ken Griffin, founder and CEO of Chiacgo-based Citadel LLC, was worth $9.8bn by the end of 2018, making him the third richest hedge fund manager in the world according to Bloomberg. He also apparently increased his net worth by $870m last year.
As we’ve reported previously, Griffin recently bought 3 Carlton Gardens in St. James’s which at £95m was London’s most expensive property purchase in recent years. He has also bought a $238m (£182m) penthouse overlooking New York’s Central Park and almost £200m of high end property in other prime US locations.
There are perhaps two interesting aspects to muse over here: Firstly it proves that hedge funds are a way to generate wealth on a truly immense scale. But secondly it suggests that once hedge fund billionaires have acquired their billions they don’t gamble with it – they put it into property.