When you are a multi-billionare, such as Citadel founder Ken Griffin is, you get to do things like look at a bunch of houses, let's go with six, on a street in Palm Beach, and say, "I'll take all of them." The annoying this is that even if you have the means to do so, some slightly lesser rich people, who only own one of said six houses, think they're entitled to stay in their homes even if you offer them a considerable amount of money and inform them that theirs is the one thing standing between you creating your own little village or extra-large compound. According to recent reports, Ken Griffin is in one such situation.
A company controlled by Chicago-based hedge fund Citadel bought a Palm Beach mansion for $15.25 million - snaring five properties on the same street of the wealthy island. Tracy Kamenstein Markin, the widow of an automotive executive, sold the 10,873-square-foot house at 70 Blossom Way to CPPB Holdings, an affiliate of the hedge fund led by Kenneth Griffin. It was built on the landlocked site of 1.45 acres in 1987 and given an addition in 2012. The home has four bedrooms, eight bathrooms, a pool and a tennis court...Citadel has been particularly active on that street. In late 2012, four affiliates of Citadel paid a combined $129.6 million to separate sellers for the mansions at 50 Blossom Way and 30 Blossom Way plus the vacant lots at 40 Blossom Way and 20 Blossom Way. There is one home on the street that prevents 70 Blossom Way from connecting to the other for properties.
What's a hedge fund manager used to getting his way to do? If money won't talk some sense into these people, the only thing left to try is getting these people to vacate the old-fashioned way: annoying/alienating them until they feel they have no choice but to move. These tactics could include:
- Ken starting a speed metal band with other Citadel employees that plays late into the night
- Blocking their driveway with moving trucks for whole days
- Coming over to ask if they have five spice power for the ribs he's making, at 2AM
- Wild card
Palm Beach mansion sold to Chicago hedge fund for $15M [BizJournals]