Skip to main content

Hedge Fund Manager Who Recently Dropped $300+ Million On Real Estate Is Worried About People Spending Too Much On Real Estate

Ken Griffin says y'all could get hurt (following in his footsteps).
  • Author:
  • Updated:
    Original:

As those of you who keep up with the life and times of Kenneth C. Griffin know, in the last year alone, the Citadel founder has acquired two floors at the Waldorf Astoria in Chicago ($29.3 million), an 18,000 square foot pad on Central Park South ($200 million), a penthouse in Miami Beach ($60 million), plus another apartment in Chicago ($11.75 million), and a Palm Beach mansion ($15.25 million). But please, people! Do as Ken Griffin says, not as Ken Griffin does.

Griffin also warned about another favorite asset class among today's rich: Luxury real estate...While brokers and developers like to tout real estate as an investment, Griffin contends that it's more of a lifestyle purchase. "In the high-end real estate market there is that element of consumption. And that's different from just investing," he said. "So I think one must have to keep that in mind, that when people make a decision to buy a piece of high-end real estate, it's not just an investment. It's where they spend time with their families and their loved ones."

Griffin is also worried about civilians following in his footsteps re: art.

Griffin said he has "cause for concern" about soaring prices in the art market. Griffin, founder of the Citadel hedge fund and an avid art collector, told CNBC on Thursday that the art market has seen a rapid shift from one that was dominated by collectors and dealers, to one that is filled with people using it as an investment. "I think people should be very hesitant in thinking about art as an investment," he said. "I would have some cause for concern around that."

$80 million Jasper Johns and $60.5 million Paul Cézannes are for professionals only.

Ken Griffin warns art prices 'cause for concern' [CNBC]

Related

Ken Griffin Continues 'Sticking It To My Estranged Wife' Tour With $200 Million NYC Crash Pad

*SOMEONE* is trying to show Anne Dias-Griffin what she's missing.

Ken Griffin's Palm Beach Neighbor In For A World Of Pain

Watch out, owner of the one house on Blossom Way that stands between the four Griffin bought in 2012 and the one he bought last month.

Ken Griffin Buys Two Paintings With Change He Fished Out Of The Couch

The Chicago hedge fund manager suffers from an inability to go a week without spending half a billion dollars on something.

Sleep Where Ken Griffin...Actually Probably Hasn't Slept

No one needs twelve condos just in Florida. Five or six are plenty.

Ken Griffin Tries On, Returns Chicago Apartment

When you own $300 million worth of other real estate, you've got to be picky.