Ken Griffin Sets Real Estate Record

Signs of the Times

In what could be a sign in the real estate industry and world markets, billionaire Ken Griffin buys New York penthouse for $238 million, the most expensive US home ever sold.

The deal eclipses the current record for the most expensive home sold in the U.S. — the $147 million paid by hedge fund manager Barry Rosenstein for an estate in East Hampton, New York, in 2014.

In the past, the celebrated financier and author Martin Zweig, who predicted the 1987 stock market crash just days before it happened, had purchased the Pierre Hotel penthouse apartment in 1999 for the then-record-setting price of $21.5 million.

Shortly after Mr. Zweig’s death, in February 2013, Ms. Zweig downsized to a smaller, $12 million unit on the 24th floor of the Pierre and put the penthouse up for sale for $125 million. With no takers, the sky-high price tag was lowered several times. In 2015, with the list price at $63 million, the property was removed from the market for six months and the apartment underwent a makeover.

It eventually sold for $44M in 2017. When computed for real returns, this is 37.5% more than the purchase price of $21.5M in 1999 dollars.