Many wealthy people, including some who are famous, live along the Florida coast in Palm Beach. In fact, billionaire Ken Griffin (owner of Citadel, LLC) has purchased numerous parcels of land, amassing property that stretches 1,400 feet along the coast. A real estate dispute has erupted between Griffin and millionaire John Thorton (former Goldman Sachs President) regarding Griffin’s plans to build a 44,000 square foot home for his mother.
There are several other well-known people involved in this real estate dispute, including Philadelphia Eagles’ owner, Jeffrey Lurie and billionaire Jeff Greene, the latter of whom supports Griffin’s plans. Issues like this can take a long time resolve because real estate laws are complex. It also complicates matters if one or more involved parties are unwilling to compromise.
The central focus of their real estate dispute
Lurie, Thorton and others who oppose Griffin’s plans say that the central issue is that the home Griffin plans to build is so massive that it will dwarf all of the other homes in the neighborhood. Greene, on the other hand, has stated that purchasing land and building a home is Griffin’s prerogative, which he can exercise as he sees fit. It is understandable, however, that some property owners might think that one inordinately sized home amid many smaller homes might have a negative effect on property values.
This is not the only real estate dispute that has occurred
This stretch of Florida real estate has been the subject of numerous other real estate disputes in the past, at least one of which involved John Thorton. Key issues to achieving solutions in real estate litigation include state and local laws and zoning codes, as well as contracts or Homeowners Association (HOA) rules that may apply in some cases. A real estate law attorney is a great asset to have on hand if one is heading to court over real property issues.