Polygon Founder Plans Luxury Basement

Aug 22 2013 | 12:57pm ET

Being in the basement isn't necessarily a bad thing for a hedge fund manager—if that basement contains two swimming pools, a cinema and a spa.

Polygon Investment Partners founder Reade Griffith is seeking permission to build just such basement beneath two adjacent houses he and his wife own in the Ladbrook Grove neighborhood of Kensington, reports The Telegraph.

The 900-square meter basement will include a staff lobby and three separate hallways.

Permission to dig won't come cheap, however. The Kensington council has demanded £825,000 for the permits, saying the money will be used to fund affordable housing elsewhere in the area.

Such payments, known as section 106 agreements, are and “usually confined to large-scale commercial developments or housing estates,” reports the paper.

A source close to Griffith said he was "suprised" by the fee.


In Depth

Fundraising for Mid-Sized PE Funds: Should You Use a Registered B/D?

Dec 6 2016 | 7:18pm ET

When does a fund sponsor need to use a registered broker/dealer when raising capital...

Lifestyle

Trump Attends 'Villains and Heroes' Costume Party Dressed As...Himself

Dec 5 2016 | 11:16pm ET

U.S. President-elect Donald Trump attended a "Villains and Heroes" costume party...

Guest Contributor

A Hard Look At Your ‘Soft’ Hedge Fund Marketing Information

Dec 8 2016 | 9:03pm ET

Conventional wisdom holds that due diligence examines quantitative as well as qualitative...

 

From the current issue of

Since the inception of Modern Trader, a core editorial theme has centered on the wisdom and power of crowds. Editorial emphasis has focused on companies and projects engaged in the collection and analysis of information. 

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR