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

Bob Doll's Ten Market Predictions For 2016

Jan 7 2016 | 9:37pm ET

Well-known market strategist Robert Doll has published his annual list of ten predictions...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedge Fund Marketing - Making the Most of Your Salesperson

Jan 20 2016 | 8:11pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth takes a close...