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.

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    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…