London hedge fund manager Reade Griffith has been ordered by the Kensington & Chelsea council to pay about $1.3 million to build an underground extension beneath his two adjacent properties in London.
Financial Times reported that the large scale of the basement, which will include a swimming pool and spa, prompted the council to enforce the fee after it was granted permission to build earlier this month. The money will go toward affordable housing in the London region.
Such payments are usually reserved to large-scale commercial developments or housing estates. Griffith, the founder of London-based Polygon Investment Partners, was reportedly surprised by the fee.
Founded in 2002, Polygon Investment was one of London’s most high-profiled firms during the financial crash.