  We report the observation of the decay $B^{\pm} \to \phi \phi K^{\pm}$ and
find evidence for $B^{0} \to \phi \phi K^{0}$. These results are based on a 414
fb$^{-1}$ data sample that contains $449 \times 10^6$ $B\bar{B}$ pairs,
collected with the Belle detector at the KEKB asymmetric-energy $e^+e^-$ (3.5
on 8 GeV) collider operating at the $\Upsilon(4S)$ resonance. This is the first
observation of a $b \to s \bar{s} s \bar{s} s$ transition. The branching
fractions for these decay modes are measured to be $\mathcal{B}(B^{\pm} \to
\phi \phi K^{\pm}) = (3.2^{+0.6}_{-0.5} \pm 0.3) \times 10^{-6}$ and
$\mathcal{B}(B^{0} \to \phi \phi K^{0}) = (2.3^{+1.0}_{-0.7} \pm 0.2) \times
10^{-6}$ for $\phi \phi$ invariant mass below 2.85 GeV/$c^2$. The corresponding
partial rate asymmetry for the charged $B$ mode is measured to be
$\mathcal{A}_{CP}(B^\pm\to \phi \phi K^\pm) = 0.01^{+ 0.19}_{-0.16}\pm 0.02$.
Results for other related charmonium decay modes are also reported. We also
search for CP asymmetry using the $\phi\phi$ candidates within the $\eta_c$
mass region. The value obtained is $\mathcal{A}_{CP}(B^\pm \to \phi \phi K^\pm,
M_{\phi \phi} \approx M_{\eta_c})= 0.15^{+0.16}_{-0.17} \pm 0.02$, which is
consistent with no asymmetry.
