larry ellison palm beach mansion

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Palm Beach has gained yet another billionaire resident. 

Oracle cofounder Larry Ellison has paid $80 million for a 15,000-square-foot beachfront mansion in the southeast Florida county, Katherine Clarke reported for The Wall Street Journal.

Ellison, who has an $89.1 billion fortune and is the world’s 10th-richest person, said in December that he had relocated from California to the island he owns in Hawaii. The tech billionaire’s massive real-estate portfolio also includes properties in Malibu, Lake Tahoe, San Francisco, Rhode Island, and Japan.

His newest purchase is the third-largest oceanfront parcel of land in Palm Beach County, according to the listing, which was held by Douglas Elliman. The Tuscan-style estate sits in a gated community and sprawls over more than 15,000 square feet, with 520 feet of ocean frontage. It features a home movie theater, a wine room, a large private pool terrace, and a tennis court.

It’s one of “only a handful of properties in Florida where someone could land and take off in a helicopter from the estate,” according to the listing. 

Ellison bought the 7.35-acre property from hedge-fund manager Gabe Hoffman, who put it on the market in June 2020, asking $79.5 million. 

With his newest purchase, Ellison joins an affluent community that’s added even more billionaires to its ranks in the past year.

Billionaire private-equity executive Robert F. Smith bought two homes in Palm Beach for about $48 million in November. In February, hedge-fund billionaire David Tepper went into contract on a $73 million Palm Beach mansion. And casino mogul Steve Wynn, who’s worth $3.2 billion, has bought two Palm Beach homes since December — one for $18.4 million and one for $49 million. He’s already flipped the former for $23.68 million. 

These new ultra-wealthy Palm Beach residents may rub shoulders with longtime billionaire denizens like Stephen Ross, the chairman and owner of Related Cos., which owns Equinox and SoulCycle. 

Hedge-fund billionaire Ken Griffin, who heads Citadel, has spent nearly $250 million over the years on real-estate along Palm Beach’s “Billionaires Row” with reported intentions of building a massive mansion.

Goodbye, Silicon Valley. Hello Texas, Florida, and Hawaii.

Ellison’s Palm Beach purchase is not the only big move the tech billionaire has made during the pandemic.

In December, he announced he’d be relocating Oracle’s headquarters from Redwood Shores, California, to Austin, Texas. A few days later, the Oracle executive chairman told his employees that …read more

Source:: Business Insider

      

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Oracle billionaire Larry Ellison just dropped $80 million on a Palm Beach mansion, 4 months after he said he’d moved to Hawaii

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