When you're a billionaire, purchasing extravagant homes likely comes as second nature, but imagine spending $80 million (£58m) on a beachfront mansion, only to demolish it just a few months later. Well, that's exactly what Oracle co-founder Larry Ellison is doing. The self-made business magnate, who is said to be worth $102 billion (£74b), clearly has bigger plans for his brand new seven-acre estate...
At the age of 76, Ellison is said to be the seventh richest person in the world, after the likes of Elon Musk, Bill Gates and Mark Zuckerberg. Ellison co-founded Oracle, a computer software company, in 1977 and he now owns about 35% of the business. In 2014, he gave up his CEO role after 37 years holding the reins. So, it's safe to say the entrepreneur has plenty of time and money to burn...
The spectacular oceanfront compound can be found in the ultra-exclusive neighborhood of Seminole Landing in North Palm Beach, Florida. Ellison bought the estate from New York-based hedge fund manager, Gabriel Hoffman, owner of Accipiter Capital Management, who placed the property on the market with Douglas Elliman in June 2020. Hoffman reportedly paid $17.5 million (£13m) for the estate in 2012, so that's some serious property appreciation.
According to the original sales listing, the dreamy beach house is the third-largest oceanfront parcel in Palm Beach County. Spanning 15,514 square feet, the property boasts a grand Tuscan-style facade and a lavish interior with panoramic ocean views. An archway leads from the front lawns to two lions, standing guard at the entrance. Walk through the front door and you'll be greeted by an imposing double-height entrance hall with a sweeping staircase and decorative columns.
This is certainly one of the most luxurious celebrity homes we've ever seen. Constructed in 1998, it is light-filled and meticulously presented, with fine materials and masterful craftsmanship throughout. A stunning hallway with a decorative timber ceiling leads into the heart of the mansion, where grand sitting areas are in abundance.
This ornate living room is one of the home's most spectacular spaces. With a soaring timber-clad ceiling, a floor-to-ceiling European-style fireplace and refined antique furnishings, this is a lounge fit for royalty.
The colossal crib has seven bedrooms, 11 bathrooms, three half-baths and more than 520 feet of ocean frontage. It is also said to boast plenty of amazing extras that only the super-wealthy can afford, such as a movie theater and a wine room, so there are endless places where Ellison can unwind after a long day in the boardroom.
The chef's kitchen is yet another impressive space and its glistening granite countertops and natural stone floors are almost blinding. Large enough to be a professional restaurant kitchen, the room is finished with a hand-painted ceiling, while wall-to-wall French doors lead out to a blissful tropical garden. This is billionaire bling at its finest!
Ellison is often described as one of Silicon Valley’s most eccentric billionaires, so the home's highly traditional and sophisticated design may not quite be to his liking. He reportedly told his employees that he intends to demolish his new beachfront home, although there's no information about what the business tycoon plans to do with the estate.
Ellison is reportedly not moving to Florida. In fact, according to Recode, he informed his employees that he will continue living in Hawaii, using the "power of Zoom to work from the island of Lanai", which Ellison owns 98% of. It seems likely that Ellison will use the waterfront plot to build a brand new modern mansion but it might also be another trophy home to add to his hugely valuable real estate collection.
Over the years the Oracle CTO has accumulated a property portfolio worth $1 billion (£727m). In 2017, Realtor confirmed that the businessman had snapped up a 7,700-square-foot mansion on Carbon Beach, Malibu, for a cool $48 million (£35m). In fact, the real estate experts suggest that there are just 70 homes on this strip of sand and Ellison owns 10 of them. Other celebs that have called the area home include Courteney Cox and John Travolta.
Ellison is also known for owning two military fighter jets and a 453-foot-long luxury yacht, which is thought to be the seventh-largest in the world, so knocking down an $80 million home is not the most extravagant project he's undertaken. It's also a fairly common occurrence among the super-rich. According to The Real Deal, billionaire hedge fund manager Ken Griffin demolished Palm Beach properties that cost him $350 million. Donald Trump's former mansion was also demolished after he sold it to Russian billionaire Dmitry Rybolovlev for $95 million in 2008, who razed the house. He then split the land into three lots, and sold them off for around $109 million.
It's unclear whether Ellison will keep the current gardens intact or not. Currently, it offers plenty of outdoor living spaces, alfresco dining patios and a kitchen and grill. Of course, there's also a large private pool that's perfect for relaxing and entertaining. The grounds even come with a tennis court and a VIP guest suite, so that any visitors can enjoy their own secluded sanctuary just moments from the beach.
As well as stunning seven-acre grounds, the home benefits from its very own helipad, which we're sure Ellison will keep hold of in order to come and go as he pleases. The fly-in property is also protected by 24-hour security and a manned security gate.
Ellison is no stranger to developing luxurious beachfront estates. The mogul bought the pristine private island of Lanai in June 2012 for a reported $300 million (£217m) and he has spent years turning it into a self-declared wellness utopia. In March 2021, Business Insider reported that Ellison is now living on Lanai full-time, so perhaps the new pad he builds here will just be part of his enviable holiday home collection. Watch this space!
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