Billionaire Larry Ellison, among world’s richest people, bought Florida estate for $173 million
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Billionaire Larry Ellison, who was recently ranked by Forbes as the world’s eighth-richest person, just dropped $173 million of his fortune to buy a Florida compound in Manalapan, the wealthy town south of Palm Beach. The transaction marks the largest residential sale ever in Florida.
Ellison bought the ocean-to-lake estate — and part of nearby Bird Island in the Intracoastal Waterway — from a trust controlled by a fellow software billionaire, Jim Clark. In all, the estate and its island measure more than 22 acres.
Read about the estate Ellison just bought: A Florida ‘most expensive’ residential record: Waterfront estate sells for $173 million
So who is Larry Ellison? Here’s a quick look at the billionaire.
How rich is Larry Ellison?
On June 22, the day the deed recorded for the Florida sale, Forbes estimated the 77-year-old’s net worth at $93.6 billion.
How did Larry Ellison get his fortune?
Ellison co-founded Oracle Corp. with two partners in Santa Clara, California, in 1977. Today, the software powerhouse bills itself as the world’s largest database-management company. Ellison spent 37 years as CEO and still holds the titles of chairman and chief technology officer at the company, which is headquartered in Austin, Texas. His ownership stake in the company is about 35 percent, according to Forbes.
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What about Larry Ellison’s Tesla ties?
Among Ellison’s most well-publicized stock purchases, he invested heavily in his billionaire friend Elon Musk’s Tesla and joined the company’s board in 2018. This month, Tesla reported that Ellison would be stepping down from the board.
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Did Larry Ellison go to college?
Yes, but he didn’t graduate. He dropped out of the University of Chicago and the University of Illinois, Urbana-Champaign, according to Bloomberg and other published reports.
Where’s Larry Ellison from and where does he live?
A native New Yorker from The Bronx, Ellison has lived in the Chicago area and California. But he has said his primary home is on the island of Lanai in Hawaii. He reportedly paid $300 million for almost all of that island 10 years ago. He has also bought homes in Newport, Rhode Island; and California. He has been divorced four times.
Does Larry Ellison own any other property in Palm Beach County?
In April 2021, a company linked to Ellison is said to have paid $80 million for an oceanfront estate on 6½ acres in the Seminole Landing community near North Palm Beach. That estate is about 27 miles away from the property he just bought in Manalapan.
What about Larry Ellison’s politics?
On May 20, The Washington Post and other outlets reported that Ellison, who has supported former President Donald Trump and conservative causes, took part in a call on Nov. 14, 2020, with Sen. Lindsey Graham (R-S.C.) and others “that focused on strategies for contesting the legitimacy of the vote” in the Nov. 3, 2020, presidential elections. The Post cited court documents and “a participant” as sources. The call, the Post reported, is “the first known example of a technology industry titan joining powerful figures in conservative politics, media and law to strategize about Trump’s post-loss options.” Others on the call included Fox News host Sean Hannity, Trump attorney Jay Sekulow and attorney James Bopp Jr., who represented True the Vote, a nonprofit group that that has “promoted disputed claims of widespread voter fraud,” according to the Post. Ellison and Oracle did not respond to the Post for a request for comment, the Post reported.
What does Larry Ellison like to do in his spare time?
He races sailboats, flies planes, and plays tennis and guitar, according to a brief biographical sketch on the Oracle website. He also has owned number of yachts, including Musashi, a 2011 Feadship superyacht measuring 288 feet in length and accommodating 18 passengers.
What are Larry Ellison's charitable efforts?
Among his philanthropic initiatives, he gave $200 million to fund cancer-treatment research at the University of Southern California in 2016. The Lawrence J. Ellison Institute for Transformative Medicine in Los Angles is named for him.
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This story was updated to add details about The Washington Post’s story about the Nov. 14, 2020, phone call.
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Darrell Hofheinz is a USA TODAY Network of Florida journalist who writes about Palm Beach real estate in his weekly “Beyond the Hedges” column. He welcomes tips about real estate news on the island. Email dhofheinz@pbdailynews.com, call (561) 820-3831 or tweet @PBDN_Hofheinz. Help support our journalism. Subscribe today.
This article originally appeared on Palm Beach Daily News: Larry Ellison, Oracle: Billionaire set Florida record with $173 million buy
