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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Katie Warren
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larry ellison palm beach mansion
A Google Maps satellite view of Ellison's new mansion. Google Maps

Palm Beach has gained yet another billionaire resident.

The 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.

larry ellison palm beach mansion
The home has 520 feet of ocean frontage. Google Maps

Ellison bought the 7.35-acre property from the 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.

The billionaire private-equity executive Robert F. Smith bought two homes in Palm Beach for about $48 million in November. In February, the hedge-fund billionaire David Tepper went into contract on a $73 million Palm Beach mansion. And the 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 such as Stephen Ross, the chairman and owner of Related Cos., which owns Equinox and SoulCycle.

The 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 coronavirus 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 he himself had moved to Lanai, the Hawaiian island of which he owns 98%, as Recode first reported.

"I've moved to the state of Hawaii and I'll be using the power of Zoom to work from the island of Lanai," Ellison wrote in an email to staffers.

larry ellison
Ellison told his employees in December that he had moved to Hawaii. Phillip Faraone/Getty Images

It's unclear whether Ellison plans to make Palm Beach his new home base or simply add it to his collection of homes. He also owns a 23-acre estate in Woodside, California, and a home in San Francisco's Pacific Heights neighborhood, multiple homes on Malibu's "Billionaire's Beach," and several properties in Lake Tahoe.

An Oracle representative did not immediately respond to a request for comment for this story from Insider.

Read the original article on Business Insider