Weekly Top Ten Real Estate Hot List Tue: 10-02-2012
Co-founder of Oracle in 1977 and still going strong as its CEO, Larry Ellison is the world’s sixth richest man. Today Forbes Magazine estimates his net worth at $41 billion. In the U.S., only Bill Gates' $66 billion and Warren Buffett's $46 billion exceed him. But while we mostly hear about Bill Gates and his charities and how Warren Buffett only owns one home that he paid $31,500 for in 1958, or about $250,000 in today’s dollars, Ellison seems to always be on a buying rampage for more personal toys. Some of these expensive toys include a McLaren F1 car with an estimated top speed of more than 240 mph, a few yachts -- one a 450-footer -- and aircraft ranging from Gulfstream and Cessna business jets to Italian and Russian-made military fighters, his favorite being the Italian jet. But now it seems to be real estate that turns him on. Though his main residence is a massive enclave designed to replicate a Japanese palace with grounds to match, he has also bought an historic garden property in Japan and 88,000 acres he bought this summer on Lanai, constituting about 98 percent of the Hawaiian island, which price has been guesstimated at around $600 million. He reportedly has purchased pricey homes in Lake Tahoe, Malibu, Rancho Mirage, Rhode Island and San Francisco. Now after already owning many homes on Carbon Beach in Malibu, he just purchased another - the beachfront pad of Terry Semel. Originally listed at $50 million, Ellison struck a deal at $36,943,890; virtual chump change for a man worth $41 billion.
At 10,317 square feet, the home is made up of three connected pavilions with 151 feet of beachfront. Included are the main house, a barrel-vaulted screening room, guest house and gazebo for outdoor dining overlooking the pool and Pacific. The home was designed by Michael Graves and has 9 bedrooms and 13 baths.