• Mon. Nov 28th, 2022

Larry Ellison Lists North Palm Beach Home For Sale For $145 Million

ByWillie M. Evans

Aug 17, 2022

Oracle Corp. co-founder Larry Ellison has listed his beachfront property in North Palm Beach for $145 million.

The 8.5-acre estate including dune and beach areas boasts 562 feet of ocean frontage and is located in the tony neighborhood of Seminole Landing.

Compared to other beachfront properties in Palm Beach County, the double-gate estate is the third-largest beachfront property in the county, Compass told Inman.

“As one of the largest oceanfront lots, the property holds a certain hideout that sits above and beyond the spectacular Palm Beach estates, which are already a benchmark for the highest caliber of properties in the world,” Farhad Farman of Compass said in a statement emailed to Inman.

Ellison’s move comes just over a year after buying the property for $80 million and about two months after buying a separate $173 million estate in nearby Manalapan. tech entrepreneur Jim Clark.

Adam McPherson, Chris Leavitt and Ashley McIntosh of Douglas Elliman’s Leavitt/McIntosh team represent the property, while Farman acts as strategic marketing advisor.

The property offers quick access to private terminals at Palm Beach International Airport and is one of the few areas in the area that can take off or land by helicopter directly from the property.

The seven-bedroom house is Tuscan-style and includes a home cinema, wine cellar and tennis court.

First listed in 2020 for $79.5 million, the prime plot the home sits on was purchased by hedge fund manager Gabe Hoffman in 2012 for $17.5 million. Ellison then purchased the property in April 2021 from Hoffman.

The house itself has ‘good bones’, said McPherson The Wall Street Journalbut potential buyers will likely be interested in expanding or tearing it down and building a new one with as much continuous buildable area available on the property.

The ultra-private Seminole Landing neighborhood is located next to the Seminole Golf Club and has seen a string of upscale sales in the wake of the pandemic. In 2021, hedge fund manager Igor Tulchinsky bought a mansion in the area for $39.5 million, and in 2020, billionaire private equity executive Robert F. Smith bought two homes from the energy drink founder. Rockstar Russ Weiner for $48.19 million.

Meanwhile, the list is just one more real estate chess move from Ellison, which owns trophy properties in several expensive markets, such as Malibu, Calif., Lake Tahoe, Silicon Valley and Lanai.

In the second quarter of 2022, the median selling price of a single-family home in Palm Beach was $14.5 million, according to data from Douglas Elliman and Miller Samuel.

Email to Lillian Dickerson