Tech billionaire Larry Ellison has put his oceanfront estate in Palm Beach, Fla., on the market for $145 million, almost exactly a year after buying it for $80 million, according to property records.
The move comes two months before the Oracle co-founder buys another large estate in nearby Manalapan, Fla., for $173 million from internet entrepreneur Jim Clark, according people familiar with the situation.
Located in the Seminole Landings gated community, the property sits on about 8,500 square feet, including a privately owned beach and dune, and has over 521 feet of ocean frontage. It is one of a handful of properties in Palm Beach County where someone can land and take off in helicopters, according to agent Adam McPherson. The Tuscan style house has seven bedrooms, and a home theatre and wine room.
The property has tennis courts too. More: Mega-mansion on Lake Okanogan in British Columbia, Canada lists for C$22.8Million While the existing home is described as having “good bones”, Mr McPherson said buyers will likely want to either expand the house or tear it down and start again. Mr Ellison purchased the property in May last year from hedge fund manager Gabe Hoffman, who founded Accipiter Capital Management and sold it to Mr Ellison for $80 million.
Mr Hoffman had purchased the main plot in 2012 for $17 million, and listed the property in 2019 for $79.5million. Seminole Landing is located next to the Seminole Golf Club. The neighborhood has seen a string of big deals over the past two years, as a wave of high end real estate activity in Palm Beaches spilled over into neighboring areas.
Last year, billionaire hedge fund manager Igor Tulchinsky spent $39.5 million on a mansion in Seminole Landings. Two years ago, private equity executive Robert F. Smith bought a pair of homes there from energy drink entrepreneur Russ Weiner for $47.2 million. More: Billionaire’s mega-mansion on Lake Okeechobee in Florida goes under contract for $22.8Million