Oracle's Larry Ellison Revealed As Buyer Of $173 Million Mansion, Setting Florida Record

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by Tyler Durden
Friday, Jun 24, 2022 - 06:45 PM

Last week, billionaire internet entrepreneur (Netscape co-founder) Jim Clark broke the news to the WSJ that he sold his oceanfront estate near Palm Beach, Florida, for $173mln. At the time, Clark wouldn't reveal who the mystery buyer was. 

Bloomberg reports the buyer of the most expensive property ever sold in Florida is no other than billionaire Oracle Corp. co-founder Larry Ellison. 

Ellison's new estate includes a 62,000-square feet Mediterranean-style mansion and several other buildings on the property with more than 30 bedrooms. It was noted by Bloomberg 

The real estate transaction was off-market. Clark bought the estate in early 2021 for $94 million. Despite soaring interest rates and a souring economic backdrop in the US, Ellison still paid an 84% premium from when Clark purchased the estate. 

Last year, Ellison spent $80 billion on a North Palm Beach mansion that he intends to demolish. He owns homes in the San Francisco Bay Area and Malibu, as well as 98% of a Hawaiian island he purchased for $300 million in 2012. 

Billionaires have fled to South Florida since the virus pandemic, buying up as much land and mansions as possible to escape liberal-controlled metro areas quickly sliding into a violent mess. Also, Florida is pro-business and tax-friendly, unlike blue states. 

This week, billionaire Ken Griffin announced Citadel's headquarters are moving to Miami. Currently based in Chicago, Griffin said in May his "patience is wearing thin" as the metro descends into a summer of hell under the failed leadership of liberal Mayor Lightfoot. 

Other firms like Goldman Sachs have moved offices to South Florida as New York City is another cesspool. Some have referenced South Florida as "Wall Street South."