Tech billionaire Larry Ellison is just over a year away from listing his beachfront property in North Palm Beach, Florida, for $145 million. Purchased for $80 million.
2 months after moving
The co-founders bought a larger property in the nearby Manalapan district from Internet entrepreneur Jim Clark for $173 million, according to a person familiar with real estate records and circumstances. A spokeswoman for Mr. Ellison could not be reached for comment.
Located in the Seminole Landing Gate community, the North Palm Beach property sits on approximately 8.5 acres, including a privately owned beach and dunes, with more than 520 feet of ocean frontage, according to the listing agent. It’s one of the largest beachfront parcels in Palm Beach County and one of the few Florida facilities that can land and take off by helicopter.
One of the listing agents. The Tuscan-style home has seven bedrooms, a home theater and a wine room. The property also has a tennis court.
McPherson said the existing home has “good bones,” but most buyers seem to want to either expand the home or tear it down and build a bigger one from scratch.
Ellison purchased the property in April 2021 from Gabe Hoffman, a hedge fund manager and founder of Accipiter Capital Management. Hoffman purchased the main lot for $17.5 million in 2012 and listed it for $79.5 million in 2020.
With 24-hour security, Seminole Landing is located next to the Seminole Golf Club.The community has seen a string of major deals in the past two years as a wave of high-end real estate activity in Palm Beach spilled over into the neighborhood. Igor Turchinsky Paid $39.5 million for a mansion in Seminole Landing. 2020, Robert F. SmithBillionaire private equity executive bought two homes from energy drink entrepreneur Russ Weiner for $48.19 million.
Mr. Ellison avid trophy homebuyers, Malibu, California, Lake Tahoe, Silicon Valley, and Lanai, Hawaii. Clark’s Manalapan real estate purchase last year set a Florida home price record.
McPherson said Ellison’s property in Seminole Landing is priced high, but comparable properties in nearby Palm Beach could sell for twice as much.
“Oceanfront parcels are so hard to come by,” he said. “This size is unheard of.”
One of the few properties of this size is in Palm Beach. Owned by billionaire hedge fund Ken Griffin Records show that it cost about $350 million and took several years to build. All of these types of real estate have surged over the past few years as the Palm Beach market hit new highs during the pandemic, McPherson said.
“If you own a property in Palm Beach, I’ve had at least 10 brokers call me in the last two years asking if they want to sell,” he said. “If the property isn’t on the market yet, it’s unlikely.”
McPherson works with colleagues Chris Leavitt and Ashley McIntosh to list properties. Compass’s Farhad Farman serves as a marketing advisor.
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The August 19, 2022 print edition featured as “Larry Ellison Lists North Palm Beach After Buying Larger Property Nearby.”