Larry Ellison, the co-founder of Oracle, is resisting his sprawling oceanfront estate in North Palm Beach, Florida for $165 million, more than double the $80 million he paid for the property in 2021, according to a report by the Wall Street Journal. This move from Ellison comes five years after the billionaire purchased the 8.4-acre estate and abandoned the plans to demolish the existing mansion. As per the WSJ report, the new asking price is around 14% higher than the $145 million price which the price at which the property was first listed in 2022. The estate is located within the exclusive Seminole Landing grated community in North Palm Beach. After acquiring the property in 2021, Ellison reportedly considered tearing down the Mediterranean-style mansion but never proceeded with the redevelopment. Instead, the estate remained largely unused while the billionaire focused on expanding other real estate holdings in South Florida.The latest $165 million asking price would set a record for North Palm Beach if achieved, reflecting the growing demand for ultra-luxury waterfront properties in the region.
All about Larry Ellison’s oceanfront property
The estate’s biggest draw is its land and beachfront access rather than the house itself. The property spans 8.4 acres and has 562 feet of Atlantic frontage, making it the third-largest oceanfront parcel in Palm Beach County. The main house has 16,284 square feet of living space, seven bedrooms, eight full bathrooms and five half-bathrooms. Other features include a swimming pool and spa, a tennis court, a four-car garage, direct beach access and a helipad. At $165 million, the price works out to more than $10,000 per square foot and about $20 million per acre. That would set a record for North Palm Beach.
What the neighborhood market looks like
Seminole Landing sits next to the Seminole Golf Club. In 2020, private-equity billionaire Robert F. Smith bought a pair of houses there from energy drinks entrepreneur Russ Weiner for $48.19 million. Sales of $100 million or more have become almost routine in neighboring Palm Beach. Kenny and Kaneb said a market of $50 million and up is starting to take shape in North Palm Beach too. A property there sold for $55 million last year. Ellison’s ask is three times that figure.
Oracle co-founder Larry Ellison builds up his holdings in Manalapan
The relisting comes as Ellison builds up his holdings in Manalapan, an affluent town just south of Palm Beach, about 30 miles from the North Palm Beach estate. In June, he paid about $35 million for a parcel next to his roughly 15-acre compound there. He paid $173 million for the original compound in 2022. His Florida holdings also include housing for staff. In 2023, he spent almost $10 million to buy eight homes in a lakefront community in Boynton Beach, about 30 minutes from the Manalapan compound.Ellison’s property portfolio also includes homes in Malibu, Calif., and Lake Tahoe, as well as the Hawaiian island of Lanai. He has recently been a major financial backer of Paramount’s $81 billion acquisition of Warner Bros. Discovery, the Journal reported.
