Oracle co-founder pays $80M for North Palm Beach estate

first_img Tags Share via Shortlink Message* The property was developed in 1991 and last sold in 2012 for $17.5 million, records show.Waterfront luxury residential sales in Palm Beach have set new records during the pandemic, in terms of both number of closings and sky-high prices.In February, private equity titan Scott Shleifer paid more than $120 million for the oceanfront mansion at 535 North County Road in Palm Beach, setting a record for Florida and marking one of the most expensive home sales in the U.S.Other recent buyers and sellers have included Steve Wynn, Greg Norman, Tommy Hilfiger and David Tepper.In the past two weeks, hotelier Beatrice Tollman sold her Palm Beach mansion at 174 Via Del Lago for $57 million. And Wynn paid $24 million for a lakefront home after flipping and buying other properties in Palm Beach.Contact Katherine Kallergis Email Address* Larry Ellison and 12525 Seminole Beach Road (Getty, Google Maps)Larry Ellison, billionaire co-founder of Oracle Corp., paid $80 million for the North Palm Beach estate owned by hedge fund manager Gabriel A. Hoffman.The sale, which closed slightly above the $79.5 million asking price, was first reported by the Wall Street Journal. It adds to a dizzying number of ultra-high-end deals to close over the past year in South Florida.Ellison is worth nearly $100 billion, according to Forbes. He’s chairman and chief technology officer of the Austin, Texas-based software company he co-founded, and was previously CEO.Hoffman heads the activist hedge fund Accipiter Capital Management.He initially listed his 7.35-acre compound at 12525 Seminole Beach Road in June with Douglas Elliman agent Gary Pohrer.Elliman agents Chris Leavitt and Ashley McIntosh, who promoted the sale on Instagram, represented the seller, while Elliman’s Tonja Garamella brought the buyer. The agents all declined to comment.ADVERTISEMENTThe Tuscan-style, 15,514-square-foot mansion has seven bedrooms, 11 bathrooms, three half-baths and more than 520 feet of ocean frontage. The property features a large private pool, theater, wine room, chef’s kitchen, tennis court, and guest suite. It’s accessible via helicopter.Read moreHedge funder’s North Palm Beach estate hits the market for $80M Sale of Palm Beach estate asking $140M sets new Florida record Hedge fund billionaire David Tepper paid $68M for Palm Beach mansion Full Name* North Palm Beach Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlinklast_img

Leave a Reply

Your email address will not be published. Required fields are marked *