Oracle co-founder pays $80M for North Palm Beach estate
It sold slightly above the $79.5M asking price
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.
The 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.
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.