Billionaire Larry Ellison is looking to make tens of millions of dollars flipping an oceanfront estate in North Palm Beach that he bought last year for $80 million.
Ellison, the co-founder of Oracle, listed the property at 12525 Seminole Beach Road for $145 million — more than 80 percent above what he paid for the 7.4-acre property in April 2021. Ellison planned to demolish the Tuscan-style, 15,514-square-foot mansion. It’s in the gated Seminole Landing community. Sources confirmed the listing to The Real Deal. The Wall Street Journal first reported it.
The estate, with seven bedrooms, 11 bathrooms, three half-baths and more than 520 feet of ocean frontage, is accessible via helicopter. Gabe Hoffman, who heads the activist hedge fund Accipiter Capital Management, sold the compound to Ellison last year. Hoffman paid $17.5 million for the property in 2012. The mansion was built in 1991.
Luxury homes across South Florida have soared in value over the past two years, with Palm Beach County leading the region in terms of pricing.
Ellison, who is worth about $110 billion, according to Forbes, paid $173 million for a Manalapan estate in June. That deal, also in Palm Beach County, marked a record for home sales in Florida.
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Adam McPherson, Chris Leavitt and Ashley McIntosh of Douglas Elliman’s Leavitt/McIntosh Team are listing the North Palm Beach property.
Ellison also owns the majority of the Hawaiian island of Lanai. After buying 98 percent of the island in 2012, locals say that his control is pushing out longtime residents, Bloomberg reported earlier this year.
Though home sales have been on the decline, sellers of ultra high-end properties continue to test the market by listing their homes for lofty prices. The oceanfront Palm Beach estate of the late conservative radio host Rush Limbaugh is marketed for sale for a whisper price ranging from $150 million to $175 million.
In January, businesswoman and philanthropist Adrienne Arsht listed her waterfront Miami estate for $150 million. And in May, a waterfront compound in Miami Beach hit the market for $170 million.