Oracle Corp. co-founder Larry Ellison has listed his North Palm Beach oceanfront property for $145 million.
The 8.5-acre estate including dune and beach areas features 562 feet of ocean frontage and is located within the tony neighborhood of Seminole Landing.
Compared to other oceanfront properties in Palm Beach County, the double-gated estate is the third-largest oceanfront property in the county, Compass told Inman.
“As one of the largest oceanfront lots, the property holds a certain cache that stands above and beyond the spectacular estates in Palm Beach, which are already a benchmark for the highest caliber of properties in the world,” Farhad Farman of Compass said in a statement emailed to Inman.
The move by Ellison comes a little over one year after purchasing the property for $80 million, and about two months after buying a separate $173 million estate in nearby Manalapan from tech entrepreneur Jim Clark.
Adam McPherson, Chris Leavitt and Ashley McIntosh of The Leavitt/McIntosh Team at Douglas Elliman are representing the property, while Farman is acting as strategic marketing advisor.
The property features quick access to private terminals at Palm Beach International Airport and is one of the few estates in the area with the capacity for helicopter takeoff or landing directly from the property.
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The seven-bedroom home is in the Tuscan style and includes a home theater, a wine room and a tennis court.
First listed in 2020 for $79.5 million, the main parcel the home sits on was purchased by hedge fund manager Gabe Hoffman in 2012 for $17.5 million. Ellison then purchased the property in April 2021 from Hoffman.
The home itself has “good bones” McPherson told The Wall Street Journal, but potential buyers will likely be interested in either expanding or demolishing it and building a new one with so much continuous buildable acreage available on the property.
The ultra-private neighborhood of Seminole Landing is located next to the Seminole Golf Club and has seen a series of high-end sales in the wake of the pandemic. In 2021, hedge fund manager Igor Tulchinsky purchased a mansion in the area for $39.5 million, and in 2020, billionaire private equity executive Robert F. Smith bought two homes from Rockstar energy drink founder Russ Weiner for $48.19 million.
Meanwhile, the listing is just one more real estate chess move from Ellison, who has trophy properties in several pricey markets, such as Malibu (California), Lake Tahoe, Silicon Valley and Lanai.
As of the second quarter of 2022, the median sales price of a single-family home in Palm Beach was $14.5 million, according to data from Douglas Elliman and Miller Samuel.