The economy may be scraping along the bottom of the ocean, with tons of foreclosures on the market and some of the lowest home values we’ve seen in recent memory, but celebrity real estate remains alive and kicking – especially if you’re a multi-billionaire like Larry Ellison.
Ellison, the creator of one of the world’s largest software companies, Oracle, has listed his Woodside, California property for $19 million. The property actually consists of two separate homes – one, a nice-looking two-story Colonial-style California mansion; the other, a more humble ranch-style guest house – on 6.88 acres of land. The combined properties service as a horse farm and come with plenty of other goodies, including highly-expensive interior décor, flagstone terrace and poolside area, marble-clad bathrooms, expansive (and highly impressive) master suite, and a pool set into a nearby hill complete with a waterfall and a great view.
Together these homes offer up 5,850 square feet of living space, four bedrooms, and 3.5 bathrooms. They cost Mr. Ellison a rumoured $23 million in 2005, so the sale will probably net the software mogul a $4 million loss at a minimum. With a fortune in excess of $33 billion, that represents somewhere in the neighbourhood of 0.012% of his net worth.
We think he will sleep soundly at night.
Mr. Ellison loves real estate as much as the next guy, considering he has an ornate and uber-authentic 16th-century Japanese estate recreated in California to the tune of $200 million (or so they say; we believe it). He also possesses numerous high-dollar properties around the country, especially around Lake Tahoe. Conservative estimates say he has spent over $400 million in real estate, much still in his control in the form of numerous properties in the Bay Area and along Malibu’s famous Carbon Beach (referred to, quite accurately, as “Billionaire’s Beach.”)
The man sure does know how to spend.
We won’t begrudge Mr. Ellison for his expensive taste in celebrity real estate. All of us have our vices. For us, it’s splurging on an expensive carton of ice cream. For him, it’s buying an eight-room mansion.
Same thing, really.