Business – Real Estate – Trophy home buyer Larry Ellison sets his sights on Malibu

 

Oracle

If you live on Malibu’s 21 miles of coast, chances are that you’re in spitting distance of a property owned by Oracle CEO Larry Ellison.

Ellison divides his time between dozens of homes around the world. The Wall Street Journal once referred to him as the nation’s most avid “trophy home buyer.” Ellison has spent hundreds of millions on top-shelf properties, and currently owns a Hawaiian island, and mansions in Rhode Island, San Francisco, Japan, and Woodside, California, to name a few.

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Ellison reportedly owns nine properties on Malibu’s Carbon Beach

But the Los Angeles Times reports that the world’s third richest individual has set his sights on Malibu, and may have dropped anchor in the neighborhood. He reportedly scooped up at least nine beach front homes on Carbon Beach, spending an estimated $200 million to $250 million.

If that wasn’t enough, Ellison also purchased a wooded estate in a gated retreat, an inland tennis club, Casa Malibu Inn, and coastal restaurant property, according to a public real estate search. The chief executive owns at least 22 properties in the beach community.

It’s not entirely clear what he intends to do with his purchases, but in a rare interview with CNBC, Ellison revealed plans to turn one of the properties into a small art museum.

Why the obsession with Malibu? Aside from the perpetually sunny weather, now in his late 60s, he may intend to spend more time with his kids. Daughter Megan is the Hollywood producer behind indie hit Zero Dark Thirty and son, David, is also in the movie business.

 

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