Larry Ellison Net Worth: How Much Did He Pay for the Palm Beach Mansion?

Ellison was born in New York City on August 17, 1944, to a Jewish single mother named Florence Spellman. His biological father was an Italian-American United States Army Air Corps pilot.

Nine months after Ellison’s pneumonia diagnosis, his mother placed him for adoption with her aunt and uncle. He wasn’t reunited with his birth mother until he was 48.

Ellison settled in the middle-class South Shore neighbourhood of Chicago. He remembers his adoptive mother, Lillian Spellman Ellison, as warm and affectionate, in contrast to his stern, unhelpful, and often aloof adoptive father, who had chosen the name Ellison in honour of his point of entry into the United States, Ellis Island.

Louis Ellison, a government worker, made a little fortune in Chicago real estate but lost it all in the Great Depression.

What is Larry Ellison’s Net Worth and Salary?

American businessman Larry Ellison is worth an estimated $152 billion. Larry Ellison gained enormous riches as the founder of Oracle, a formidable software corporation. He was the chief executive officer until September 2014.

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After business tycoons like Jeff Bezos, Bill Gates, Warren Buffett, and Bernard Arnault, Ellison is among the world’s wealthiest people.

Larry became wealthier than Bill Gates for a short time in the 1990s when Microsoft shares dropped due to an antitrust probe by the Department of Justice.

At various points in his career, Larry has been the highest-paid executive in the world, with annual earnings of over $90 million.

Larry released Oracle to the general audience on March 12th, 1986. That was the day before Bill Gates, their longstanding rival, officially introduced Microsoft. Larry owned 39% of Oracle at the time it went public.

At the end of the first trading day, Larry’s paper net worth was $105.3 million, thanks to Oracle’s $270 million market value.

In 1990, Oracle was perilously close to insolvency. Oracle had lost nearly 50% of its market value, leaving it with only enough money to last a few months. Larry’s net worth had dropped from over $500 million to around $150 million, and he had come dangerously close to being sacked from the company.

How Many Shares Did Larry Ellison Own After the Stock Split?

Larry Ellison invested $1 billion covertly over several months in 2018 to purchase 3 million Tesla shares. Longtime friends, he and Elon Musk go way back. When he disclosed his stake to the SEC, he owned 1.7% of Tesla. His original 3 million shares grew to 15 million after the company’s 5-1 stock split in August 2020.

Throughout 2021, the worth of those 15 million shares ranged from $13 billion down to $10 billion.

How Much Has Ellison Earned From Oracle Since 2003?

At the moment, Ellison has control over 22% of Oracle. He has put up 315 million shares as collateral for debts and loans. Since 2003, he has profited around $9 billion from selling Oracle stock and dividends.

How Much Did Larry Ellison Pay for the Palm Beach Mansion?

Larry has property worldwide, including in exotic locales like Hawaii and Japan and more conventional ones like Malibu, Lake Tahoe, San Francisco, and Rhode Island.

The Woodside, California, mansion on 45 acres that serves as his residence is estimated to be worth at least $200 million. The structure was inspired by a Japanese manor house built in the sixteenth century.

Larry Ellison Net Worth

The 45-acre estate features a manor home, a two-bedroom guesthouse, three separate cottages, a barn-turned-gym, and a 3-acre manmade lake with two waterfalls.

After receiving his tax bill, Ellison protested the $173 million valuation put on his property by the local government. His “$70 million” property received a 60% tax cut because of his accomplishment.

Larry spent $180 million buying 12 homes in Malibu, California, in 2004 and 2005. He dropped $65.5 million on five adjacent Carbon Beach houses in Malibu.

2010 he spent $10.5 million to acquire the Astor family’s Newport, Rhode Island, estate. Larry spent $43 million in 2011 to buy the 249-acre Porcupine Creek Estate golf course in Rancho Mirage, California.

In April of 2021, Larry spent $80,000,000 on a Palm Beach, Florida home. The estate’s main building is 15,500 square feet, and it features various pools, a tennis court, and a sports centre over its 7.35 beachfront acres.

Larry bought the Palm Beach property as a first step in leaving California. The lifelong California resident vented openly about his dissatisfaction with corporate meddling and tax increases.

Larry moved his family to Florida to avoid paying the 13% annual income tax levied by the Franchise Tax Board in California. Larry has received yearly dividend payments from Oracle totalling $1.7 billion over the past decade.

Moving to Florida, he will only reduce his dividend tax liability by $230 million. This amounts to a daily savings of $644,000 in Florida. If Larry kept up that rate, he would have paid off his new Florida house’s $80 million price tag in just FOUR MONTHS.

How Much Did Larry Pay for the Gemini Estate?

The news that Larry had purchased Gemini, a 16-acre estate near Palm Beach, Florida, spread in June 2022. Larry spent $175,000,000 on the purchase of Gemini.

This mansion was sold for $94 million 15 months ago by Jim Clark, a fellow wealthy software entrepreneur. At the time of the sale, Larry’s $175 million purchase price ranked third on our list of the most expensive homes ever sold in the United States.

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Who Owns the Indian Wells Tennis Garden in Coachella?

Ellison is the owner of the Indian Wells Tennis Garden and the Indian Wells Masters Tournament in Coachella, California. He has a passion for sailing.

In 2010 and 2013, his Oracle team and the United States won the America’s Cup. Long ago, Larry owned the Rising Sun, the world’s twelfth-largest yacht. It set us back $200 million to construct the Rising Sun. He offered music billionaire David Geffen an offer to purchase the boat in 2010.

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