Billionaire Larry Ellison Picks Up Another Oceanfront Mansion in Malibu

Billionaire Larry Ellison Picks Up Another Oceanfront Mansion in Malibu

David Paul Morris/Bloomberg via Getty ImagesWhat do you buy when you’re the world’s seventh-richest man? Why, another oceanfront mansion in Malibu, CA, of course.
Oracle co-founder Larry Ellison recently spent $48 million on his 10th home on Carbon Beach, which locals call “Billionaires Beach,” the Real Deal reports.
The 7,700-square-foot mansion was designed in the mid-1980s by architect Richard Meier, who championed modern, all-white design, often using large windows and curving metal railings that evoke a trans-Atlantic cruise ship. He’s best known for designing the Getty Center in Los Angeles.
Details about the five-bedroom, seven-bath home are scarce. Ellison purchased the property off-market, using an entity tied to his private equity firm. He bought it from Lisette Ackerberg, the widow of real estate developer Norman Ackerberg.
Carbon Beach in Malibu, CAFlickr/JDACWe do know the house is L-shaped around a courtyard, with a tennis court on one side, and a lap pool between the house and the beach. Sitting on a 17,372-square-foot lot, the house was designed to maximize its outdoor space for large parties.
“The Ackerberg House shows that the combination of a great deal of money, a choice site and a very good architect can create a little oasis of the kind of freedom that designers have been promising us since the beginning of the century,” architecture critic Aaron Betsky wrote in a 1991 review of the house for the Los Angeles Times.
Lisette Ackerberg made headlines in 2013 when she agreed (after years of legal wrangling) to tear down a wall and other barriers on the property to build a long-promised public access to the beach.
There are just 70 homes on Carbon Beach, nearly all owned by celebrities or business leaders. Dr. Dre, Courteney Cox, and John Travolta have all called Carbon Beach home at one point.
Homes on Carbon BeachFlickr/Megan RosenbloomToday, one in seven homes on Carbon Beach is now owned by Ellison, who’s worth an estimated $54 billion. It remains unclear what he plans to do with his string of oceanfront properties.

Ellison launched Oracle in 1977, serving as its CEO until 2014. He’s one of Silicon Valley’s most colorful and eccentric billionaires. He’s known for owning two military fighter jets and a 453-foot-long luxury yacht (the seventh largest in the world). He sold the latter to fellow Carbon Beach resident David Geffen. He’s been married four times, most recently to romance novelist Melanie Craft.
Ellison owns Oracle Team USA, two-time winner of the America’s Cup yacht racing series. He also owns the Indian Wells tennis tournament, and has hundreds of millions of dollars worth of real estate in the U.S. His primary home, in Woodside, CA, reportedly cost $110 million to build and is modeled after a 16th-century Japanese palace.
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Author: Luke Stangel
Source: http://www.realtor.com/news/celebrity-real-estate/larry-ellison-buys-another-malibu-mansion/

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