Larry Ellison forks out over $200m to slurp up sexy Malibu strip
Neighbours not wanted at coveted 'Billionaire's Beach'
Billionaire Oracle chief Larry Ellison has added to his impressively opulent property portfolio with an entire strip of houses on the so-called "Billionaire's Beach" in Malibu.
Ellison has made sure that he won't have any problems with noisy - or nosy - neighbours by buying a string of properties on Carbon Beach, along with: a wooded estate near Franciscan monks in the gated Serra Retreat; an inland tennis club; the Casa Malibu Inn; and a coastal restaurant, the LA Times reported.
The Oracle tycoon has spent around $200m to $250m on the Malibu purchases over the last decade, according to public records, and could be hiding more behind limited liability firms.
With around $43bn tucked away in the bank, the spending spree has hardly been excessive for Ellison and he does seem to enjoy spending his billions on property.
Ellison already owns a number of estates and houses in Northern California and Lake Tahoe, a mansion with a golf course and, oh, his own Hawaiian island Lanai. As you do.
Malibu was an attractive location to buy up properties for his portfolio as an investment, according to Ellison's real estate agent.
"There are only so many seats in the front row," Kurt Rappaport, co-founder of Westside Estate Agency, said.
"If you take the best section and the most prime property, that's inherently a great investment. That's what Larry recognised and sees." ®
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