Source: Business Week
From one CEO to another. Oracle CEO Larry Ellison has added another prime property to his already large collection of homes. The billionaire just bought a beachfront Malibu home from former Yahoo! CEO Terry Semel for $36,943,890, according to the LA Times. The transaction is the most expensive for Malibu this year but actually was a discount for Ellison. Semel originally listed the home for $50 million, recently dropping the price down to $40 million.
The 10,000-square-foot home was built in 1992. Designed by Michael Graves, it?s described as a ?jewel on Carbon Beach.? Ellison already owns a few other properties on Carbon Beach, aptly nicknamed ?Billionaires? Row.? He also owns a few homes on the other Billionaires? Row in San Francisco.
Made up of three pavilions, the home features contemporary architecture with enormous windows and skylights designed to take advantage of the ocean views. The home?s 9 bedrooms and 13 baths include a two-story guesthouse.
This isn?t Ellison?s most significant purchase, however. In June, the CEO dropped a whopping $500 million in a deal that gives him 98 percent of Hawaii?s tiny island of Lanai.
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