Larry Ellison and 12525 Seminole Beach Road (Getty, Google Maps)
Published by The Real Deal South Florida, April 9, 2021
Larry Ellison, billionaire co-founder of Oracle Corp., paid $80 million on April 8, 2021 for the North Palm Beach estate at 12525 Seminole Beach Road owned by Hedge fund manager Gabriel A. Hoffman. Hoffman heads the activist hedge fund Accipiter Capital Management.
The sale, which closed slightly above the $79.5 million asking price, was first reported by the Wall Street Journal. It adds to a dizzying number of ultra-high-end deals to close over the past year in South Florida.
Elliman Agents Chris Leavitt and Ashley McIntosh, represented the seller, while Elliman’s Tonja Garamella brought the buyer. The agents all declined to comment.
The Tuscan-style, 15,514-square-foot mansion has seven bedrooms, 11 bathrooms, three half-baths and more than 520 feet of ocean frontage. The property features a large private pool, theater, wine room, chef’s kitchen, tennis court, and guest suite. It’s accessible via helicopter.
The property was developed in 1991 and last sold in 2012 for $17.5 million, records show.
Luxury Single Family Homes in South Florida are in high demand and their sales have shattered records–not only the number of sales, but record high purchase prices as well. There’s very limited inventory of Single Family Oceanfront Homes in South Florida.
In February, private equity titan Scott Shleifer paid more than $120 million for the oceanfront mansion at 535 North County Road in Palm Beach, setting a record for Florida and marking one of the most expensive home sales in the U.S.
Other recent buyers and sellers have included Steve Wynn, Greg Norman, Tommy Hilfiger, and David Tepper.
In the past two weeks, hotelier Beatrice Tollman sold her Palm Beach mansion at 174 Via Del Lago for $57 million. And Wynn paid $24 million for a lakefront home after flipping and buying other properties in Palm Beach.
South Florida properties: