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Larry Ellison Sells Lake Tahoe Property for $20.35 Million
Oracle billionaire Larry Ellison has sold one of his Lake Tahoe properties
By CANDACE TAYLOR
Updated July 31, 2014 11:35 p.m. ET
What does a home formerly owned by Oracle CEO Larry Ellison? Candace Taylor joins Tanya Rivero on the News Hub with more details on that and other luxury properties. Photo: Sinead Kelly Hastings.
Oracle billionaire Larry Ellison has sold one of his Lake Tahoe properties for $20.35 million, according to public records.
The sale closed in mid-July and names the buyer as a California-based entity called Residential Property Mgmt LLC.
Located on the east shore of Lake Tahoe in Glenbrook, Nev., the property is one of three parcels Mr. Ellison had listed together for $28.5 million in 2013 with Jennie Fairchild of Chase International. It contains a 9,242-square foot main house, which Mr. Ellison spent three years remodeling, with six bedrooms, eight full baths and one half bath. There is a soundproof screening room, a gym, a billiard room, a library and a sauna. Also on the property is a 1,326-square-foot, two-bedroom, three-bath guest house.
The other two parcels—including a roughly 3,000-square-foot lakefront house and an adjoining vacant lot—are still on the market, priced at $4.15 million, Ms. Fairchild said in an email. She declined to discuss the details of the sale.
Mr. Ellison assembled the Glenbrook properties over three years. In 2006 he paid $11.7 million for the main house and 1.6 acres, according to public records. He then paid $3.3 million for two additional parcels in 2009.
He had originally intended the three properties to be his primary home at Tahoe. Instead, he got the chance to build a 7.6-acre estate on the north shore of the lake, so he decided to sell the Glenbrook compound, Ms. Fairchild told the Journal in an interview last year.
Mr. Ellison, who founded the Oracle Corporation in 1977, declined to comment.
David Cloutier of Coldwell Banker Select Real Estate in Zephyr Cove, Nev., who was not involved in the transaction, said the market for lakefront homes has been “very vital,” with roughly nine sales on the east shore so far this year. Mr. Ellison’s $20.35 million sale is among the most expensive of those, he said.
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