Larry Ellison Sells Lake Tahoe Property for $20.35 Million

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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.

Write to Candace Taylor at candace.taylor@wsj.com

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Home Price Increases Continue At Slower Pace

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Home price increases continue at slower pace
By Chris Isidore @CNNMoney July 29, 2014: 10:43 AM ET

Home prices were up less than 10% for the first time in more than a year in May.
NEW YORK (CNNMoney)

Home prices continued to rise this spring, but the pace of increase has slowed since late last year.

The S&P/Case-Shiller home price index, a closely watched measure of home values. posted a 9.3% annual increase in its May reading, down from the 10.8% rate in April. The rate of increase was as high as 13.7% in November before slowing every month since.

The good news for homeowners is that the index has now been up every month over the last two years — after posting drops almost every month over the previous five years.

And some experts say the current growth is better for the market, because rapid price increases can keep some buyers on the sidelines.

“Today’s Case-Shiller data is consistent with the slow glide-path down towards a more normal housing market,” said Stan Humphries, chief economist for real estate Web site Zillow. “Almost across the board, lower-priced homes have been appreciating more quickly than the most expensive homes, a welcome reversal from prior years.”

Prices rose in all 20 cities measured by the index, and nine of those markets posted double-digit percentage gains. The fastest growth was a 15.4% year-over-year jump in San Francisco. The most modest gain was in Cleveland, where prices rose 2.4%.

Most of the big gains were in markets in California and Florida, as well as Las Vegas. All of those markets were hit particularly hard by the housing bust that followed the home price bubble in the middle of the last decade.

A drop in mortgage foreclosures and unemployment, low mortgage rates and pent-up demand for people who had wanted to buy homes have combined to help lift home prices.

A recovery in home sales and prices have been a major driver of the rebound of the U.S. economy so far this year, as the jump in prices has increased household wealth. The price increases and low mortgage rates also helped many homeowners refinance their mortgages and lower their home payments.

But even with two years of increases, prices are still 17% below the peak reached at the height of the housing bubble in early 2006.

First Published: July 29, 2014: 9:21 AM ET

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