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Larry Ellison to Demolish $80M Palm Beach mansion

Larry Ellison and 12525 Seminole Beach Road (Getty, Elliman, iStock)
Billionaire Oracle Corp. co-founder Larry Ellison plans to demolish the North Palm Beach mansion he acquired last week for $80 million.
In a letter to Oracle employees, Ellison said he will not be moving to Florida and plans to stay in Hawaii, according to Recode.
Ellison acquired the oceanfront home at 12525 Seminole Beach Road from hedge fund manager Gabriel Hoffman, who heads Accipiter Capital Management. But he’s been based in Hawaii’s Lanai, an island he purchased almost entirely in 2012. Ellison is worth nearly $100 billion, according to Forbes.
“Last year I moved from California to the island of Lana’i and became a resident of the State of Hawaii. I love it here and have no plans to move back to Florida, Texas, back to California … or anywhere else,” Ellison reportedly wrote to employees, according to Recode.

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