Billionaires Marc Andreessen and Larry Ellison have been on the real estate market lately, with Marc Andreessen buying a California home in the largest purchase and Larry Ellison paying about $345 million for a resort on Lake Tahoe.
Marc Andersen and Larry Ellison.
Excessive purchases
Andreesen, head of the venture capital firm Andreesen Horowitz, paid about $177 million for the Malibu property, surpassing the $165 million Amazon founder Jeff Bezos spent on a Beverly Hills property last year, according to the Wall Street Journal.
Andreesen, head of the venture capital firm Andreesen Horowitz, paid about $177 million for the Malibu property, according to the Wall Street Journal.
Andreesen Horowitz.
The property is about 7 acres overlooking the ocean with a large 10,000-square-foot home, a spa and a French bistro.
While the property is about 7 acres overlooking the ocean with a large 10,000-square-foot home, spa and French bistro.
While Ellison, chairman and co-founder of Oracle, bought the Hyatt Regency Resort, Spa and Casino on Lake Tahoe through his company Lawrence Investments, according to the Tahoe Daily Tribune.
While Ellison, chairman and co-founder of Oracle, bought the Hyatt Regency Resort, Spa and Casino on Lake Tahoe through his company Lawrence Investments.
The 422-room hotel will continue to operate as the Hyatt Regency, and a hotel spokesperson told the newspaper, "There will be no disruption to business with the transfer of ownership at this time."
The resort adds to Ellison's real estate portfolio, which Forbes values at more than $1 billion, including several other properties in the region.
The resort adds to Ellison's real estate portfolio, which Forbes values at more than $1 billion, including several other properties in the region.
Andresen's purchase may be the most expensive ever in California, but the price he spent of about $177 million seems a bargain compared to the estimated $238 million Ken Griffin spent for a New York penthouse in 2019, remaining the most expensive apartment ever purchased in the U.S.
Andresen's purchase may be the most expensive ever in California.
Although the name of Ellison, the seventh richest person in the world, is synonymous with Oracle, a large part of his wealth came from his contribution to electric car company Tesla, where he is the second largest individual shareholder and board member with a 1.5% stake worth up to $17 billion.
While Ellison's name is synonymous with Oracle, a large portion of his wealth came from his contribution to electric car company Tesla, where he is the second-largest individual shareholder and a member of the company's board of directors.
