Topline
Billionaires Marc Andreessen and Larry Ellison both dug into their deep pockets in real estate transactions reported Friday, as Andreesen made the largest-ever home purchase in California while Ellison shelled out $345 million for a resort on Lake Tahoe.
Key Facts
Andreesen, head of venture capital firm Andreesen Horowitz, paid $177 million for the Malibu estate, topping the $165 million Amazon founder Jeff Bezos spent on a Beverly Hills property last year, according to the Wall Street Journal.
The 7-acre oceanfront property has a 10,000-square foot manor house, a spa and “little French bistro,” per WSJ.
Ellison, chairman and cofounder of Oracle, bought the Hyatt Regency Lake Tahoe Resort, Spa and Casino through his Lawrence Investments firm, the Tahoe Daily Tribune first reported.
The 422-room property will continue to operate as a Hyatt Regency, and a Hyatt spokesperson told the Tribune, “There will be no business disruption with this transfer of ownership at this time.”
The Lake Tahoe resort adds to Ellison’s real estate portfolio estimated to be worth well over $1 billion by Forbes, including multiple other properties in the region.
Surprising Fact
Andreessen’s Malibu purchase may be the most expensive ever in California, but the $177 million price tag seems like a steal compared to the $238 million Ken Griffin paid for a New York City penthouse in 2019, which remains the most expensive home ever purchased in the U.S.
Tangent
Though Ellison is known for Oracle, the seventh-wealthiest person in the world also has made a large fortune on Tesla. Ellison, who is Tesla’s second-largest individual shareholder and sits on the company’s board, has a 1.5% stake in Tesla that’s worth $17 billion.
Further Reading
How Much Larry Ellison Has Made On Tesla Stock (Forbes)
Andreessen Horowitz Is Blowing Up The Venture Capital Model (Again( (Forbes)