Oracle CEO Pays $42.9M For Rancho Mirage Estate
RANCHO MIRAGE (CBS) — One of the richest people in the world is the new owner of Porcupine Creek, a Rancho Mirage estate that features a 240-acre private golf course.
Larry Ellison, ranked as the world's sixth-richest person by Forbes magazine in 2010, purchased the estate of Edra Blixseth for $42.9 million, according to The Desert Sun.
Ellison, 66, is the founder and chief executive officer of Bay Area-based Oracle Corp., one of the world's biggest business software and hardware companies. Ellison reportedly has a personal fortune of about $27 billion.
Blixseth confirmed the sale to the Desert Sun.
"Porcupine Creek was and is near and dear to me," she said. "It will now have that again. It's in great hands and will be enjoyed as it should be."
The property was initially listed for $75 million when it was put up for sale early last year.
Blixseth, who founded The Yellowstone Club in Montana with her ex-husband, was forced into personal bankruptcy in the wake of the Chapter 11 bankruptcy of the invitation-only Montana residential club. Blixseth reportedly hoped to keep Porcupine Creek and make its 18-hole golf course produce income.
Ellison, whose main estate is in Woodside in Northern California, will now have digs close to the Indian Wells Tennis Garden that he bought in 2009.
Last year, Ellison purchased a 50 percent share in the BNP Paribas Open that's held annually at the Tennis Garden. His investment saved one of the top tennis tournaments in the United States from being sold and moved outside the country.
The expansive Rancho Mirage property he bought features an 18,430-square-foot Mediterranean-style mansion with a resort-style pool, hand-painted ceiling murals and an amphitheater. Nearby are eight two-bedroom guest houses and a gym spa.
The estate often hosted upwards of 500 people for charity events, which Blixseth says she expects will continue.
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