Larry Ellison, an American business magnate, co-founder and chief executive officer of Oracle Corporation, has bought the 249-acre estate that once belonged to Yellowstone Club founders Tim and Edra Blixseth called Porcupine Creek in Rancho Mirage, Calif.
The sixth richest person in the world, Ellison, paid $42.9 million for the property, according to the Desert Sun.
The home was initially listed on the market for $75 million last February. Then finally reduced 27 percent to $55 million over the original asking price. The property hit the market following Tim and Blixseth’s very public financial and marital battles.
Ellison got the property for almost half-price by the amount. Agent Lisa Bessone of Christie's International Real Estate confirmed the sale of Porcupine Creek.
The Desert Sun obtained documents that show a grant deed recorded on Jan. 28 by Porcupine Properties, and the paper/site then linked the paperwork trail back to Ellison's investment holding company.
The estate has an 18,430-square-foot Mediterranean-style main home, located in the heart of the sun-drenched city of Rancho Mirage at the base of the Santa Rosa Mountains.
The home has hand-painted ceiling murals, an amphitheater and a resort-style pool. With eight two-bedroom guest houses, a gym, spa, an outdoor party grotto with a full-size stage, and commercial kitchens, the private home has been the scene for numerous charity events that often drew 500 or more guests.
The estate also features an 18-hole golf course, was ranked 13th best in California by Golf Digest, tucked into the base of the Santa Rosa Mountains.
Desert Sun also reported that Edra Blixseth confirmed the sale to Ellison in an e-mail.
“Porcupine Creek was and is near and dear to me,” she wrote, noting it was a special place that needs the flow and energy of people.
“It will now have that again: It's in great hands and will be enjoyed as it should be,” she wrote. “I believe she (the property) will once again be helpful to charities, and that warms my heart.”
Ellison has a personal wealth of $27 billion as of 2010. According Wall Street Journal, Ellison is the best-paid executive of a public company in the last decade, taking home about $1.84 billion in compensation.