Oracle co-founder Larry Ellison has sold his longtime home in San Francisco’s exclusive Pacific Heights neighborhood. The off-market transaction closed for $45 million, marking a significant sale in the city's luxury real estate market.
The tech billionaire had owned the modernist property for more than three decades, having purchased it for a reported $3.9 million. The sale represents a substantial return on his original investment in one of the nation's most expensive residential areas.
Key Takeaways
- Larry Ellison sold his Pacific Heights, San Francisco residence in a private, off-market deal.
- The final sale price was $45 million.
- Ellison originally purchased the property over 30 years ago for approximately $3.9 million.
- The home underwent a major remodeling by architect Olle Lundberg after its initial purchase.
A Quiet, High-Value Transaction
The sale of the Pacific Heights property was conducted privately, without a public listing. This method is increasingly common for ultra-high-net-worth individuals seeking discretion in their real estate dealings. The final price of $45 million underscores the continued strength and appeal of trophy properties in prime San Francisco locations.
Details about the buyer have not been disclosed, which is typical for off-market sales of this magnitude. The transaction quietly closed, with the information emerging only after the deal was finalized, highlighting the private nature of the agreement between the parties involved.
A Long-Held Asset Sees Massive Growth
Mr. Ellison acquired the home over three decades ago, at a time when San Francisco's real estate landscape was vastly different. His initial investment of $3.9 million has now yielded a return that showcases the incredible appreciation of property values in the Bay Area over the long term.
Remarkable Return on Investment
Comparing the initial purchase price of $3.9 million to the $45 million sale price reveals an approximate 1,053% increase in the property's value during Ellison's ownership. This figure does not account for the costs of extensive renovations or property taxes over the years.
This sale is not just a personal financial success for Ellison but also a barometer for the health of the ultra-luxury real estate sector. It demonstrates that despite market fluctuations, premier homes in world-class locations continue to command premium prices from discerning buyers.
Architectural Vision and Modernist Design
Soon after purchasing the home, Ellison commissioned a significant remodel to transform the property. He enlisted the expertise of architect Olle Lundberg, principal of the San Francisco-based firm Lundberg Design, known for its distinctive and modern aesthetic.
Lundberg’s work often incorporates industrial materials and a clean, minimalist approach, creating spaces that are both functional and visually striking. The remodel reshaped the residence into a modernist home tailored to Ellison’s specifications. While images of the interior are scarce due to the private nature of the home, the choice of architect points to a sophisticated and custom-designed living space.
Who is Olle Lundberg?
Olle Lundberg and his firm, Lundberg Design, are celebrated for their work on high-end residential and commercial projects. Their philosophy often involves a deep respect for materials and craftsmanship, blending raw, industrial elements with refined finishes. The firm's portfolio includes notable projects for other tech executives and wineries in Northern California.
The architectural pedigree of the home, combined with its location, undoubtedly contributed to its high valuation and appeal to the eventual buyer.
Ellison's Extensive Real Estate Portfolio
While the $45 million sale is significant, it represents just one part of Larry Ellison's vast and diverse real estate portfolio. The Oracle co-founder is one of the world's most prolific collectors of luxury properties.
His holdings are legendary and include:
- Lanai, Hawaii: In 2012, Ellison purchased approximately 98% of the Hawaiian island of Lanai for an estimated $300 million. He has since invested heavily in developing the island's infrastructure and luxury resorts.
- Woodside, California: His primary residence is a sprawling, 23-acre Japanese-style estate in Woodside, which reportedly cost over $200 million to build.
- Malibu, California: Ellison owns a collection of more than a dozen properties along Malibu's exclusive Carbon Beach, often referred to as "Billionaire's Beach."
- Lake Tahoe: He also owns several properties in the Lake Tahoe area, including a large compound in the gated community of Incline Village.
The sale of his San Francisco home may indicate a strategic consolidation of his assets or simply a decision to part with a property that was no longer a primary residence. Regardless, it reflects the ongoing management of one of the most impressive private real estate collections in the world.
Pacific Heights: A Neighborhood of Prestige
The location of the sold property, Pacific Heights, is central to its value. Known for its panoramic views of the Golden Gate Bridge, Alcatraz, and the San Francisco Bay, it has long been the city's most prestigious and expensive neighborhood.
The area is home to a mix of historic Victorian mansions and modern architectural homes, attracting a clientele of tech executives, venture capitalists, and old-money families. Real estate prices in Pacific Heights are consistently among the highest per square foot in the United States. The sale of Ellison's home at $45 million reinforces the neighborhood's status as a haven for ultra-luxury real estate.
