Former Oracle CEO Larry Ellison recently just made another big real estate purchase. The billionaire recently bought The Epiphany Hotel in downtown Palo Alto, California.
According to Silicon Valley Business Journal, Ellison has always had the penchant for buying luxury or "trophy" properties.
The Epiphany Hotel is also in the same vicinity as Stanford University and University Avenue. Its former proprietor is Joie de Vivre Hospitality, based in San Francisco.
The hotel has 86 rooms that are well-kept and luxuriously furnished. Palo Alto is also a booming district when it comes to real estate, as prices soar to up to $1,000 per foot. When it comes to location, Ellison definitely picked a prized one to invest in.
This isn't the first hotel Ellison has purchased. The Los Angeles Times reports that he has shelled out as much as $250 million on a string of homes at the beachfront in Malibu, California alongside a tennis club, an inn and a restaurant. The source also says that the tech CEO has always dreamed of becoming an architect; hence, his investments on the best properties in the country.
The multi-billionaire now owns the island of Lanai in Hawaii, and that reportedly cost him a staggering $500 million. Reports indicate that he owns 97 percent of the island, which is also home to 3,200 people. Lanai residents don't seem to complain about his ownership, as they reportedly believe that he's been able to take care of them as well as their home.
Larry Ellison's current net worth is at $49.3 billion. He is the third richest American and the fifth richest man in the world. He is a programmer by trade, and back in 2013, he has announced his desires of stepping down as Oracle's CEO.
