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Hot Property: Is Malibu Turning into the Larry Ellison Beach Club?

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By Lauren Beale

(MCT)—The membership roll in Malibu’s unofficial Billionaire’s Beach club is shrinking. Former Yahoo Inc. Chief Executive Terry Semel and his wife, Jane, have sold their spot to Oracle Corp. CEO Larry Ellison, who already has eight other houses along Carbon Beach.

The couple, who had most recently priced their Michael Graves-designed oceanfront compound at $40 million, sold for $36,943,890. The sale is the most expensive so far this year in Malibu.

The three-quarter-acre lot includes three structures. The main house is entered through a three-story rotunda crowned by a skylight. Circular windows and openings throughout the contemporary home lend it a nautical vibe. A copper-roofed screening pavilion doubles as the family den. There is also a two-story guesthouse for a total of nine bedrooms, 13 bathrooms and 10,317 square feet of living space.

A gazebo for outdoor dining sits by the swimming pool and a lawn, which stretches along the 151 feet of beach frontage.

Among the neighbors in the billionaire’s enclave are entertainment mogul David Geffen, former Dodgers Chief Executive Jamie McCourt and business magnate and former junk bond king Michael Milken.

In addition to the Carbon Beach houses, Ellison owns commercial property along the sand that includes the Nobu Malibu restaurant.

Ellison, 68, is ranked as the third wealthiest person in the U.S. by Forbes with a net worth of $41 billion as of September. He made an estimated $500 million deal this year to buy 98 percent of the Hawaiian island of Lanai.

©2012 Los Angeles Times
Distributed by MCT Information Services

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