One more indicator that the bottom feeders are out shopping and picking up some great deals on second homes, even the wealthiest of the wealthy. Larry Ellison, the sixth-richest man in the world, has bought the 249-acre golf course estate of Edra Blixseth for $42.9 million, this according to records filed in Riverside County, California. Last known listing price: $55 million, which was a 27% reduction.
Agent Lisa Bessone of Christie’s International Real Estate on Tuesday confirmed the sale of Porcupine Creek, but declined to divulge the buyer or other details.
Documents obtained by The Desert Sun show a grant deed was recorded on Jan. 28 by Porcupine Properties and the paper/site linked it back to Ellison’s investment holding company.
Ellison was last reported by Forbes to have a net worth of $28 billion. And apparently likes tennis: he bought the Indian Wells Tennis Garden and its world-class BNP Paribas Open tennis tournament in 2009.
The estate has a most colorful history. It was owned by Yellowstone Club founders Tim and Edra Blixseth, and was a central focus of their bitter divorce and subsequent bankruptcy action in Montana. Edra sold the Yellowstone Club, considered the most exclusive private ski home development in the world — though right next door is a far better alternative, Spanish Peaks — to Boston-based private-equity firm CrossHarbor Capital Partners, LLC.
Porcupine Creek ultimately fell into the lap of a trustee for BLX Group, and hit the market early last year for $75 million. Like everything in this market, the asking price was reduced to $55 million.
The estate features an 18,430-square-foot Mediterranean-style main home with hand-painted ceiling murals, an amphitheater and a resort-style pool. There are 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 held 500 or more guests.
Oh and last I heard, Edra re-married.