Oracle’s Larry Ellison Buys Palm Beach Mansion
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Oracle’s Larry Ellison Buys Palm Beach Mansion

The final price for hedge-funder Gabe Hoffman’s estate was just over the $100 million asking price

By Katherine Clarke
Fri, Apr 16, 2021 11:59amGrey Clock 2 min

Oracle co-founder Larry Ellison has purchased a North Palm Beach mansion from hedge-fund manager Gabe Hoffman, the founder of Accipiter Capital Management, for $80 million, according to two people familiar with the deal. The property sold for just above its $100 million asking price.

Mr. Ellison could not immediately be reached for comment.

The oceanfront compound has over 158-metres of ocean frontage in the ultra-pricey Seminole Landing neighbourhood, according to the listing. Seminole is a gated community with 24-hour security.

The estate is one of the priciest ever to have traded in Florida. PHOTO: DOUGLAS ELLIMAN

The 1440-sqmTuscan-style property has seven bedrooms, a home theatre and a wine room. It also includes a tennis court and is one of a handful of properties in Florida where someone could land and take off in a helicopter from the estate, according to the listing.

The property sold for slightly above its asking price. PHOTO: DOUGLAS ELLIMAN

Mr. Hoffman bought the main parcel in 2012 for US$17.5 million and put the house on the market in June 2020, records show. He was not immediately available for comment.

Chris Leavitt and Ashley McIntosh of Douglas Elliman represented Mr. Hoffman. Tonja Garamella of Douglas Elliman represented Mr. Ellison. Both sets of agents declined to comment.


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Judge Blocks Effort to Auction Graceland

Family of Elvis Presley was fighting the attempted sale, alleging fraud

By TALI ARBEL
Sun, May 26, 2024 2 min

A Tennessee judge on Wednesday blocked an allegedly fraudulent attempt to auction off Graceland, the former Memphis home of music legend Elvis Presley and a major tourist destination in the state.

Elvis’s granddaughter, actress Riley Keough , says a company that had planned a Thursday sale was fake and trying to defraud the trust that owns Graceland.

Judge JoeDae Jenkins in Chancery Court in Shelby County, Tenn., granted the injunction to stop the auction, according to a court clerk. The court had granted Keough a temporary restraining order on the sale last week.

The auction was initiated by an entity called Naussany Investments & Private Lending. It had filed a public notice for a foreclosure sale in Tennessee, alleging Lisa Marie Presley , Elvis’s only child, defaulted on a $3.8 million loan it made to her. The group said it now owns Graceland because Presley defaulted on the loan.

Presley, Keough’s mother, controlled the Graceland trust until her death in January 2023 . Keough then took over as trustee.

Lawyers for Keough said Naussany’s loan documents are forgeries, and the firm “appears to be a false entity created for the purpose of defrauding” the trust that owns Graceland, Presley’s heirs or any purchaser of Graceland.

Elvis Presley Enterprises, which manages Graceland, has also said Naussany’s claims were fraudulent. “There will be no foreclosure,” said Elvis Presley Enterprises spokeswoman Alicia Dean . “Graceland will continue to operate as it has for the past 42 years.”

Keough’s lawyer declined to comment.

Naussany Investments and Kurt Naussany, named in the complaint as acting on behalf of the entity, couldn’t be reached for comment. A phone number listed in the complaint didn’t work, and emails sent to associated addresses weren’t answered. The Wall Street Journal couldn’t separately find contact information for a Kurt Naussany. A lawyer for the entity couldn’t be identified.

The Graceland complex in Memphis, which includes an exhibition center and a 450-room hotel, attracts hundreds of thousands of visitors annually.

Elvis bought the property in 1957, when he was 22 and an ascendant star. He died in 1977 at the age of 42 and is buried on the Graceland property. Graceland opened to the public in 1982.

Lisa Marie Presley’s mother, Priscilla Presley , reached a settlement in 2023 with Keough over who would control the trust. The settlement came after Priscilla Presley challenged a 2016 amendment to the trust filed by Lisa Marie Presley that removed her mother as trustee.

MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

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Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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