Thursday, February 10, 2011

Larry Ellison Buys Porcupine Creek

One of the homes on our biggest price drops for 2010 list has found its new confirms that Oracle billionaireLarry Ellison has snapped up Porcupine Creek, a 249-acre golf course estate in Ranch Mirage, California, for $42.9 million. This home originally hit the market for $75 million but last fall it had a price cut to $55 million. Ellison already has ties in the area. In 2009 he bought the nearby Indian Wells Tennis Garden and BNP Paribas Open tennis tournament. Ellison also owns property in Woodside, California, on Malibu's Carbon Beach and last year he purchased the Astor's Beechwood Mansion in Newport, Rhode Island.

Pourcupine Creek was formerly owned by Yellowstone Club founders Tim and Edra Blixseth before an acrimonious divorce got the better of them and their global collection of properties. Porcupine Creek was most recently in the hands of a holding company related to the Yellowstone Club. Blixseth sold the Yellowstone Club last year to CrossHarbor Partners. Porcupine Creek includes a golf club and golf course, a huge 18,400 square-foot main residence, eight guest houses, a pool, spa, gym and an amphitheater. It has hosted many benefits and charity events and in an email to MyDesert Edra Blixseth expressed hope that the estate might serve that function again.


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