A slowdown in the US real estate market? Think again.
Last week, Internet entrepreneur and billionaire (as well as Netscape founder) Jim Clark published in the Wall Street Journal that he was selling his ocean-view estate in the Palm Beach area of Florida for a crazy price of about $ 173 million.
At the time, Clark had not yet revealed who the mysterious buyer was.
Now, fashionably late, Bloomberg reports that the buyer of the most expensive property ever sold in the state of Florida is none other than billionaire Larry Allison, one of the founders of software giant Oracle.
Allison’s new area includes a 62,000-square-foot Mediterranean-style mansion and several other buildings that are in a property that includes more than 30 bedrooms, according to Bloomberg.
The real estate transaction, in case you were wondering, was done ‘outside the market’, and was of course done privately.
Clark himself made a handsome exit on the sale.
He purchased the estate in early 2021 for $ 94 million, and despite the soaring interest rates and sour economic situation in the U.S., Allison still paid him a handsome 84% premium from the moment the estate was purchased.
Alison is no stranger to the real estate market. Last year, he spent $ 80 million on a North Palm Beach estate he plans to demolish !.
He owns homes in the San Francisco Bay Area and Malibu, as well as 98% of May he purchased in Hawaii for $ 300 million in 2012.
Billionaires have already begun fleeing to South Florida since the virus epidemic, buying as much land and estates there as possible to escape liberal-controlled metro areas that have quickly slipped into anarchy and violence.
Also, Florida is very pro-business and tax-friendly, in contrast to the blue and liberal states.
This week, billionaire Ken Griffin announced that his Citadel company headquarters is moving to Miami.
Griffin, now based in Chicago, said in May that his “patience is running low” when summer arrives in the very violent metro area under the failed leadership of liberal Mayor Lori Lightfoot.
Other companies like Goldman Sachs have already moved their offices to South Florida because New York City has to some extent become another cesspool for the business community.
Some now refer to South Florida as “Wall Street South.”