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Larry Ellison Buys Porcupine Creek

One of the homes on our biggest price drops for 2010 list has found its new owner. MyDesert.com confirms that Oracle billionaire Larry 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.

[Thanks, Spec.]

Gallery: Porcupine Creek

Tags: edra blixeth, larry ellison, oracle, porcupine creek

Larry Ellison Becomes A Tennis Titan

by Deidre Woollard (RSS feed) —

Filed under: Sports, Wealth

We knew tech billionaire Larry Ellison was into yacht racing but he is also a tennis enthusiast. This week he announced that he bought the ATP-WTA Indian Wells Masters event and the stadium where it is played. The tennis event will be held this year from March 8-21 in the Californian desert. Ellison bought the tournament and its grounds at Rancho Mirage from owners and founders Charlie Pasarell and Raymond Moore, former players and principals of PM Sports Management. He may have spent as much as $100 million on the facility. In a press release Ellison said he loves tennis and looks forward to being in Indian Wells each March to host the tournament.

According to an article in The Desert Sun, Indian Wells city officials are happy that Ellison is on board and hopeful that he will turn the Indian Wells Tennis Garden into a premier entertainment venue. There is also hope that the project will be beneficial to the entire Coachella Valley and that the stadium will become more than a one-event venue. The Indian Wells Tennis Garden opened in 2000 and has also hosted concerts including Eagles, Tom Petty and Andrea Bocelli and an annual Phoenix Suns NBA preseason game. Last year's BNP Paribas Tennis Tournament at Indian Wells was won by Rafael Nadal.

Gallery: The lavish world of Larry Ellison

Gallery: Scenes From The BNP Paribas Open 2009 at Indian Wells

Tags: andy roddick, AndyRoddick, bnp paribas, BnpParibas, indian wells tennis garden, IndianWellsTennisGarden, larry ellison, LarryEllison, oracle, rafael nadal, RafaelNadal, tennis tournament, TennisTournament

Girard-Perregaux America's Cup Watch

by Deidre Woollard (RSS feed) —

Filed under: Timepieces / Watches

How many logos can one watch have? This Girard-Perregaux watch created for the 32nd edition of the America's Cup has to serve three masters. It carries the Girard-Perregaux logo as well as the logos of BMW and Oracle since this is the ladies chronograph for the BMW Oracle sailing team. The 32mm watch has a sapphire crystal with anti-reflective coating and a back that bears an etching of the boat. The watch's movement is the automatic column-wheel Girard-Perregaux caliber GP030C0 beating at 28,800 bph.

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Tags: america's cup, bmw, chronograph, oracle