Bill and Melinda Gates bought an oceanfront property near San Diego last year.
Gates, who rose to prominence as co-founder of Microsoft, bought the Del Mar, California home for $43 million, the Wall Street Journal first reported. It was reportedly one of the largest ever sales in the area.
The Del Mar property was last on the market for $48 million before it was purchased by the Gates in late March 2020. It was previously owned by Madeleine Pickens, the ex-wife of Texas billionaire and hedge fund manager T. Boone Pickens.
Now, he reportedly plans to spend roughly that same amount to renovate it.
Cheung has submitted plans to the Westminster City Council for an extensive renovation of the 62,000-square-foot mansion at 2-8A Rutland Gate in Knightsbridge. Per a website that shares information on the renovation, the house is “heavily dilapidated” and requires “extensive refurbishment prior to occupation.”
Experts told the Sunday Times that Cheung’s proposed renovations could cost as much as 200 British pounds, or about $276 million – which is slightly higher than the price he paid for the home last year via his private family office. A spokesperson for the renovation project declined to comment for this story.
Peter Wetherell, chairman of the Wetherell real-estate agency in Mayfair, told Insider that after its renovation, 2-8A Rutland Gate could be worth “anything from £310 million to over £500 million, either way the most valuable private home in London.”
When Cheung bought the property in January 2020, he had not yet decided whether he would live in the mansion himself or turn the building into apartments, his spokesperson told The Wall Street Journal at the time. But according to the Rutland Gate renovation website, the property is now intended to be the new owners’ family home in London.
The proposals for the home include altering, repairing, and demolishing parts of the building’s façade, according to the website. The owner also wants to change the internal layouts, demolish and remodel the fourth and fifth levels, excavate the basement, and add nearly 11 feet to the building’s overall height.
Pending approval from the city council, construction will start in the fourth quarter of 2021 and the family will move in in early 2025. A spokesperson for Cheung’s company did not immediately respond to Insider’s request for comment for this story.
When it comes to Cheung’s personal and family life, he’s known for staying under-the-radar, according to Bloomberg. His real-estate purchases, on the other hand, often make headlines.
Cheung isn’t the only Hong Konger who’s been snapping up property in London lately. As Bill Bostock reported for Insider, Hong Kong residents have been rushing to snap up luxury real-estate in the UK capital since China imposed a new national-security law on Hong Kong last summer.
Once a rarity, homes priced at £100 million ($139 million) or higher are becoming more and more common in London, creating a new “giga-prime market for billionaire buyers,” according to Wetherell. About 20 homes in central London that are built or in development are currently valued at around £100 million, he said.
“Billionaires like owning trophy homes in London because it is good for their image,” Wetherell said in a recent report from his agency. “… And they also like London because each decade property prices go up, so the value of their property assets increase.”
Chris Leavitt, Ashley McIntosh, and Tonja Garamella of Douglas Elliman handled the transaction and declined to comment on the deal.
Ellison said in December that he had moved from California to Lanai, the Hawaiian island he owns.
After Ellison announced in December that he’d be moving Oracle’s headquarters from Redwood Shores, California, to Austin, Texas, he got questions from employees about whether he was also moving to Austin, Recode reported.
“The answer is no. I’ve moved to the state of Hawaii and I’ll be using the power of Zoom to work from the island of Lanai,” Ellison wrote in an email to staffers.
At 7.35 acres, his new Palm Beach property is the third-largest oceanfront parcel of land in Palm Beach County, according to the listing.
Ellison’s newest home purchase adds to the billionaire’s already impressive real-estate collection.
He also owns a 23-acre estate in Woodside, California, and a home in San Francisco’s Pacific Heights neighborhood, multiple homes on Malibu’s “Billionaire’s Beach,” and several properties in Lake Tahoe.
An Oracle representative did not respond to Insider’s request for comment for this story.
The 12-bedroom Florida home is in the exclusive Isleworth community, a 600-acre golf-club community bordering a lake that’s full of grand cypress and oak trees, and lavish estates. A website for the house touted a message for potential buyers: “Live life large, live like Shaq.”
Compass Florida’s Atlas Team agents Tiffany Pantozzi, Jared Ringel, and Chris Franciosa held the listing.
Here’s a look at the mansion O’Neal sold after nearly 28 years of ownership.
Retired NBA star Shaquille O’Neal just sold his lakeside estate in Windermere, Florida, for $16.5 million.
He first put it on the market in 2018 for $28 million and then dropped the price to $21.9 million in 2019. It was further discounted to $16.5 million in 2020.
But one affluent New Yorker – fashion designer Tommy Hilfiger – is giving up his Greenwich property and moving to sunnier climes. Hilfiger just sold his 22-acre estate for $45 million, after putting it on the market in September for $47.5 million, Sotheby’s International Realty told Insider.
The lavish estate includes a 13,344-square-foot main residence built in 1939, rose and water gardens, a swimming pool, tennis court, guest cottage, greenhouse, and detached four-bay garage. Janet Milligan of Sotheby’s International Realty held the listing.
Take a look at the property.
Fashion designer Tommy Hilfiger just sold his 22-acre estate in Greenwich, Connecticut, for $45 million, listing brokerage Sotheby’s International Realty told Insider.
“I hear from my friends in real estate that the market is very strong, and it hasn’t been this strong in years,” Hilfiger told the Wall Street Journal in September, when he put the property up for sale for $47.5 million.