Billionaire Larry Ellison is set to take over more than just Paramount from Shari Redstone.
The founder and former CEO of Oracle bought two units from trusts tied to Redstone and her late father, Sumner Redstone, at the Pierre Hotel for $24 million, according to public records.
Skydance Media, run by Ellison’s son David Ellison, acquired Paramount parent company National Amusements for over $8 billion in a deal that closed earlier this year. The elder Ellison was later reported to be replacing Shari as the media giant’s largest shareholder.
The wealthy families have apparently continued their wheeling and dealing. Ellison purchased Unit 2508 for $10.1 million and Unit 2501 for $13.9 million with the same trust that is taking control of Paramount’s licensed television broadcast stations. Both deals appear to have occurred off-market.
Ellison has apparently not been scared off by the recent controversy swirling around the hotel, which includes private units for purchase.
Residents at 795 Fifth Avenue sued the co-op board earlier this month over a proposed $2 billion sale of the building that they claim would have them vacate their apartments and lose their share of the proceeds.
The complaint claims the co-op board struck a term sheet in September with an unidentified LLC allegedly tied to the Khashoggi family, which would fold the building into the Brunei-owned Dorchester Collection.
The uproar included high-profile owners like fashion designer Tory Burch, a named plaintiff, against United States Secretary of Commerce Howard Lutnick, who bought the penthouse for $44 million in 2017 and allegedly helped prepare the building for a sale.
Opened in 1930, J. Paul Getty bought the Pierre eight years later and turned it into a cooperative in 1959. In 2005, the building underwent a $100 million renovation and now serves as a luxury hotel with private homes.
Residents complaining of deteriorating maintenance and services hasn’t stopped high-profile buyers from staking a claim in the historic building.
In March, former Disney chief executive officer Michael Eisner bought a $4.3 million apartment. In a sign of its waning value, Eisner paid the same price the seller bought it for in 2004.
Beyond an $8 billion media company, Ellison has been on a bit of a buying spree himself. Earlier this week, an entity tied to the Larry Ellison Foundation paid $30 million for a 254-acre wildlife park in Palm Beach.
Last year, Ellison also bought an eight-acre oceanfront resort in Manalapan, Fla. for over $277 million following his $173 million purchase of an estate in the same wealthy enclave in 2022.
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