Did Larry Ellison know he was about to be shorted more than half of his stock options?
We ask because the billionaire CEO of Oracle Corp. just sold a giant mansion on the shores of Lake Tahoe for $20.35 million.
The Wall Street Journal cites public records that show the sale closed in mid-July; the buyer was a California-based entity called Residential Property Mgmt LLC.
The stock options question is relevant until you consider that Ellison sold this house, which sits on 2.62 acres, and bought another, 7.6-acre estate, also on Lake Tahoe.
Ellison first put the 2.62-acre property on the market last year and listed it for $28.5 million. The mansion comprises 9,242 square feet, six bedrooms, eight full bathrooms and one half bath, the Journal said. There’s also a soundproof screening room, gym, billiard room, library and sauna, plus a large guest house nearby.
Media outlets say Ellison’s new purchase, which will serve as his primary home, is even bigger than the other one.
This week, Oracle decided to cut the number of stock options Ellison receives by more than half, in an attempt to placate investors angry about the company’s executive pay numbers.