2nd Richest Man in the World’s Massive New Newport Project — VIDEO

2nd Richest Man in the World’s Massive New Newport Project — VIDEO

WATCH DRONE TOUR ABOVE

 

 

GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST

Larry Ellison, the cofounder and chair of the board of Oracle, is soon to be one of the new owners of TikTok, and two weeks ago, he was deemed to have eclipsed Elon Musk as the richest man in the world.

Then, just days later, Musk’s wealth was recalculated, and he reclaimed his top ranking from Ellison.

Musk is now estimated to be worth $415 billion, compared to Ellison’s $393 billion, according to Fortune.

While billionaire Ellison is expanding his tech and media empire, a building he has been constructing in Newport for the past couple of years has taken shape.

This new structure should not be confused with the more than $100 million he invested in Beechwood. "The Beechwood mansion on Bellevue Avenue is best known for having been the summer home of Mrs. William Backhouse Astor, Gilded Age Queen of New York and Newport Society," writes the Newport Historical Society.

Ellison's company purchased Beechwood, located on Bellevue Avenue, in 2010 for a reported $10.5 million and then spent years rehabbing every inch of the building.

Along with other notable billionaires like Blackstone's Stephen Schwarzman, and the Los Angeles Dodgers and Lakers owner Mark Walter, Ellison is returning Newport to a modern Gilded Age.

 

Original Summerwind Demolished

Ellison’s company, SF Pacific, LLC, in 2023 applied to the city of Newport to tear down another waterfront mansion he purchased — known as Summerwind. 

Now, Summerwind has been torn down, and the new structure has taken form.

 

 

The new structure is a massive edifice with five levels of scaffolding wrapped around the building. GoLocal sent a drone up from the waterfront, on the eastern side of the property, to look at the developments of the project. The living space is 15,000 square feet, according to the submission to the City of Newport.

The plans submitted to the City of Newport in the summer of 2023 showed a two-and-a-half-story building.

The description of the new structure submitted to the city stated, “The proposal for a new Summerwind conforms to all the requirements of the Newport Standards and the National Landmark District of which it is a part… The 2 ½ story building with hipped roof is organized around an entry bay projecting slightly from the main block."

Ellison's team claimed in 2023 that the cost of the project for the new Summerwind was $39,469,260.

 

 

 

 

The properties Ellison's companies have acquired have been consolidated into a single estate. Over the years, Ellison's agents have stated that a portion of the estate would be used as an art museum for Ellison's art collection, but no formal announcement has been made.

GoLocal reached out to Oracle and Ellison's attorney in Newport for comment about the project. They did not return calls, emails, or text messages.