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 more than $8 billion in a deal that closed earlier this year. The elder Ellison would later replace Shari as the media giant’s largest shareholder.
The wealthy families have apparently continued their hustle and bustle. Ellison purchased Unit 2508 for $10.1 million and Unit 2501 for $13.9 million with the same trust that takes control of Paramount’s licensed television channels. Both deals appear to have taken place off-market.
Ellison apparently isn’t deterred by the recent controversy surrounding the hotel, which has private units for sale.
Residents of 795 Fifth Avenue sued the co-op board earlier this month over a proposed $2 billion sale of the building, which they claim would force them out of their apartments and lose their share of the proceeds.
The complaint alleges that the co-op’s board had drawn up a term sheet in September with an unidentified LLC allegedly linked to the Khashoggi family, which would merge the building into the Brunei-owned Dorchester Collection.
The furor included high-profile owners such as fashion designer Tory Burch, a named plaintiff, against U.S. Secretary of Commerce Howard Lutnick, who bought the penthouse for $44 million in 2017 and reportedly helped prepare the building for sale.
J. Paul Getty opened in 1930, 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 residences.
Residents complaining about deteriorating maintenance and services have not stopped high-profile buyers from filing a claim in the historic building.
In March, former Disney CEO Michael Eisner purchased a condo worth $4.3 million. In a sign of its declining value, Eisner paid the same price the seller bought it for in 2004.
In addition to dropping $8 billion on the media company, Ellison has also been doing a bit of buying himself. Earlier this week, an entity affiliated with 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, Florida for more than $277 million, following his purchase of an estate in the same wealthy enclave for $173 million in 2022.
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