Oracle’s Larry Ellison Reveals Massive Newport Development Project

Larry Ellison, the cofounder and chairman of Oracle, is undertaking a massive real estate project in Newport, Rhode Island.

The billionaire's private company, SF Pacific, LLC, applied to the city of Newport in 2023 to demolish a waterfront mansion he had purchased in Newport, known as Summerwind. With the demolition of Summerwind, Ellison is now embarking on a new structure in its place: a five-level, approximately 15,000-square-foot mansion.

The plans Ellison submitted to the City of Newport in the summer of 2023 showed a two-and-a-half-story building. In 2023, Ellison's team stated that the project's cost for the new Summerwind was $39,469,260.

According to a GoLocalProv report, Ellison's companies have acquired considerable property in Newport over the years, which has since been consolidated into a single estate. Ellison's agents have stated that a part of the estate would be used as an art museum to exhibit Ellison's extensive art collection, but no formal announcement has been made.

Besides Summerwind, Ellison invested more than $100 million into Beechwood, which makes up part of the historic fabric of the Newport community.

"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 purchased the mansion for a reported $10.5 million in 2020 and spent several years rehabilitating the building.