Oracle billionaire Larry Ellison plans to tear down his $80 million Palm Beach mansion.
He told employees that he became a resident of Hawaii last year and has no plans to move back.
Ellison owns 98% of the island of Lanai, Hawaii's smallest inhabited island.
Larry Ellison is staying in Hawaii full time — and knocking down the $80 million Palm Beach mansion he just bought.
The Oracle billionaire sent an email to employees this week explaining his future plans after reports surfaced that he had purchased a 15,000-square-foot home in South Florida. Ellison confirmed that he had purchased the mansion, but that he's "tearing the house down and not moving to Florida," according to Recode's Theodore Schleifer.