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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. ....