Larry Ellison Buys Rancho Mirage Estate at Discount

Larry Ellison, the sixth-richest man in the world, co-founder and CEO of Oracle Corporation -- a veteran home collector -- just got a deal on one of the most significant and notorious properties in the country.

In late January, Ellison snagged an 249-acre estate that once belonged to Edra Blixseth called Porcupine Creek in Rancho Mirage, Calif. The reported sales price was $42.9 million, according to records filed in Riverside County. The last-known listing price for the amazing spread was $55 million, which was a 27 percent reduction over the original asking price of $75 million.

Paying $42.9 million, Ellison got the property for almost half-price.