Tech Mogul Drops $71.6 Million on Palo Alto Hotel

    Larry Ellison, co-founder of Oracle Corp., has purchased a California hotel for $71.6 million–roughly $832,500 per room, according to Silicon Valley Business Journal.

    The Epiphany Hotel, located in downtown Palo Alto, has 86 rooms. This buy is the latest in a string of pricey property purchases for the billionaire, who spent $500 million on a portion of the Hawaiian Island of Lanai in 2012 and approximately $250 million on properties in Malibu, including Casa Malibu Inn.

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