Larry Ellison's Casa Malibu Will Have Low-Cost Rooms… Somewhere Else
The Oracle CEO's architectural firm paid $33,000 to put city-mandated overnight facilities down the coast, not in the oceanfront hotel he bought for $20 million in 2007 and is currently renovating.
This story first appeared in the Aug. 23 issue of The Hollywood Reporter magazine.
Oracle CEO Larry Ellison purchased the scrappy oceanfront hotel Casa Malibu in 2007 for a reported $20 million, and he's finally set to start renovations in the fall.
Now Ellison appears to have paid his way out of city-mandated affordable accommodations on the property by having his architectural firm Studio PCH fork over $33,000 on his behalf to subsidize construction of lower-cost overnight facilities elsewhere along the coast.
"This is a new fund, and this marks the first contribution to it," says Bonnie Blue, senior planner for the city of Malibu.
That means Casa Malibu, where plans call for fewer but larger offerings, will be able to offer higher rates more in keeping with fellow billionaire David Geffen's Malibu Beach Inn down the road, where summer rooms start at $675.