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Significant Functional Obsolescence?

Significant Functional
Obsolescence?

This
is how the rich play the game…

Larry
Ellison, ranked 12th on the Forbes 500 list with a net worth of $25 billion,
has bagged a $3 million tax break after arguing that his flamboyant Japanese-style
estate in Woodside is functionally obsolete.

The
chief executive officer of software giant Oracle Corp. will be paid from
San Mateo County property taxes collected this year, which otherwise would
have gone to schools, the county general fund and cities, among other
things, Deputy Controller Kanchan Charan said. The hit to schools alone
will be nearly $1.4 million.

Ellison’s
Octopus Holdings LP acquired the 23-acre site in May 1995 for $12 million
and spent nine years constructing the lavish property, modeled on a Japanese
emperor’s 16th century country residence, according to the San Mateo assessment
appeals board.
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on
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