Thursday, June 2, 2011

How A Billionaire Resolves A Fight with His Neighbours

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KOMPAS.com - Billionaire Larry Ellison has finally settled a long-running dispute with his neighbours about overgrown trees " by buying the house next door for $40 million.

The Oracle founder had been battling with his neighbours on his street known as ˜Billionaires Row in a wealthy San Francisco neighbourhood for years over trees that he claims block his view of the bay.

The billionaire, who is reportedly the fifth richest person in the world, complained that two giant redwood trees down the hill from his 10,000 square foot house with five bedrooms in Pacific Heights blocked his panoramic view.

He had tried to sue the married couple who owned the trees for letting them obstruct his view having failed to resolve the dispute through the San Franciscos ˜tree dispute reconciliation system.

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But in the end Mr Ellison resorted to flashing his massive wealth in a bid to get a clear view. He bought the house next door for $40 million.

It is reported that Mr Ellison agreed to by the neighbouring 22-bedroom house, which does not have a garage, but most importantly has a completely unobstructed view of the bay.

The extravagant house was built in 1916 and had been the home of late socialite and philanthropist Dodie Rosekrans. Mr Ellison had previously tried to buy the house of his neighbours with the trees on two separate occasions, but they turned down his offer of $15 million.

It turns out that the entrepreneur may not have needed to buy the property though, after lawyers said they have now reached an agreement with the owners of the offending trees. Mr Ellisons specialist tree lawyer Barri Kaplan Bonapart told CNBC that the lawsuit had been ˜resolved to everyones satisfaction.

Lawyers for his neighbours, the von Bothmers, had argued that they trees were needed to provide privacy from Mr Ellisons frequent social gatherings. They had also claimed that they once caught workers hired by Mr Ellison preparting to cut the trees down. Something Mr Ellison denied.

But their attorney Marie Harabiell said they had now agreed to trim the trees as a part of a settlement that had not involved money. ˜Everyone is looking forward to moving on, she told CNBC.

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