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March 26, 2008

 

By Betsy Schiffman

 

 

Larry Ellison Gets $3M Tax Refund; Screws Local Schools

 

 

Oracle chief Larry Ellison finally got the assessed value of his sprawling 23-acre Woodside home dropped to $69.7 million from $173 million, after a long drawn-out dispute with San Mateo County tax assessors, according to The Almanac.

 

(The "home," designed to resemble a Japanese imperial estate, has a two-bedroom guest house, three cottages, a barn, a five-acre man-made lake, two waterfalls and two bridges.)

 

The upshot: Larry gets a $3 million refund from the county; and the Portola Valley School District loses out on $250,000 to $300,000 in tax revenue, which roughly covers the cost of three teachers, Tim Hanretty, assistant superintendent of the Portola Valley district, told The Almanac.