Tech entrepreneur Bill Gates and his wife Melinda Gates have paid $43 million for an oceanfront home near San Diego, Calif., in one of the largest deals recorded in the area.

The Del Mar property was most recently on the market for $48 million and the deal closed in late March, according to listings website Realtor.com. The Gateses bought the home from Madeleine Pickens, the former wife of Texas billionaire T. Boone Pickens. When reached by phone, Ms. Pickens said she wished the new owners well.

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