Clarence P. Cazalot Jr., the executive chairman of Marathon Oil, has purchased a penthouse condominium in The Crescent at University Lake for nearly $2.3 million.

Cazalot and his wife, Margaret Ann Andrews Cazalot, bought the Stanford Avenue property from developer Mike Wampold earlier this month. Wampold said the 4,800-square-foot unit sold for about $500 a square foot.

“It’s a great number,” Wampold said.

Cazalot, a native of New Orleans, graduated from LSU in 1972 with a bachelor’s in geology. In July he stepped down after 11 years as president and CEO of Marathon. Since then, Wampold said Cazalot has been spending more time in Baton Rouge.

The Crescent at University Lake has been open for five years. Wampold lived in the penthouse unit and used it for parties and fundraisers.