Oracle Billionaire Larry Ellison Acquires Palm Beach Resort Priced at $300M
Billionaire Larry Ellison has recently made headlines by purchasing a luxurious 309-room waterfront resort located just south of Palm Beach, significantly expanding his extensive real estate portfolio that stretches from the East Coast to Hawaii.
Key Details of the Acquisition
With an estimated net worth of $162 billion, according to Forbes, Ellison acquired the Eau Palm Beach Resort & Spa in Manalapan, a historic property established in the 1950s that has long served as a retreat for prominent figures, including the Fords, Roosevelts, and Vanderbilts. The resort was previously owned by the Lewis Trust Group, which acquired it in 2003 and sought approximately $1 million per room in 2019, totaling over $300 million, as reported by The Palm Beach Post. Simon Lewis, the principal of the London-based venture capital firm, stated, “While we are saddened to conclude our time here, we are pleased that Larry Ellison will cherish the resort and elevate its hospitality.”
Ellison’s Real Estate Portfolio
Ellison is no stranger to high-profile real estate transactions. His impressive portfolio includes 98% ownership of the Hawaiian island of Lanai and several hospitality ventures, such as Nobu hotels in Malibu and Palo Alto, California. Two years ago, he made headlines by acquiring a residential property in Manalapan for $173 million, setting a record for the highest sale in Florida’s history.
Resort Features and Renovations
The resort recently underwent a year-long, multi-million dollar renovation, completed in 2022, following a remodeling of its ballroom and event spaces in 2018. Spanning eight acres, it features a variety of guest rooms and suites, dining options, event spaces, a beach, gym, and spa. Plans for additional improvements have been announced, although specific details remain undisclosed. The current staff will continue in their roles, ensuring a seamless experience for guests.
Historical Context
Originally a popular beach club in the 1950s, the property was demolished in the late 1970s to make way for the current resort. Before its acquisition by the Lewis group in 2003, it operated as a Ritz-Carlton hotel, which they purchased for $67.5 million and invested an additional $100 million in renovations over the years.
For more updates on Larry Ellison’s latest acquisition and developments in the Palm Beach resort scene, stay tuned!
