Billionaire Larry Ellison scooped up a luxury 309-room waterfront resort just south of Palm Beach, boosting a real estate empire that stretches from the East Coast to Hawaii.
Ellison — one of the world’s richest men with an estimated $162 billion net worth, according to Forbes — purchased the Eau Palm Beach Resort & Spa in Manalapan, a 1950s-era property that was a playground for Fords, Roosevelts and Vanderbilts.
The Oracle co-founder snagged the property for an undisclosed price from the Lewis Trust group, which has owned the resort since 2003, the company said Friday.
The firm was reportedly seeking about $1 million per room when they first began floating the idea of a sale in 2019 – or more than $300 million, according to The Palm Beach Post.
“Though we are sorry to bring our tenure to a close, we are gratified in knowing that Larry Ellison will treasure the resort and guide its hoteliers to even greater heights,” Simon Lewis, principal of the London-based venture capital firm, said in a statement.
Ellison plunked down $173 million for a residential property a few miles down the coast in Manalapan two years, which broke the Sunshine State’s record for priciest sale in history.
His expansive portfolio includes owning 98% of the Hawaiian island of Lanai, along with hospitality properties like the Nobu hotels in Malibu and Palo Alto, Calif.
His primary home is on his island in Hawaii.
Ellison, via Oracle, and the resort did not respond to requests for further comment.
His newest beach grab completed a yearlong, multi-million dollar renovation in 2022. The Palm Beach resort’s ballroom and event spaces were remodeled in 2018.
The eight-acre resort and hotel includes a variety of guest rooms, suites, restaurants and event spaces, as well as a beach, gym and spa.
Ellison plans to make improvements to the resort, according to the hotel, though it did not specify further.
The resort’s staff will stay on board, the hotel said.
The property emerged as a popular beach club in the 1950s before being demolished around the late 1970s to make room for the resort.
Prior to the Lewis group’s purchase of the property in 2003, it was branded as a Ritz-Carlton hotel.
The London-based group bought the Palm Beach Ritz property for $67.5 million, investing another $100 million into it over time, a report said.
It was rebranded as “Eau” in 2013, which means “water” in French, to reflect its beachfront access and coastal decor.
