Billionaire Larry Ellison bought a luxurious 309-room waterfront resort south of Palm Beach and built a real estate empire that stretches from the east coast to Hawaii.
Ellison – one of the richest men in the world with an estimated net worth of $162 billion, according to Forbes – bought the Eau Palm Beach Resort & Spa in Manalapan, a 1950s estate that served as a playground for the Fords, Roosevelts and Vanderbilts.
The Oracle co-founder bought the property for an undisclosed price from the Lewis Trust Group, which has owned the resort since 2003, the company said Friday.
When the company first floated the idea of selling in 2019, it reportedly wanted about $1 million per room—more than $300 million, according to The Palm Beach Post.
“While we regret the end of our tenure, we are delighted that Larry Ellison will cherish the resort and lead its hoteliers to even greater heights,” Simon Lewis, head of the London-based venture capital firm, said in a statement.
Two years ago, Ellison shelled out $173 million for a residential property a few miles down the coast in Manalapan, breaking the Sunshine State’s record for the most expensive sale in history.
His extensive portfolio includes ownership of 98% of the Hawaiian island of Lanai as well as hotel properties such as the Nobu hotels in Malibu and Palo Alto, California.
His primary residence is his island in Hawaii.
Ellison (via Oracle) and the resort did not respond to requests for further comment.
His newest beachfront property was completed in 2022 after a year-long, multi-million dollar renovation. The Palm Beach Resort’s ballroom and event spaces were remodeled in 2018.
The 3.2-acre resort and hotel features a variety of guest rooms, suites, restaurants and event spaces, as well as a beach, gym and spa.
According to the hotel, Ellison is planning improvements to the resort, but did not provide further details.
The resort’s staff will remain on board, the hotel said.
The property developed into a popular beach club in the 1950s before being demolished in the late 1970s to make way for the resort.
Before the Lewis Group purchased the property in 2003, it was run as a Ritz-Carlton hotel.
According to a report, the London-based group bought the Palm Beach Ritz property for $67.5 million and invested another $100 million over time.
In 2013, it was renamed “Eau,” which means “water” in French, to reflect the beach access and coastal facility.
