Larry Ellison buys Palm Beach resort

Billionaire Larry Ellison has expanded his extensive real estate portfolio with the acquisition of the Eau Palm Beach Resort & Spa in Manalapan, Florida. The luxury 309-room waterfront property, originally built in the 1950s and once frequented by prominent figures such as the Fords and Roosevelts, was purchased for an undisclosed amount, although initial sale estimates suggested a price of over $300 million. Ellison, whose net worth is estimated at $162 billion by Forbes, aims to enhance the resort's offerings following a recent multi-million dollar renovation completed in 2022. The resort, which features a variety of guest accommodations, restaurants, and event spaces, has undergone significant upgrades in recent years, including a remodel of its ballroom and event areas in 2018. Simon Lewis, principal of the previous ownership group, expressed confidence in Ellison's stewardship of the property, stating that the resort will thrive under his guidance. The staff will remain in place, ensuring continuity in service as Ellison plans further improvements. Ellison's real estate ventures are extensive, including ownership of 98% of the Hawaiian island of Lanai and luxury hospitality properties like Nobu hotels in California. His previous record-breaking purchase in Manalapan, a residential property bought for $173 million, underscores his commitment to the region. The acquisition of the Eau Palm Beach Resort marks another strategic move in Ellison's ongoing investment in high-end real estate.