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New York Post
Oracle billionaire Larry Ellison buys Palm Beach resort that was seeking $300M
By Taylor Herzlich,
3 hours ago
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.
Oracle co-founder and billionaire Larry Ellison (above) has purchased Eau Palm Beach Resort & Spa for an undisclosed price. Getty Images
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.
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.
Ellison already owns many hotels. Eau Palm Beach Resort & Spa The Lewis Group purchased the resort and spa in 2003 for $67.5 million and invested about $100 million more into the property over the next few years. DAMON HIGGINS/THE PALM BEACH DAILY NEWS / USA TODAY NETWORK The original property played host to some of America’s most prominent families. The Palm Beach Post via ZUMA
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