Larry Ellison Pays $277M for Oceanfront Hotel Near Palm Beach, Fla.
By Julia Echikson August 14, 2024 1:50 pm
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Billionaire Larry Ellison paid $277 million for a luxury oceanfront hotel near Palm Beach, Fla., making it one of South Florida’s largest hospitality sales so far this year, property records show.
Called Eau Palm Beach Resort, the 337,437-square-foot property is home to 310 rooms at 100 South Ocean Boulevard in Manalapan, about two miles south of Palm Beach. The six-story building stands on eight acres.
Ellison plans to make upgrades to the property, according to a press release.
The purchase also includes a 2.8-acre parking lot, which houses a one-story, 2,300-square-foot office building across the Intracoastal Waterway in Lantana at 499 Greynolds Circle, according to the deed.
The Lewis family bought the resort for $67.5 million in 2003, 12 years after it was completed, according to records. The family had reportedly sought $300 million for the property.
The transaction comes about two years after Ellison bought a 16-acre, oceanfront compound, also in Manalapan, for $173 million. Ellison, who cofounded software company Oracle, is the world’s fifth-richest person with an estimated net worth of $167 billion.
Eastdil Secured represented the Lewis family in the hotel sale. Representatives for the Eau hotel declined to comment. Ellison could not be reached for comment.
In another billionaire South Florida hospitality move, Michael Dell’s MSD Capital is set to close on $1 billion to refinance the Boca Raton Resort & Club, which the family office had purchased for $875 million in 2019.
Julia Echikson can be reached at jechikson@commercialobserver.com.
