In a surprising move, Oracle software billionaire Larry Ellison has acquired the stunning Eau Palm Beach Resort & Spa located in Manalapan, Florida. The exact price of the acquisition remains undisclosed, adding an air of mystery to the transaction. The seller, London-based Lewis Trust Group, initially purchased the property back in 2003 when it was operating under the prestigious Ritz-Carlton brand. At that time, the purchase price stood at $67.5 million, showcasing the remarkable appreciation of the property over the years.
Despite the attempt to sell the hotel in 2019 at a staggering price of $1 million per key, the right buyer was not found. Subsequently, the property underwent a rebranding in 2013, becoming the independent entity we know today. Under the umbrella of the Preferred Hotels & Resorts Legend Collection, Eau Palm Beach Resort & Spa has carved out its own niche in the market. The recent multimillion-dollar renovation in 2022 has further elevated the resort’s status, setting the stage for a new chapter under Larry Ellison’s ownership.
Originally established as La Coquille Club in the 1950s, the resort boasts a rich history that dates back decades. The property has undergone several transformations, with the Simon family acquiring permission to demolish the original club and construct the Ritz-Carlton Palm Beach in the early 1990s. Over the years, the resort has been a haven for elite guests, including notable families such as the Fords, Vanderbilts, and Rockefellers. The allure of the property has only grown stronger with time, attracting a discerning clientele seeking luxury and exclusivity.
Larry Ellison, known for his visionary leadership and bold investments, has expressed his commitment to further enhancing the resort’s offerings. With a diverse portfolio of luxury properties under his belt, including the Four Seasons Resort Lanai and Nobu Ryokan Malibu, Ellison brings a wealth of experience to the table. His plans for Eau Palm Beach Resort & Spa include additional investments to elevate the guest experience and solidify its position as a premier destination in South Florida. As a local resident with a nearby estate, Ellison’s personal connection to the area adds an extra layer of investment and dedication to the resort’s success.
The acquisition of Eau Palm Beach Resort & Spa by Larry Ellison marks the beginning of an exciting new chapter for this iconic property. With a blend of history, luxury, and visionary leadership, the resort is poised to reach new heights under Ellison’s ownership.