Deed reveals billionaire Larry Ellison paid $277.4 million for Florida resort

A newly recorded deed reveals that the Oracle co-founder paid $277.39 million for Eau Palm Beach Resort & Spa in Manalapan. The price was not disclosed when the resort announced the sale on Aug. 8.

Court documents released today show that Oracle software billionaire Larry Ellison paid at least $277.39 million for the beachfront Eau Palm Beach Resort & Spa in Manalapan, a wealthy town south of Palm Beach.

As previously reported by the Palm Beach Daily News, the seller of the resort announced the sale on Aug. 8 but did not disclose the price paid for the luxury property.

The amount that changed hands in the transaction could be higher than the price recorded in the deed on August 13. Prices recorded in the Palm Beach County Courthouse sometimes do not reflect real estate commissions, fees, furnishings and other costs associated with closing a real estate transaction.

Ellison knows Manalapan because he owns the city’s largest housing development. He also owns other luxury hotel properties. Forbes estimates Ellison’s net worth at $166 billion, making him the fifth-richest person in the world.

Ellison bought the 300-room, Mediterranean-style resort in Manalapan from Zinfandel Holdings, a Delaware limited liability company affiliated with Lewis Trust Group. The company has a mailing address in Roseville, Calif., according to a deed.

The Lewis family has owned this property since 2003.

The 7-acre Eau Palm Beach Resort & Spa at 100 S. Ocean Blvd. includes a 42,000-square-foot spa, three tennis courts, two pools and more than 30,000 square feet of meeting and event space. The property has eight dining options, including Polpo Palm Beach.

Ellison plans to make improvements to the resort, the sale announcement said, but didn’t provide specifics. “Importantly, the current hotelier team will remain on staff, ensuring a smooth transition and business continuity,” the announcement said.

The deed shows Ellison purchased the property through a Delaware limited liability company called MPB Property. The entity has an address in Walnut Creek, California, the deed shows.

In a prepared statement, Simon Lewis, a principal at London-based Lewis Trust Group, said his family was “gratified to know that Larry Ellison will cherish the resort and lead its hoteliers to even greater heights. While we leave behind countless memories and friends, we will always look back on our long association with Manalapan with gratitude and pride.”

The resort is a member of the Preferred Hotels & Resorts Legend Collection.

In addition to co-founding Oracle, Ellison has been involved in numerous luxury hospitality ventures. His portfolio includes the Four Seasons Resort Lanai and Sensei Lanai in Hawaii; Nobu Ryokan Malibu, Nobu Hotel Palo Alto and Sensei Porcupine Creek in California; and Hyatt Regency Lake Tahoe in Nevada.

The deed shows that in addition to the hotel and tennis courts on the west side of the coastal road, the sale also includes a vacant lot located off-site at 499 Greynolds Circle in Lantana.

According to people familiar with the property, broker Lawrence Moens of Lawrence A. Moens Associates was involved in Ellison’s purchase of the resort. He and Ellison were spotted together touring the resort, sources said.

According to a statement from the center, Lewis Trust Group was advised on the transaction by Eastdil Secured, a global real estate investment bank.

In 2019, the Lewis family floated the idea of selling the resort, according to The Palm Beach Post. However, no suitable buyer was found, the Post reported. Real estate watchers estimated at the time that the asking price would be at least $300 million.

Ellison, Moens and Lewis could not be reached for comment by the Palm Beach Daily News.

Ellison co-founded Oracle Corp. with two partners in Santa Clara, Calif., in 1977. Today, the software powerhouse bills itself as the world’s largest database management company. Ellison spent 37 years as CEO and still serves as chairman and chief technology officer of the Austin, Texas-based company. He reportedly owns 42 percent of the company.

Moens represented both parties in 2022 when Ellison purchased his 22-acre Manalapan estate at 2000 S. Ocean Blvd. for a reported $173 million, a transaction that set a record for a residential sale in Florida. The seller in the transaction was Netscape billionaire Jim Clark.

The Manalapan property is approximately 2½ miles south of the resort. Ellison’s main home is in Hawaii.

When it changed hands in 2003, the resort was owned by the Ritz-Carlton brand. After the Lewis family bought the resort for $67.5 million, they invested more than $100 million in the property, according to previous reports by the Palm Beach Post and Palm Beach Daily News.

In 2013, the hotel changed its name from The Ritz-Carlton to Eau, which means “water” in French, the name of the hotel’s award-winning spa.

The property traces its roots to La Coquille Club, a popular beach club and social playground. In the late 1970s, the late shopping mall magnate Melvin Simon and his wife Bren took over the property, demolished the club and built The Ritz-Carlton Palm Beach, which opened in the early 1990s.

Palm Beach Post reporter Alexandra Clough contributed to this article.

This is a developing story. Check back for updates.

Darrell Hofheinz is a reporter for USA TODAY Network of Florida who covers Palm Beach real estate in his weekly column, “Beyond the Hedges.” He welcomes your tips for real estate news on the island. Email [email protected], call 561-820-3831 or tweet @PBDN_Hofheinz. Subscribe today to support our journalism.