(Bloomberg) -- Larry Ellison is purchasing a luxury hotel in the same Palm Beach area enclave where he dropped $173 million on a residential compound two years ago.
The Oracle Corp. co-founder bought the Eau Palm Beach Resort & Spa for an undisclosed amount, according to a statement. The resort was sold by the Lewis family, who purchased it in 2003.
The property, just south of Palm Beach in the town of Manalapan, dates back to the 1950s and was originally known as La Coquille Club. It has long been a retreat for prominent families, including the Vanderbilts, Fords and Rockefellers.
The purchase adds to Ellison’s sprawling real estate holdings, which span South Florida, Malibu and the Hawaiian island of Lanai, where he relocated during the pandemic. He purchased 98% of Lanai, including two Four Seasons resorts, for $300 million more than a decade ago. More recently, Ellison paid $173 million in 2022 for a 16-acre oceanfront compound in Manalapan, the highest residential sale price in Florida’s history.
Ellison is the seventh-richest person in the world with an estimated net worth exceeding $143 billion, according to the Bloomberg Billionaires Index.
“Ellison’s extensive experience in luxury hospitality brings a new level of innovation to the resort,” said Tim Nardi, general manager of the Eau Palm Beach resort, in a statement.
Besides the Manalapan hotel, Ellison’s portfolio includes Nobu hotels in Malibu and Palo Alto, the Hyatt Regency Lake Tahoe, and the Sensei Porcupine Creek, among others.
Ellison plans to invest in upgrades at the Eau Palm Beach resort and the current team of hoteliers will remain on staff, according to the statement. The seller was advised by Eastdil Secured.
(Updates with data on Ellison’s real estate portfolio, seller’s advisor starting fourth paragraph)
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