After pouring $450 million into Florida real estate, Larry Ellison plans to lure the ultra-rich to an exclusive town just minutes from Mar-a-Lago
- Oracle cofounder Larry Ellison is helping raise the profile of the 400-resident island town of Manalapan, Fla. The multi-billionaire has already made a cumulative $450 million real estate investment in the town, and has taken over its biggest structure, the Eau Palm Beach Resort & Spa, which offers memberships to town property owners without initiation fees or dues.
Known for his tech feats as cofounder and chief technology officer of Oracle, in South Florida, Larry Ellison is instead flexing his developer experience as he pours millions of dollars into real estate and helps transform an exclusive island town 20 minutes from Mar-a-Lago into a haven for the mega-rich.
The world’s fifth wealthiest man started buying properties in the 400-resident town of Manalapan, Fla. in 2022, and since then has pumped $450 million into two landmark properties, Bloomberg reported. Ellison set a Florida record for the purchase of a $173 million estate spanning 16-acres that includes both beachfront and lakefront property. And in August 2024, he paid $277 million for the town’s biggest structure, a 300-plus room hotel, the Eau Palm Beach Resort & Spa, according to Bloomberg.
The hotel stands on the grounds of the original La Coquille Club, which in the 1950’s reportedly hosted the Duke and Duchess of Windsor as well as members of the Ford and Vanderbilt families. In the ’80s the original club was razed, but it still exists in name and is part of what is now the Eau Palm Beach hotel. Manalapan property owners can become members of the beach club without paying initiation fees or annual dues, according to the Town of Manalapan’s website.
For years, the ultra-rich have increasingly homed in on Florida properties. Amazon founder Jeff Bezos has bought three properties on the Florida island Indian Creek, near Miami. Ken Griffin, the founder and CEO of investment firm Citadel, has also spent an estimated $450 million over the years amassing a 25-acre spread in Palm Beach.
In Manalapan, Ellison’s purchase of the hotel now serves as a prime attraction for high-net-worth potential buyers. Stewart Satter, the local developer of a recently listed $285 million mansion adjacent to Ellison’s property in Manalapan, said Ellison’s plans for the hotel could become a focal point of the area.
“The hotel has the potential to be an extraordinary property in the town,” Satter told Bloomberg. “And Ellison certainly has a reputation for operating some beautiful resorts.”
Ellison purchased the majority of the Hawaiian island of Lanai in 2012 for an estimated $300 million, and through his company, Pulama Lanai, has remodeled the island’s two Four Seasons resort hotels, and received praise for new, ultra-luxe touches. Among the additions debuted in 2016 at the Four Seasons Resort Lanai were a $21,000 per night “Alii (royalty) suite,” as well as grotto-style pools and iPad Air devices in every room to order room service and housekeeping, among other amenities, according to SFGate.
At the Eau Palm Beach Resort & Spa, Ellison has also promised renovations and has already installed a pop-up Nobu restaurant on-site, Bloomberg reported. Nobu appears to be a favorite of Ellison’s. He and Tesla CEO Elon Musk brought Nvidia CEO Jensen Huang there last year to beg him for more GPUs. Ellison said he picked up the tab.
Another draw of Manalapan and the surrounding areas is the proximity to Mar-a-Lago, President Trump’s “Winter White House,” where he often spends weekends, according to Palm Beach County Commissioner Maria Sachs.
“Every place in that area is having a moment because of Donald Trump,” Sachs told Bloomberg. “You are so close to Mar-a-Lago, you can get a membership and everyone knows that he’s very public there.”
This story was originally featured on Fortune.com
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2025-03-21 09:13:00
