Oracle founder Larry Ellison, whose net worth of $163. 7 billion puts him fifth on Forbes’ list of the world’s richest people, bought the Eau Palm Beach Resort.
The seller, London-based private equity firm Lewis Trust Group, bought the hotel for $67. 5 million in 2003 when it was a Ritz-Carlton. The assets were renamed a decade later as Eau Palm Beach and operated as part of Preferred Hotels.
“Our family feels privileged to have been a successful part of the Eau Palm Beach story,” Simon Lewis, principal of the Lewis Trust Group, said in a statement. “Though we are sorry to bring our tenure to a close, we are gratified in knowing that Larry Ellison will treasure the resort and guide its hoteliers to even greater heights.”
Eau Palm Beach is just the latest addition to Ellison’s luxury hotel and real estate portfolio, which has grown since Forbes valued it at $1 billion in 2021 two years ago. Array Ellison bought a 63,200-square-foot, 1,200-foot Palm Beach mansion. $173 million oceanfront beach from tech billionaire Jim Clark. This is the most expensive home sale in Sunshine State history.
Ellison also owns four homes in Newport, Rhode Island, adding the former Astor mansion, known as Beechwood, which he bought for $10. 5 million in 2010 and spent $100 million transforming it into a museum to expand his art collection. He then bought three neighboring homes along Newport’s posh Bellevue Avenue, according to the Newport Daily News.
In 2012, Ellison acquired 98 of the 18-mile-long Hawaiian islands of Lanai for $300 million from Dole Food Chairman David Murdock.
In California, Ellison also owns several homes along “Billionaires Beach” in Malibu, as well as a personal estate in Woodside, California, inspired by the palace of a 16th-century Japanese emperor.
In Hawaii, he owns the Four Seasons Resort Lanai and the Sensei Lanai. In California, he owns the Nobu Ryokan Malibu; Hotel Nobu in Palo Alto; Hyatt Regency Lake Tahoe (acquired for a reported $345 million); and Sensei Porcupine Creek, 230 acres, in Rancho Mirage, California.
The latest shiny Ellison ball, located in Eastover Beach, Vanderbilt’s historic property, has undergone many evolutions over the decades. From the 1950s to the late 1970s, Eau Palm Beach was the site of La Coquille Club, a popular beach park for socialites, adding the Vanderbilt, Rockefeller, and Ford families, as well as American presidents and foreign dignitaries. The club was razed to make way for the Ritz-Carlton Palm Beach, which opened in the early 1990s.
The eight-acre hotel has two oceanfront pools, nine restaurants and bars, fitness center, game room, tennis courts, 42,000-foot spa, and 32,000 feet of meeting space. There is a children’s playroom and a children’s pool, as well as stand-up paddleboarding, snorkeling and surfing lessons.
For a September weekend, rates for a 418-square-foot room with an interior view start at $467 per night, before taxes and fees, while oceanfront rooms start at $754 per night. An 812-square-foot oceanfront suite with two bathrooms and a personal sunroom costs $2,769 per night.
Under the Trump administration, the hotel was an occasional haven for foreign dignitaries, the Palm Beach Post reported. In April 2017, Chinese President Xi Jinping and his spouse stayed at the Eau Palm Beach Resort.
Ellison intends to retain the station’s existing control equipment. “We are excited about the acquisition through the Ellison family,” said Tim Nardi, general manager of Eau Palm Beach Resort & Spa. “Ellison’s extensive experience in luxury hospitality brings a new point of innovation to the hotel and we are confident that this transition will not only enhance the exclusive experiences we offer, but will also introduce new amenities and services, ensuring that Eau Palm The beach remains a destination of choice for our valued guests.
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