Billionaire Larry Ellison buys Eau Palm Beach Resort & Spa in Manalapan

Oracle software billionaire Larry Ellison has bought the beachfront Eau Palm Beach Resort & Spa in Manalapan south of Palm Beach, the luxury resort announced today.

Ellison owns the largest residential estate in Manalapan, the wealthy town south of Palm Beach. He also owns other luxury hospitality properties. The purchase price and terms of the Eau Palm Beach sale were not disclosed.

Ellison bought the Mediterranean-style, 300-plus room resort from the Lewis Trust Group, which had owned the property since 2003.

“Our family feels privileged to have been a successful part of the Eau Palm Beach story,” Simon Lewis, principal of the London-based Lewis Trust Group, said in a statement released by the resort.

“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. Though we leave behind countless memories and friends, we will always look back on our long association with Manalapan with gratitude and pride.”

In addition to founding Oracle, Ellison has been involved in a variety of luxury hospitality ventures. His portfolio includes the Four Seasons Resort Lanai, Sensei Lanai, Nobu Ryokan Malibu, Nobu Hotel Palo Alto, the Hyatt Regency Lake Tahoe, and Sensei Porcupine Creek.

“We are excited about the acquisition by the Ellison family,” Tim Nardi, general manager of Eau Palm Beach Resort & Spa, said in the announcement about the sale.

“Ellison’s extensive experience in luxury hospitality brings a new level of innovation to the resort and we are confident that this transition will not only enhance the unique experiences we offer but also introduce new amenities and services, ensuring Eau Palm Beach remains a premier destination for our valued guests,” Nardi said.

The resort underwent a yearlong, multimillion-dollar improvement project that was completed in 2022. That remodeling project followed other renovations at the resort, including the redesign of ballrooms and meeting spaces in 2018.

In 2019, the Lewis family floated the idea of selling the resort, according to reporting by The Palm Beach Post. But no suitable buyer emerged, the Post reported. Real estate sources told the Post at the time that the Lewis family had been seeking about $1 million per room. With 309 rooms, that would put the asking price well above $300 million.

In 2022, Ellison paid a recorded $173 million for his Manalapan estate at 2000 S. Ocean Blvd., in the process setting a Florida residential sales record. He bought the ocean-to-lake estate — and part of nearby Bird Island in the Intracoastal Waterway — from a trust controlled by a fellow software billionaire, Jim Clark. In all, the estate and its island measure more than 22 acres.

The Manalapan estate is about 2½ miles south of the resort property. Ellison’s primary home is in Hawaii.

Forbes estimates Ellison's net worth at $159.7 billion.

The new owner plans to make improvements at the resort property, the announcement said, but it did not provide specific details.

“Importantly, the current team of hoteliers will remain on staff, ensuring a smooth transition and continuity in operations,” the announcement said.

The 8-acre resort and hotel features seaside swimming pools, a 42,000-square-foot spa, 32,000 square feet of meeting space and several restaurants. Eau Palm Beach has consistently earned high ratings from travel magazines and hospitality organizations.

Global real estate investment bank Eastdil Secured’s Lodging Team served as adviser to Thomas Trust Group in the sale, the announcement said. The same company had marketed the resort when it was for sale in 2019.

The resort was a Ritz-Carlton branded property when it changed hands in 2003. After the Lewis family bought the resort for $67.5 million, they put more than $100 million into the property.

In 2013, the hotel was rebranded Eau, which means "water" in French and is the name of the hotel's award-winning spa. The Eau also joined the Preferred Hotels Group reservation system, a group of boutique upscale hotels around the world.

The property traces its roots to La Coquille Club, a popular beach club and playground for the society set. By the late 1970s, the late shopping-center magnate Melvin Simon and his wife, Bren, took possession of the property, razed the club and built The Ritz-Carlton Palm Beach, which opened in the early 1990s.

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

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This is a developing story. Check back for updates.

Previous reporting by Palm Beach Post writer Alexandra Clough contributed to this story.

Darrell Hofheinz is a USA TODAY Network of Florida journalist who writes about Palm Beach real estate in his weekly “Beyond the Hedges” column. He welcomes tips about real estate news on the island. Email dhofheinz@pbdailynews.com, call 561-820-3831 or tweet @PBDN_Hofheinz.

This article originally appeared on Palm Beach Daily News: Billionaire Ellison buys Eau Palm Beach Resort & Spa near Palm Beach