Oracle co-founder Larry Ellison is making a significant splash in South Florida’s real estate market, investing a staggering $450 million to acquire and develop prime properties in the exclusive town of Manalapan. This strategic move aims to transform the affluent island community, located just a short drive from Mar-a-Lago, into a premier destination for the ultra-wealthy.
Key Takeaways
- Oracle’s Larry Ellison has invested $450 million in Florida real estate.
- The investments focus on the exclusive town of Manalapan, near Mar-a-Lago.
- Ellison acquired a record-breaking estate and the Eau Palm Beach Resort & Spa.
- The move is expected to further solidify Florida’s appeal to the ultra-rich.
A Multi-Million Dollar Real Estate Play
Ellison, the world’s fifth-wealthiest man, began acquiring properties in Manalapan, a town with a population of around 400 residents, in 2022. His substantial investment includes two landmark acquisitions. In a record-setting Florida deal, he purchased a 16-acre estate for $173 million, boasting both beachfront and lakefront access. Following this, in August 2024, Ellison acquired the Eau Palm Beach Resort & Spa for $277 million, the town’s largest structure with over 300 rooms.
The Eau Palm Beach Resort & Spa occupies the historic grounds of the original La Coquille Club, which once hosted notable figures like the Duke and Duchess of Windsor. While the original club was demolished in the 1980s, its name and legacy live on as part of the current hotel. Residents of Manalapan have the advantage of becoming members of the beach club without incurring initiation fees or annual dues.
Attracting the Elite
Ellison’s significant investment in the Eau Palm Beach Resort & Spa is poised to become a major draw for high-net-worth individuals. Local developer Stewart Satter, who has a $285 million mansion listed adjacent to Ellison’s property, believes Ellison’s plans for the hotel could make it an "extraordinary property in the town." Ellison’s track record with luxury resorts, including his extensive development of the Hawaiian island of Lanai, suggests a commitment to high-end amenities and experiences.
Already, renovations are underway at the resort, with a Nobu restaurant, a known favorite of Ellison’s, having replaced the former Polpo Palm Beach restaurant. This culinary addition is expected to enhance the resort’s appeal.
Florida’s Growing Appeal to the Wealthy
Manalapan’s strategic location, just 20 minutes from President Trump’s Mar-a-Lago estate, adds another layer of allure for the affluent. Palm Beach County Commissioner Maria Sachs noted that the area’s prominence has been amplified by its association with Mar-a-Lago, making it a desirable location for those seeking exclusivity and proximity to high-profile figures. This trend is mirrored by other wealthy individuals like Jeff Bezos and Ken Griffin, who have also made substantial real estate investments in Florida, further cementing the state’s status as a magnet for the ultra-rich.