Tech magnate Larry Ellison, co-founder of Oracle, is making a significant splash in Florida’s real estate market, investing a staggering $450 million to develop an exclusive community in Manalapan. This move positions the affluent town, located just a short drive from Mar-a-Lago, as a prime destination for the ultra-wealthy.
Key Takeaways
- Larry Ellison has invested $450 million in Florida real estate, focusing on Manalapan.
- His acquisitions include a record-breaking $173 million estate and the Eau Palm Beach Resort & Spa for $277 million.
- Ellison aims to transform Manalapan into an exclusive haven for the mega-rich, drawing parallels to his development of the Hawaiian island of Lanai.
- The proximity to Mar-a-Lago is seen as a significant draw for the area.
A Mega-Investment in Manalapan
Ellison, known for his technological prowess, is now leveraging his development experience in South Florida. Since 2022, he has acquired significant properties in the small town of Manalapan, which boasts a population of around 400 residents. His investments total $450 million, according to Bloomberg. This includes a 16-acre estate purchased for a record $173 million, featuring both beachfront and lakefront access. In August 2024, Ellison further solidified his presence by acquiring the Eau Palm Beach Resort & Spa for $277 million. This expansive hotel sits on the historic grounds of the original La Coquille Club, which once hosted notable figures like the Duke and Duchess of Windsor.
Creating an Exclusive Haven
The acquisition of the Eau Palm Beach Resort & Spa is central to Ellison’s vision for Manalapan. He plans renovations for the property and has already introduced a pop-up Nobu restaurant, a known favorite of his. This move is expected to enhance the town’s appeal to high-net-worth individuals. Local developer Stewart Satter, whose $285 million mansion is adjacent to Ellison’s property, believes Ellison’s plans for the hotel could make it a focal point of the area, noting Ellison’s reputation for operating luxurious resorts.
A Pattern of Luxury Development
Ellison’s foray into Manalapan echoes his previous large-scale development on the Hawaiian island of Lanai. He purchased the majority of Lanai in 2012 and, through his company Pulama Lanai, has undertaken extensive renovations of its two Four Seasons resort hotels. These upgrades have included ultra-luxe amenities, such as a $21,000-per-night suite and in-room iPad Air devices for service requests.
Florida’s Appeal to the Wealthy
Manalapan is not the only South Florida locale attracting significant investment from the ultra-rich. Other prominent figures, such as Amazon founder Jeff Bezos and Citadel CEO Ken Griffin, have also made substantial real estate acquisitions in the region, including properties on Indian Creek and Palm Beach. Manalapan’s mayor, John Deese, expressed his appreciation for Ellison’s investments, stating that they contribute to the town’s already strong real estate market. The proximity to President Trump’s Mar-a-Lago estate is also cited as a significant factor driving interest and activity in the area.