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 circle feels privileged to have contributed effectively to the history of Eau Palm Beach,” Simon Lewis, director of Lewis Trust Group, said in a statement. “While we regret ending our term, we are happy to hear that Larry Ellison will appreciate the hotel and advise his 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, Ellison purchased a 63,200-square-foot mansion in 1,200 feet from Palm Beach. . Beach Through Water for $173 million from tech billionaire Jim Clark. This is the most expensive home sale in the history of the Sunshine State.
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 President David Murdock.
In California, Ellison also owns several homes along “billionaire beach” in Malibu, as well as a personal property in Woodside, California, modeled after 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 $345 million); and Sensei Porcupine Creek, 230 acres, in Rancho Mirage, California.
Ellison’s last brilliant ball, located in Eastover Beach, the historic Vanderbilt estate, has undergone many adjustments over the decades. From the 1950s to the late 1970s, Eau Palm Beach was the site of La Coquille Club, a popular beach playground for socialites, including the Vanderbilt, Rockefeller, and Ford families, as well as United States 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 features two oceanfront pools, nine restaurants and bars, a fitness center, a video game room, tennis courts, a 42,000-square-foot spa, and a 32,000-square-foot 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.
During the Trump administration, the hotel was an occasional retreat 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
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