Just 10 miles south of Palm Beach, the town of Manalapan has long been overshadowed by its more glamorous neighbor. Once a winter retreat for the Vanderbilts and Rockefellers, the secluded enclave is now experiencing a resurgence, thanks to the initiatives of Oracle Corp. co-founder Larry Ellison.
Ellison has invested at least $450 million in Manalapan real estate since 2022. Property records show he secured a 16-acre estate and the 309-room Eau Palm Beach Resort & Spa. Speculation is rife that he will transform the hotel into an ultra-luxury destination. His presence has fueled a surge in property values and attracted further attention from the ultrawealthy.
A High-Stakes Property Play
With a net worth of $172 billion, as per the Bloomberg Billionaires Index, Ellison is no stranger to high-profile real estate ventures. His portfolio includes historic Rhode Island estates, multiple Malibu mansions, and ownership of the Hawaiian island of Lanai. However, his acquisitions in Manalapan stand out for their impact on the town’s real estate market.
His record-breaking $173 million estate purchase in 2022 triggered a ripple effect. A local developer responded by building a neighboring mansion with an asking price of $285 million.
In comparison, hedge fund billionaire Chris Rokos listed a nearby property for $150 million, more than triple what he paid in 2017. As of mid-March, the average asking price for a single-family home in Manalapan had reached nearly $60 million, making it the most expensive town in the US.
“Ellison has provided great momentum for the town,” said Nick Malinosky, the broker handling the $285 million listing. “My clients looking at Manalapan are very interested in what he’ll do with the hotel.”
A New Billionaire Enclave
Ellison is the latest in a growing list of billionaires reshaping Florida’s real estate landscape. Jeff Bezos, Ken Griffin, and Stephen Ross have all made significant property investments in the state.
Meanwhile, former President Donald Trump’s Mar-a-Lago residence, just north of Manalapan, continues to add to the region’s exclusivity.
Ellison registered to vote in Palm Beach County in April 2023 but did not declare a political affiliation. However, his ties to Trump are notable. He attended a January event where Trump praised him as “an amazing man” while announcing a $100 billion artificial intelligence joint venture.
Contrasts in Wealth
Manalapan’s rise stands in stark contrast to neighboring areas. The town, located on a barrier island, is accessed through Lantana, a modest suburb historically home to workers serving Palm Beach’s elite. While Manalapan showcases sprawling estates and private docks, Lantana’s median household income is $70,000, and parts of inland Palm Beach County see poverty rates as high as 40%.
Palm Beach County Commissioner Maria Sachs highlighted the economic disparity, noting that “Palm Beach County has some of the poorest of the poor and the wealthiest of the wealthy.”
Transforming Eau Palm Beach
The Eau Palm Beach Resort & Spa, Manalapan’s largest structure and employer, could soon see significant changes under Ellison’s ownership. He has a track record of elevating luxury properties, transforming the Four Seasons Resort Lanai and the Nobu Ryokan Malibu.
Mayor John Deese is optimistic about the billionaire’s plans. “We’re really excited about it and look forward to helping him accomplish that,” he said.
Ellison’s previous projects set a high bar. His overhaul of the Four Seasons Lanai included meticulous redesigns, private plane transfers, and suites costing upwards of $20,000 per night. Whether Manalapan’s surge will be sustained amid economic uncertainty remains to be seen, but for now, Ellison’s presence has cemented its status as a billionaire’s playground.
