Oracle co-founder Larry Ellison has acquired the Eau Palm Beach Resort & Spa in Florida, US, a member of the Preferred Hotels & Resorts Legend Collection.

Financial details of the transaction remain undisclosed. This acquisition adds to Ellison's portfolio of luxury hospitality ventures.

The property began as La Coquille Club in the 1950s.

By the late 1970s, the Simon family, who owned the Vanderbilt estate, had the club demolished to make way for The Ritz-Carlton Palm Beach, inaugurated in the early 1990s.

The Lewis family took over the property in 2003, upholding its Ritz-Carlton brand until its rebranding in 2013 as Eau Palm Beach Resort & Spa.

Lewis Trust Group principal Simon Lewis said: “Our family feels privileged to have been a successful part of the Eau Palm Beach story. 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.”

The resort currently offers a selection of guest rooms and suites, as well as a variety of dining options and event spaces.

The resort offers year-round amenities such as pools, a beach, a fitness centre, a spa, oceanfront cabanas, a business lounge, and programmes for kids and teenagers. 

Looking ahead, Ellison plans to invest in the property to enhance the guest experience.

Global real estate investment bank Eastdil Secured acted as the exclusive adviser to the seller during the transaction.  

Larry Ellison's 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.