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Is billionaire Ellison part of $37M shopping plaza buy near his resort near Palm Beach?

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Is billionaire Ellison part of M shopping plaza buy near his resort near Palm Beach?

The Plaza del Mar shopping center in Manalapan is directly across the coastal road from billionaire Larry Ellison’s recently purchased Eau Palm Beach Resort & Spa.

The Plaza del Mar shopping plaza in Manalapan has sold for a recorded $37 million at 201 S. Ocean Blvd., directly across the coastal road from the beachfront Eau Palm Beach Resort & Spa, which was purchased last summer by Oracle software billionaire and town resident Larry Ellison. 

It’s unclear from public records if Ellison was involved in the purchase of the upscale plaza, although his name had circulated in local real estate circles for the past few months as a possible buyer of the property in the wealthy town south of Palm Beach. 

The shopping plaza at the corner of East Ocean Avenue had not changed hands since 2006, when it sold for $37.67 million to a Delaware-registered limited liability company named MSKP Plaza del Mar LLC. That company also sold the property via the deed recorded Dec. 30. 

The document lists the buyer as another Delaware entity, Manalapan Plaza del Mar LLC. That company has a mailing address in Short Hills, New Jersey, that matches that of K&K Developers Inc. and Garden Commercial Properties, both affiliated with privately held Garden Homes, a residential and commercial development company, according to the company’s website and other online sources. 

Representatives of those companies and of Ellison could not immediately be reached for comment Dec. 31. 

With about 85,000 total square feet, Plaza del Mar was developed in 1983 and occupies 10.28 acres, property records show. Tenants include Publix supermarket, John G’s restaurant, The Ice Cream Club and the Evelyn & Arthur apparel and gift boutique. 

The deed lists the seller’s mailing address as the Palm Beach Gardens office of Kitson & Partners, a commercial and residential real estate development firm that has also reportedly managed the shopping center. 

Terrence R. Holihen signed the deed to sell the property as vice president of MSKP Plaza del Mar LLC. Holihen also is a senior vice president of asset management for Kitson & Partners. He did not immediately return a phone message left for him at his office. 

The Coastal Star first reported Dec. 19 that a sale of the shopping center was in the works. 

Manalapan grabbed international headlines in June 2022 when Ellison paid a recorded $173 million for a 22-acre estate at 2000 S. Ocean Blvd. on the south end of town, setting a new Florida residential record.

The billionaire made more Manalapan real estate news in August when paid a recorded $277.4 million for the Eau Palm Beach Resort & Spa. He added the oceanfront property to his portfolio of hotel and resort properties. 

Palm Beach real estate broker Lawrence Moens of Lawrence A. Moens Associates brokered the deal in which Ellison bought his estate in Manalapan and also is said to have been involved in the sale of the Eau property. Moens has never confirmed his involvement in the resort transaction for the Palm Beach Daily News and could not be reached for comment Dec. 31 regarding the sale of Plaza del Mar. 

Ellison, who has acted as an advisor to President-elect Donald Trump, on Dec. 31 had a net worth estimated by Forbes.com at $210 billion, making him the world’s third-richest person. 

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