Billionaire Larry Ellison, 82, has a $173 million oceanfront compound in Manalapan, Florida. About 30 minutes away, he owns eight more homes. They’re all for his family’s staff, including tutors for some of the five young children he shares with his wife, Jolin.
The purchase was shrouded in secrecy. In 2023, an LLC bought the houses in Palm Meadows Estates, a gated community in Boynton Beach, for almost $10 million, The Wall Street Journal reports. Nosy neighbors guessed it was Mark Zuckerberg or Elon Musk. Even the local agent who helped line up the deals didn’t know who the mystery buyer was until Ellison arrived to tour the homes, flanked by bodyguards.
The real estate grab is part of a larger trend among the ultrarich to buy up housing for their employees. It helps them recruit top talent in pricey markets while keeping staff close enough to help, far enough to stay out of the way. “Investing in lodging can be a very smart decision,” said Peter Mahler of Mahler Private Staffing.
Billionaire Larry Ellison, 82, has a $173 million oceanfront compound in Manalapan, Florida. About 30 minutes away, he owns eight more homes. They’re all for his family’s staff, including tutors for some of the five young children he shares with his wife, Jolin.
The purchase was shrouded in secrecy. In 2023, an LLC bought the houses in Palm Meadows Estates, a gated community in Boynton Beach, for almost $10 million, The Wall Street Journal reports. Nosy neighbors guessed it was Mark Zuckerberg or Elon Musk. Even the local agent who helped line up the deals didn’t know who the mystery buyer was until Ellison arrived to tour the homes, flanked by bodyguards.
The real estate grab is part of a larger trend among the ultrarich to buy up housing for their employees. It helps them recruit top talent in pricey markets while keeping staff close enough to help, far enough to stay out of the way. “Investing in lodging can be a very smart decision,” said Peter Mahler of Mahler Private Staffing.