Larry Ellison purchased eight homes in Palm Meadows Estates, a 288-home gated community in Boynton Beach, FL, spending nearly $10 million on the properties in spring 2023. The Oracle co-founder bought the homes for his household staff, including teachers, therapists, and chefs, according to his real estate agent Kimmie Cruz.
The purchases encountered resistance from the homeowners association. Palm Meadows Estates adopted a new rule on May 30, 2023, limiting owners to five properties. The amendment was recorded with Palm Beach County on June 2, 2023, during the same period Ellison's eight deals closed between May and June 2023. The rule came too late to block the sales from closing, and property records show a company associated with Ellison now owns all eight homes.
Cruz said some neighbors worried the purchases would "change the dynamic of the neighborhood." Attorneys became involved before all eight purchases ultimately closed. The HOA did not respond to a request for comment.
Homeowners benefited from the sales. Cruz secured sale prices averaging 20% above market value across the homes she sold. One couple, Paul and Yvonne Carozza, sold their three-bedroom home for $1.2 million after purchasing it for $567,000 in 2019.
The HOA amendment also requires one year of ownership before a property can be rented out.