Billionaire Larry Ellison's $10M Florida buying spree sparks HOA fury after billionaire snapped up eight homes for his staff

Billionaire Oracle co-founder Larry Ellison has sparked an HOA dispute after snapping up eight homes worth nearly $10 million in an upscale Florida community.The 82-year-old tech mogul purchased the properties in Palm Meadows Estates, a gated 288-home community in Boynton Beach, during spring 2023.The homes were intended for members of his household staff, including teachers, therapists and chefs.But his extraordinary buying spree did not go down well with everyone in the neighborhood.Real estate agent Kimmie Cruz, who handled several of the transactions, said the buyer's team initially wanted to purchase as many as 10 properties.She recalled receiving an urgent call asking her to arrange viewings within just 90 minutes.The group was particularly interested in single-story, ranch-style homes and even asked to see properties that were not on the market.But as the deals were being finalized, the homeowners association introduced a new rule limiting residents to owning no more than five properties in the development. Billionaire Oracle co-founder Larry Ellison has sparked an HOA dispute after snapping up eight homes worth nearly $10 million in an upscale Florida community The 82-year-old tech mogul purchased the properties in Palm Meadows Estates, a gated 288-home community in Boynton Beach, during spring 2023The amendment was signed on May 30, 2023, and recorded with Palm Beach County on June 2, during the same period Ellison's eight purchases were being completed.'They tried to stop it,' Cruz told CBS12. 'There were also some neighbors who felt that it was going to change the dynamic of the neighborhood.'Attorneys became involved in the dispute, but all eight purchases eventually went through.The HOA also introduced a requirement that owners must hold a property for at least a year before renting it out.Florida real estate attorney Michael Gelfand told CBS12 that homeowners associations can have significant authority over property transactions, depending on the community's governing documents.'In Florida, homeowners associations can have the authority to regulate what flowers you put in the yard, how you paint your house, and even who you can sell to,' he said.The sellers also walked away with substantial profits. Cruz said she secured prices averaging 20 percent above market value across the homes she sold.One couple, Paul and Yvonne Carozza, sold their three-bedroom, roughly 2,100-square-foot property to Ellison for $1.2 million – more than double the $567,000 they had paid for it in 2019. Real estate agent Kimmie Cruz, who handled several of the transactions, said Ellison's buyer team initially wanted to purchase 10 properties As the deals were being finalized, the homeowners association introduced a new rule limiting residents to owning no more than five properties in the development The sellers also walked away with substantial profits. Cruz said she secured prices averaging 20 percent above market value across the homes she soldPalm Meadows Estates boasts sprawling homes, manicured lawns and lakefront views, alongside a recreational center with a swimming pool, fitness facilities, pickleball and tennis courts.The community sits next to a training center for thoroughbred horses.Ellison's purchases are part of a much bigger Florida property expansion by the billionaire, who has poured more than $450 million into the nearby seaside town of Manalapan.The Oracle co-founder paid $173 million for a sprawling oceanfront estate there in 2022 before purchasing the 300-room Eau Palm Beach Resort & Spa for around $277.4 million in August 2024.The resort sits around 20 minutes south of President Donald Trump's Mar-a-Lago compound and is one of the town's largest employers.Ellison has pledged to rejuvenate the property, already introducing a Nobu pop-up restaurant as renovations get underway.Manalapan, home to around 400 people, was once a quiet enclave of old-money wealth but is increasingly attracting billionaires and multimillion-dollar property buyers.Industry insiders have dubbed the influx of wealth the 'Ellison Effect', with luxury property prices climbing and the town gaining a reputation as an exclusive destination for the ultrawealthy. Ellison also purchased a $173 million resort sits around 20 minutes south of President Donald Trump's Mar-a-Lago compound and is one of the town's largest employersEllison's neighbors include hedge fund billionaire Chris Rokos, Fox News host Sean Hannity and WeatherTech founder David MacNeil.The billionaire's property empire extends far beyond Florida. He owns luxury properties in Malibu, Newport, San Francisco and Lake Tahoe, as well as approximately 98 percent of the Hawaiian island of Lanai, which he bought in 2012 for $300 million.The Boynton Beach purchases also reflect a growing trend among America's wealthiest households to provide separate accommodation for the employees who keep their estates running.April Berube, chief executive of household staffing agency The Wellington Agency, told CBS12 that demand for staff housing has been increasing across the country.Some employers even provide fully furnished homes so employees can move in without having to worry about setting up their own accommodation