A gated community in Boynton Beach found itself at the center of an unusual real estate standoff after Oracle co-founder Larry Ellison’s team set out to buy homes there for his household staff. Eight purchases in Palm Meadows Estates ultimately closed in 2023 for nearly $10 million, but not before the homeowners association moved to put the brakes on the buying spree, according to the community’s longtime realtor.
Realtor Kimmie Cruz told CBS12 that Ellison planned to house employees in the homes, and that his buying team initially wanted to purchase ten properties in the 288-home community. Cruz said the intended staff included teachers, therapists and chefs. As the deals moved forward, she said, the Palm Meadows Estates homeowners association adopted a five-home ownership limit while some of the sales were still pending.
The Real Deal offers a different timeline. According to the outlet’s reporting, the deals closed within days of each other in May and June 2023, many involving homes that were never formally listed, and the HOA created its rule only after the purchases were complete, specifically to prevent one person from amassing multiple homes there again. The two accounts disagree on when the restriction actually took effect, and the dossier does not resolve which version is accurate.
Attorneys Got Involved as Deals Closed
Cruz said attorneys became involved as the situation unfolded, and that all eight purchases ultimately closed in 2023, totaling nearly $10 million. She added that the sale prices she secured for the sellers she represented averaged 20% above market value. Some Palm Meadows Estates residents, meanwhile, were concerned that the wave of purchases would change the neighborhood’s dynamic…