Tech Billionaire Michael Dell Buys Historic Boca Raton Resort for $875 Million
The historic Boca Raton Resort & Club has been sold for $875 million to MSD Capital, which manages the assets of Michael S. Dell, founder of Dell Technologies.
The transaction, which closed earlier this month, is the largest property sale in Palm Beach County history, according to the Palm Beach Post. The area is no stranger to high-dollar real estate, particularly luxurious homes. The previous Palm Beach County property sale record was made in 2014, when the Mall at Wellington Green sold for $341 million.
This is not the first resort Dell’s asset management firm has purchased. MSD also owns Four Seasons resorts in Maui and in Hualalai, on the island of Hawaii, as well as the Fairmont Miramar Hotel & Bungalows in Santa Monica, California.
The Boca Raton Resort & Club was founded in 1926 as The Cloister Inn. It’s original 100-room building, built for $1.5 million, was designed by famed Florida architect Addison Mizner who was inspired by a Spanish castle.
Since then, the resort has expanded dramatically: in addition to over 1,000 hotel rooms, it boasts two 18-hole golf courses, seven swimming pools, 30 tennis courts, a 32-slip marina, 13 bars and restaurants, and 200,000 square feet of meeting space.
Boca Raton Resort & Club has been owned by the Blackstone Group since 2004. The property will continue to be managed by Hilton under the Waldorf Astoria Hotels & Resorts brand, Blackstone and MSD said in April when they announced the deal.
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