By: KeyCrew Media

From Stephen Ross’s condo buyouts to Larry Ellison’s safari shutdown, ultra-wealthy buyers are transforming markets while regulatory pressure pushes owners to sell

South Florida’s luxury real estate market is facing simultaneous shocks as billionaire acquisitions collide with regulatory changes, forcing condo owners to make decisions they didn’t anticipate. The combination is reshaping property values, development patterns, and market dynamics across Palm Beach and Broward counties.

Stephen Ross, the billionaire behind Related Companies, just paid $37.3 million for 45 units in Southbridge, a 1981 condominium at the base of the bridge to Palm Beach. The purchase gives Ross 71% control of the waterfront property, with most sellers receiving premiums on units previously appraised under $250,000.

“This isn’t just one deal – it’s a pattern accelerating across South Florida’s waterfront,” says Larry Mastropieri, CEO of The Mastropieri Group. “Post-Surfside regulations requiring mandatory reserves and structural inspections are creating financial pressure that’s converting older buildings into developer acquisition targets.”

Ross has already developed over 3.8 million square feet in West Palm Beach, and Southbridge represents his continued expansion in the corridor between West Palm Beach and Mar-a-Lago. The timing aligns with owners facing special assessments, many can’t or won’t pay to bring aging buildings into compliance.

Simultaneously, Oracle co-founder Larry Ellison quietly acquired approximately 600 acres, including Lion Country Safari and its adjacent KOA campground, for roughly $30 million. The campground will permanently close on April 30, 2026, with no announced plans for its replacement.

Speculation ranges from a private nature retreat to a data center to a luxury development. Ellison’s previous Manalapan purchases triggered what became known as the “Ellison Effect” – dramatic appreciation in neighboring properties as the market shifted into billionaire territory.

“That uncertainty is doing exactly what uncertainty always does in real estate: moving prices,” Mastropieri explains. “The land surrounding Lion Country Safari just became some of the most closely watched acreage in South Florida.”

The billionaire’s activities span multiple projects. Dezer Development is building Sunny Isles Beach’s tallest beachfront tower, extending its branded residence strategy. Palm Beach’s Paramount Theatre is converting to a private club and luxury residences after nearly a century as a public cultural landmark.

A new dimension emerged this week, with Florida legislators introducing a reform bill that would allow homeowners to vote HOAs out of existence for the first time in state history. The proposal would permit communities to dissolve mandatory homeowner associations through supermajority vote, fundamentally changing governance structures that have existed since developments were built.

The convergence of billionaire capital, regulatory pressure, and potential governance reform is creating both volatility and opportunity. Pre-2000 condo buildings face structural inspection requirements, and reserve mandates that many associations lack the resources to address. Owners receiving special assessment notices increasingly view developer buyout offers as preferable to funding compliance.

Meanwhile, markets are fragmenting based on buyer demographics and capital sources. Palm Beach dominates ultra-high-end trophy sales. Miami leads in volume and international demand. Fort Lauderdale delivers affordability and lifestyle value for domestic buyers.

“Each market is winning a different race,” Mastropieri notes. “The real question isn’t which market is best – it’s which market is best for what you’re trying to do.”

For South Florida property owners, the landscape is shifting faster than many anticipated. Billionaire acquisitions, regulatory compliance costs, and changing governance structures are combining to create pressure points where values compress or explode based on location, building age, and capital availability.

About The Mastropieri Group: The Mastropieri Group specializes in South Florida luxury real estate across Palm Beach and Broward counties. Visit discoversouthflorida.com 

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. The views expressed are those of the author and do not necessarily reflect the opinions of The Mastropieri Group or any affiliated entities. Readers are encouraged to conduct their own research or consult with a financial advisor before making any decisions based on the content provided.