Under configuration check 'system resource allocation', someone could have got a bit carried away with how much memory ESXi reserves....
(For reference our 128GB hosts have got a reservation of 4206MB)
Alternatively, have you got any memory reservations set for VM's?
I guess ESXi might reserve the memory for a machine even if it's switched off - we don't have memory constraints so haven't got this set for me to check for you.