Oracle CEO Buys Hawaiian Island

Oracle CEO Larry Ellison is now the proud owner of a Hawaiian island. The billionaire investor is said to have purchased 98% of Lanai, the sixth-largest island in the state.

The exact purchase price for the island is not known but it was listed by current owner David Murdock for $600 million. Lanai is a 141-square mile isle that was being sold by Castle & Cooke, a company owned by billionaire investor David Murdock.

After the sale Hawaiian Gov. Neil Abercrombie said:

“We look forward to welcoming Mr. Ellison in the near future. His passion for nature, particularly the ocean, is well known, specifically in the realm of America’s Cup sailing.”

Lanai is currently home to 2,000 residents and it also attracts approximately 26,000 tourists each year.

Already on the island are two resort hotels, two championships golf courses, a solar farm and residential developement, all of which Ellison will now own. 2% of the island is owned by other interests.

Ellison has not revealed what his plans for the island may be and while he has sold the land David Murdock will retain his home on the island and still owns the rights to develop a local wind farm.

Speaking about the sale of a major island in Hawaii State Senator J. Kelani English told KGMB-TV:

“It’s a major trophy for billionaires to say I own one of the eight major Hawaiian Islands.”

One major bonus for Larry Ellison, after buying the island David Murdock shut down pretty much all pineapple operations on the island, turning it into a more peaceful area.