Larry Ellison Hawaiian island, CEO buys Hawaiian island, CEO Larry Ellison is buying 98 percent of the Hawaiian island Lanai for a huge amount of money. Larry Ellison, the billionaire chief executive of Oracle Corp., was identified Wednesday as the buyer of the bulk of the Hawaiian island of Lanai.The deal to buy 98% of the 141-square-mile island was disclosed by the state's governor, Neil Abercrombie, who cited a transfer application that owner Castle & Cooke Inc. filed with the Public Utilities Commission.
Lanai, which is nine miles off the coast of Maui, is the smallest inhabited island in Hawaii that is publicly accessible. It has long been controlled by billionaire David Murdock—who also controls Castle & Cooke and who is known for closing the island's original pineapple plantations to make way for development.The island boasts resorts and golf courses. But it still is considered relatively unspoiled—taking pride in the absence of stoplights—and is believed to be an unprofitable investment for Mr. Murdock.
The Maui News reported that the asking price for the property was between $500 million and $600 million. Representatives for Castle & Cooke and Mr. Ellison couldn't be reached.
Mr. Ellison, 67 years old, is the third-richest person in the U.S., according to Forbes, with a fortune estimated at more than $30 billion. Most of that wealth comes from his stake in Oracle, the software company that he co-founded in 1977.
He isn't shy about spending his money. Mr. Ellison has bankrolled a sailing team—which won the most recent America's Cup with a giant trimaran—and has led an effort to bring that event to San Francisco in 2013.
Mr. Ellison owns several opulent houses, including a traditional Japanese-style estate in Woodside, Calif., and is known for purchases including a yacht large enough for a basketball court, a fighter jet and a tennis tournament. More recently he has sought to buy a professional basketball team.
So far, he hasn't shown much interest in real-estate development, and some residents see Lanai as a place that is too quiet for many tourists. "It is my understanding that Mr. Ellison has had a long standing interest in Lanai," Mr. Abercrombie, the governor, said in a statement. "His passion for nature, particularly the ocean is well known specifically in the realm of America's Cup sailing."
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