Larry Ellison, Oracle CEO, Buys Hawaiian Island of Lanai
Posted by Xeno on June 21, 2012
Chief Executive Officer Larry Ellison has agreed to buy 98 percent of the Hawaiian island of Lanai, according to the current landowner and the state’s governor.
“It is my understanding that Mr. Ellison has had a long- standing interest in Lanai,” Governor Neil Abercrombie said in a statement. “His passion for nature, particularly the ocean, is well known specifically in the realm of America’s Cup sailing.”
Lanai, Hawaii’s sixth-largest island with an area of 141 square miles (365 square kilometers), is owned and developed by billionaire David Murdock’s Castle & Cooke Inc. since 1985. Ellison’s software industry rival Bill Gates married his wife Melinda on the island in 1994.
The sale includes two resort hotels, two championship golf courses and club houses, more than 88,000 acres of land including a 600-acre residential development, a solar farm, parks and utilities, according to an application filed by Castle & Cooke with Hawaii’s Public Utilities Commission requesting interim approval for the sale by June 26 so it can close the transaction the following day.
No price was disclosed. The transaction is valued in the “hundreds of millions of dollars,” according to the application to the commission. In a statement, Murdock, 89, said he would keep his home on the island and retain rights to develop a wind energy farm there.
“I believe that Larry Ellison will bring a new and fresh perspective to the island and its people,” Murdock said. “As a property owner on Lanai, I will continue to be a member of the community and will be looking forward to its future.”
Ellison is the world’s sixth-richest man, with an estimated net worth of $36.4 billion, according to the Bloomberg Billionaires Index. Gates is the second-richest man with a fortune of $62 billion.
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