Oracle CEO Closes Deal to Buy Hawaiian Island
Oracle CEO Closes Deal to Buy Hawaiian Island
Larry Ellison, Oracle Corp. CEO, has closed on a deal to purchase 98 percent of the Hawaiian island of Lanai.
Ellison purchased about 88,000 acres of the island from the former owner, David Murdock’s Castle & Cooke Inc.
"It is very gratifying to me personally to see Lanai now in the hands of Larry Ellison, a very committed individual who will bring his ideas and energy to sustain the beauty and heritage of Lanai," Murdock said in a statement.
The final sales price has not yet been released. Originally, media outlets reported Castle & Cooke was asking $500 million to $600 million for 88,000 acres of the island, which includes two resorts, two golf courses, and commercial and residential buildings.
Ellison will also take control of Lanai’s tourism, its major economic driver.
About 3,200 residents live on the rural Hawaiian island.
Forbes recently ranked Ellison the world’s sixth wealthiest man with $36 billion. Ellison has yet to release any public comments about his island purchase yet.
Source: “Oracle's Ellison Closes Deal to Buy Hawaii's Lanai,” Associated Press (June 28, 2012)
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