The Hawaiian island of Lanai will now mostly be owned by Oracle Corp. CEO Larry Ellison, who has reached a deal to purchase 98 percent of the 141 square miles of the tropical island.
The sales price has not yet been released, but some media outlets are reporting the asking price was between $500 million to $600 million.
Ellison is purchasing 88,000 acres of the island from Castle & Cooke Inc., which is owned by billionaire David Murdock. The purchased acres include resorts, golf courses, and residential and commercial buildings.
Ellison is co-founder of Oracle Corp., a business software company. Forbes recently ranked him as the sixth wealthiest person in the world, holding an estimated net worth of $36 billion.
Lanai is Hawaii’s smallest publicly accessible inhabited island. It boasts about 3,200 residents and attracts more than 26,000 tourists a year. Two percent of the island will remain owned by other residents.
The author of this article is: realtormag.realtor.org
See the original post at: http://realtormag.realtor.org/daily-news/2012/06/21/billionaire-buys-hawaiian-island
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