600234 Oracles Larry Ellison buys Hawaiian island of Lanai

Oracle’s chief, Larry Ellison, is reported to have successfully won a bid to buy 98% of the Hawaiian island of Lanai.  It is unknown how much Ellison actually paid for the island, but the asking price was $500-600 million.

600234 Oracles Larry Ellison buys Hawaiian island of Lanai

Oracle’s chief, Larry Ellison, is reported to have successfully won a bid to buy 98% of the Hawaiian island of Lanai.  It is unknown how much Ellison actually paid for the island, but the asking price was $500-600 million.

Ellison is estimated to be worth $36 billion, and what else can he possibly do with all that money besides buy a lot of property? 

However, Ellision’s purchase of Hawaiian land may not be just for personal leisure.  Lanai, nicknamed “Pineapple Island,” is home to 3,200 residents, and several luxury resorts.  The 365 square kilometer island was a Pineapple plantation in the past, but for the past several decades it has been a bustling tourist attraction.

 61041666 0612 lanai Oracles Larry Ellison buys Hawaiian island of Lanai

David Murdock is the previous owner of Lanai, and Castle and Cooke is the current owner of the majority of hotels, golf courses, water utilities, and other business.  However, Castle and Cooke is reported to be losing as much as $40 million a year on Lanai.

One of Silicon Valley’s wealthiest men is stepping in and expanding his business practice beyond technology and into real estate. 

Source: bbc.co.uk