Confirmed: Larry Ellison Buys Island of Lanai
Yesterday I wrote about how either Bill Gates or Larry Ellison would be buying the Hawaiian island of Lanai. It looks like Ellison is the highest bidder because he has just closed on the purchase of the Hawaiian island of Lanai for an undisclosed amount of money. Ellison agreed to buy 98% of the 141 square mile island, which is Hawaii’s sixth largest island based on acreage according to a statement by the governor’s office of Hawaii.
Castle & Cooke filed a transfer application with the Public Utilities Commission. Billionaire David Murdock, who made most of his fortune from Dole Food Company, owned 98% of the island since 1985. He is selling the island after reportedly losing between $18-$25 million each year on the island. The state of Hawaii owns 2% of the island. The priced was believed to be for between $500 and $600 million.
“We look forward to welcoming Mr. Ellison in the near future,” stated Hawaii Governor Neil Abercrombie. “It is my understanding that Mr. Ellison has had a long standing interest in Lana’i. His passion for nature, particularly the ocean is well known specifically in the realm of America’s Cup sailing.” When Bill Gates was married in 1994, he rented the entire island of Lanai and Ellison already has a house there.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry