How much money does Oracle Corp. CEO Larry Ellison have? Well, he's buying 98% of the island of Lanai from its current owner. To repeat, he's going to own 98% of an island in a state.
Self-made billionaire David Murdock, who owns Castle & Cooke - the current owner, said he would keep still his home on Lanai and the right to build a wind farm (with the potential to deliver power to Oahu through an undersea cable). The 141 square miles are said to be going between the asking price of $500-600 million. Ellison, the world's sixth-richest person, is worth $36 billion.
The deal involves 88,000 acres of land, plus two resorts, two golf courses, a stable and various residential and commercial buildings. The best part? Ellison plans to pay cash. Lanai is Hawaii's smallest publicly accessible inhabited island, with clsoe to 3,200 residents. The majority of the island was once owned by James Dole (Dole Food Company), who bought it in 1922. The 2% Ellison isn't buying is owned by the state, county and private residents.
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