Oracle chief Larry Ellison buys Hawaiian island

The billionaire boss of technology giant Oracle is to buy 98% of the Hawaiian island of Lanai, Hawaii's governor says.

Larry Ellison's asking price for the 141 sq mile (365 sq km) island was said to be between $500m (£318m) and $600m.

Known as "Pineapple Island", Hawaii's smallest publicly accessible island is home to 3,200 residents and now boasts several luxury resorts.

It was previously famous for its pineapple plantations but has seen tourism take over as its key business in recent decades.

Billionaire David Murdock has owned Lanai since 1985 through private company Castle & Cooke.

Confiming the successful bid, Hawaii Governor Neil Abercrombie said on Wednesday: "It is my understanding that Mr Ellison has had a long standing interest in Lanai.

"He is also a businessman whose record of community involvement in medical research and education causes is equally notable. We look forward to welcoming Mr Ellison in the near future."

A co-founder of Oracle, one of Silicon Valley's traditional tech giants, Mr Ellison is listed sixth on Forbes' list of global billionaires, with a net worth estimated at $36bn.


Post a Comment

Grace A Comment!