Billionaire buys Hawaiian Island

Billionaire buys Hawaiian Island

In what sounds like the introduction to a super hero novel and the evil billionaire and his lair, I segue into the below article…

Oracle CEO Larry Ellison purchases Lanai (pineapple Island) in Hawaii

By OSKAR GARCIA | Associated Press
Associated Press writers Jennifer Sinco Kelleher in Honolulu and Lisa Leff in San Francisco contributed to this report.

Oracle Corp. CEO Larry Ellison is closing in on a purchase even lottery winners can only dream about — 98 percent of Hawaii’s pineapple island, Lanai.

Ellison hasn’t said what he plans to do with the vast majority of the island’s 141 square miles
, but the sellers say he plans substantial investments that will create jobs and stimulate tourism to the island once owned in the 1920s by the founder of Dole Foods Co.

With nearly 50 miles of coastline, two resorts and zero traffic lights, Lanai boasts plenty of unspoiled charm. Tourism officials tout the luxury at its Four Seasons hotels and rugged rural areas that can only be reached by vehicles with 4-wheel drive.

If all goes as planned, most of the island that is home to 3,200 residents and near Maui will be owned by Ellison — the world’s sixth-richest billionaire, according to Forbes.

The sale price for the property was not immediately clear. Lawyers for the seller redacted a copy of the sale agreement signed May 2, saying it includes confidential information that would competitively hurt Ellison and the seller if disclosed. The Maui News previously reported the asking price was between $500 million and $600 million.

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Filed under Commericial Real Estate Articles & News, Investment Real Estate

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