Oracle co-founder CEO Larry Ellison will soon be the proud owner of
Lanai, Hawaii's sixth-largest island. Seriously, he bought 98 percent of
the thing. The price? A relatively modest $500-600 million, according to reports. Ellison hasn't said what he plans to do with the vast majority of the
island's 141 square miles, but the sellers said he plans substantial
investments.
Reports say he plans to create jobs
and stimulate tourism to the "Pineapple Island" once owned in the 1920s
by the founder of Dole Foods Co. Ellison's purchase was publicly announced by Hawaii Gov. Neil Abercrombie. Landowner Castle & Cooke, who owned the property Ellison bought,
has filed a transfer application with the Public Utilities Commission,
he says.
With nearly 50 miles of coastline, just two resorts and zero traffic
lights, Lanai boasts little conventional development but plenty of
unspoiled charm. To put it in perspective, an unnamed source equated Ellison's
purchase of Lanai as the continental U.S. equivalent of buying Montana.
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