Oracle CEO Larry Ellison has bought a Hawaiian island from a fellow multi-billionaire businessman, the governor of the US Pacific Ocean state said. Ellison has purchased 98 percent of the 141 square mile (365 square kilometer) island of Lana’i from its owner Castle & Cooke, governor Neil Abercrombie said on Wednesday.
Castle & Cooke, a Los Angeles-based company headed by businessman David Murdock, filed a transfer application with Hawaii’s Public Utilities Commission.
“It is my understanding that Mr. Ellison has had a long standing interest in Lana’i,” Abercrombie said. “His passion for nature, particularly the ocean, is well known, specifically in the realm of America’s Cup sailing.
Previous media reports put the price tag at between $500 million and $600 million, but the price was not revealed in yesterday’s filing.
The seller added that Ellison plans to bring new investment to Lana’i that should boost tourism and create jobs on the island, which includes two resort hotels and a golf course, among other facilities.
California-based Ellison’s net worth is estimated at $36 billion by Forbes magazine, which ranks him sixth in its global rich list.
Alex has written for Vanity Fair, Barrons, Bloomberg and Condé Nast Traveler.