Oracle CEO Larry Ellison has purchased 98 percent of Lanai, Hawaii’s sixth-largest island, as announced by Hawaii governor Neil Abercrombie on Wednesday. The billionaire Ellison was listed as America’s third-richest man in 2012, and is buying the property from fellow billionaire David Murdock. Murdock’s company Castle and Cooke Inc., controls all but of 2 percent of the 141 square mile island, and filed a transfer application with Hawaii’s Public Utilities Commission.
The land will cost Ellison between $500 and $600 million, according to early reports, but the official filing did not mention a price.
“It is my understanding that Mr. Ellison has had a long standing interest in Lanai. His passion for nature, particularly the ocean, is well known specifically in the realm of Americas Cup sailing,” Governor Abercrombie said in a statement. “We look forward to welcoming Mr. Ellison in the near future.”
Lanai is visited for its two Four Seasons resorts, golf courses and luxury housing. In 1994, Microsoft billionaire Bill Gates booked every hotel room on the island for his wedding. Ellison, 67, is currently ranked the world’s sixth-wealthiest man according to Forbes, with a net worth of $36 billion.