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Tuesday, June 26, 2012

Larry Ellison's Plans to Buy Part of Hawaii Approved

Posted By on Tue, Jun 26, 2012 at 9:32 AM

Larry's new home away from home
  • Larry's new home away from home

Last week we told you that Oracle CEO and obnoxious bajillionaire Larry Ellison had big plans to purchase part of Hawaii -- and we weren't kidding. According to press reports, the sale went through yesterday, and Ellison will officially own 98 percent of the island of Lanai by the end of the week.

The Hawaii Public Utilities Commission reportedly approved the transaction paving the way for Ellison to purchase majority of the 141-square-mile island from Castle & Cooke Inc. on June 27.

Reporters could not reach Ellison for comment, presumably because he was too busy buying an island.


The sale price is being kept secret for now; however, the Maui News reported that they asking price was between $500 million and $600 million. Maui County records show the assessed value for all of Lanai's land is $635.4 million, according to press reports.

It's not yet clear what Ellison plans to do after he makes the island, where some 3,200 people live, part of his portfolio. He will own 88,000 acres of the land, two resorts, two golf courses, a stable, and a slew of residential and commercial buildings.

He has assured the Hawaiian government that his plans will include creating more jobs on the Pineapple Island.

Now for the really important question: Will Oracle employees get free trips to Lanai as part of their benefits package?

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About The Author

Erin Sherbert

Erin Sherbert

Bio:
Erin Sherbert was the Online News Editor for SF Weekly from 2010 to 2015. She's a Texas native and has a closet full of cowboy boots to prove it.

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