Larry Ellison set to purchase Hawaiian island
Oracle co-founder and CEO Larry Ellison is set to purchase Lanai, the sixth largest among the Hawaiian islands, known for its rich fruit plantations.
Though there is so far no official confirmation from Ellison, one of the world's richest people, Hawaii's State Governor Neil Abercrombie has publicly stated Ellison's involvement in the deal.
Abercrombie revealed that the island's current owners, Castle Cook, have already filed a transfer application with the state's Public Utilities Commission.
Ranked No. 6 on Forbes' world billionaires list with a net worth of $36 billion, Ellison is buying about 98% of the 140 square mile Lanai from Castle Cook, whose owner David Murdock has a net worth of $2.5 billion, according Forbes.
89-year-old Murdock, who is also the majority stock holder in the Dole Food Company, is planning to retain a solar farm and a home on the island, as he retires as Lanai's benefactor of sorts.
"It is my understanding that Ellison has had a long-standing interest in Lanai. His passion for nature, particularly the ocean, is well-known specifically in the realm of America's Cup sailing," Abercrombie said.
According to a document filed with the Public Utilities Commission the island boasts of two luxury resorts, two golf courses, two club houses and 88,000 acres of land.
With nearly 50 miles of coastline, Lanai has plenty of unspoiled charm.
Castle Cooke's website claims the company employs nearly half of the island's residents recorded at around 3,500 people.
Islanders are not sure whether Ellison has any commercial interests in acquiring the island which has been losing "tens of millions of dollars a year in operating costs," CNN affiliate KHON reported Wednesday.
"We need somebody with very deep pockets that understand this upfront.until we can find something to make the island valuable again," said island's state senator J. Kalani English, reported KHON.
Source: United States News.net
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