The sixth largest island in Hawaii has recently found a new owner. Measuring 141 square miles of land, including 47 miles of lovely coastline, the Lanai island was recently purchased by Larry Ellison, the founder of Oracle Corp. and the third richest man in America. It hasn’t been disclosed exactly how much Mr. Ellison paid for the property, but we do know that the asking price for Lanai was between $500 and $600 million.
Also known as the Pineapple Island (obviously because of its rich pineapple fields), Lanai holds two Four Seasons resorts and two golf courses with clubhouses, and it is currently inhabited by 3,200 people. There are no traffic lights on the islands, and some of its rural areas and even luxe hotels can only be accessed via 4×4 vehicles.
The former owner of the island was billionaire David Murdock, the man behind the Los Angeles-based Castle & Cooke company. Because Mr. Murdock had experienced serious financial loss with the island, he decided to sell it to someone who had a vision and wanted to buy the property and invest in it. He found Larry Ellison, who didn’t officially announce what he intended to do on Lanai, but the sellers say that he plans on creating jobs and stimulating tourism in the area to help the island prosper.