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Oracle CEO Larry Ellison buys Hawaiian Island of Lanai

June 21, 2012 - Many celebrities own real estate in Hawaii, but Oracle CEO Larry Ellison has purchased a whopping 98 percent of the island of Lanai. He will be buying the land from Castle & Cooke Inc. While it has not been reported how much he purchased most of the 141-square-mile island for, sources say he will be paying cash. The asking price was between $500 million and $600 million.

Ellison was recently named the sixth-richest person in the world by Forbes magazine, as he is said to have a net worth of $36 billion. Neil Abercrombie, governor of the State of Hawaii noted that the businessman has expressed an interest in the island for a while and says the island is looking forward to his ownership of the island.

Nearly 88,000 acres of land, two golf courses, multiple residential and commercial buildings, two resorts and a stable will be included in the transaction. Sources say Ellison will likely also invest in the island and work toward improving local tourism while also creating more jobs.

The island of Lanai is known for its extensive coastline, lack of traffic lights and limited paved roads. It is also home to the world's largest pineapple plantation, earning it the nickname The Pineapple Island.

It has not been reported is Ellison will be moving there for his personal residency, but he will likely spend a lot of time on the island while projects are underway.

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