Larry Ellison purchases Lanai, Hawaii’s sixth largest island

America’s third richest man and the CEO of Oracle, Larry Ellison, recently bought himself 98% of Lanai, Hawaii’s sixth largest island. Known as the Pineapple Island, this 141 sq mile (365 sq km) island was owned by billionaire David Murdock since 1985 who later decided to sell the property after losing a whopping $18 million and $25 million each year on the same. The State of Hawaii owns just 2% of the island and Ellison has shown interest in this property previously. Also, the price at which the island was bought has been kept under wraps, though the asking price was previously hinted between $500 million and $600 million.

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Castle & Cooke is currently the primary employer on the island, owning several businesses including hotels, golf courses as well as water utilities.
[Cnet and Ibnlive]