US billionaire to buy Hawaiian island
Published: 21 June, 2012, 17:59
Larry Ellison (AFP Photo / Kimihiro Hoshiro)
The third wealthiest American Larry Ellison is set to buy 98 percent of Lanai, the sixth-largest of the Hawaiian Islands, also known as the Pineapple Island.
The co-founder and CEO of software company Oracle is buying the land from current owner billionaire David Murdock’s Castle & Cooke Inc.
The price is still to be announced, however reports suggest the asking price was between $500 million and $600 million.
The report on the deal came from Hawaii Governor Neil Abercrombie who held a meeting with Maui County Mayor Alan Arakawa and Castle & Cook last week to go over the details of the sale, Associated Press says.
The island has around 364 square kilometres of land. Reports on the population vary anything up to 3100. It is also the smallest publicly accessible inhabited island in Hawaii. Lanai is commonly known as Pineapple Island due to its pineapple plantations. Now the island’s business in mostly focused on luxury tourism and housing.
Lanai, Hawaii (image from http://www.tropicalparadise.net)