Oracle's Larry Ellison buys private Hawaii island for $636 million
Pineapple plantations, hotels a wind farm and 3200 Hawaiians will come under the billionaire's domain.
The Maui News reports that Oracle founder Larry Ellison has bought an island in Hawaii for between $US500 and $US600 million ($NZ636 and $NZ763 million).
The 365 square kilometer Lanai - Hawaii's sixth largest island - is currently owned by billionaire David Murdock (whose situation as a seller vaguely mirrors that of George Clooney in the recent Hollywood movie The Descendants).
But a deal is likely to be signed by the end of the week, handing control to Mr Ellison, according to Hawaii Governor Neil Abercrombie.
Lanai has a population of 3200 and is best known for its pineapple plantations.
Mr Murdock's company, Castle & Cooke, owns 98% of Lanai, and is the island's primary employer through the hotels, golf courses, water utilities and other businesses under its control.
Castle & Cooke is losing as much as $US40 million a year, according to local media.
The company recently gained approval to build a wind farm over 52 square kilometres of Lanai. It planned to export power to the larger island of Oahu through an undersea cable.
Mr Ellison (67) is the CEO and founder of US-based multinational software company Oracle, one of the contenders to land the $1 billion contract to rebuild IRD's systems.
He is rated sixth on Forbes' global billionaire's list, with an estimated worth of $36 billion.
NBR staff
Thu, 21 Jun 2012
Thu, 21 Jun 2012
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Oracle's Larry Ellison buys private Hawaii island for $636 million
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