Oracle chief buys Hawaii island

2012-06-21 12:46
Oracle CEO Larry Ellison has reached a deal to buy 98% of the island of Lana'i from its current owner. (Jeff Chiu, AP)

Oracle CEO Larry Ellison has reached a deal to buy 98% of the island of Lana'i from its current owner. (Jeff Chiu, AP)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

kalahari.com

  • Environment
    This volume of "The New Encyclopedia of Southern Culture" surveys the dynamic environmental forces... Now R886.00
    buy now

Los Angeles - Oracle boss Larry Ellison has bought a Hawaiian island from a fellow multi-billionaire businessman, the governor of the US Pacific Ocean state said.

Ellison, co-founder and chief executive officer of the tech giant, has purchased 98% of the 365km2 island of Lana'i from its owner Castle & Cooke, said governor Neil Abercrombie.

Castle & Cooke, a Los Angeles-based company headed by businessman David Murdock, filed a transfer application with Hawaii's Public Utilities Commission, said a statement posted on the governor's website.

"It is my understanding that Mr Ellison has had a long standing interest in Lana'i," Abercrombie said. "His passion for nature, particularly the ocean, is well known, specifically in the realm of America's Cup sailing.

"He is also a businessman whose record of community involvement in medical research and education causes is equally notable. We look forward to welcoming Mr Ellison in the near future," he added.

Price

The price paid by the Oracle chief was not specified, but the island state's Star Advertiser newspaper quotes Castle & Cooke as saying it was hundreds of millions of dollars.

The seller added that Ellison plans to bring new investment to Lana'i that should boost tourism and create jobs on the island, which includes two resort hotels and a golf course, among other facilities.

"The buyer anticipates making substantial investments in Lana'i and is looking forward to partnering with the people of Lana'i to chart the island's future," the company said, according to the paper.

Lana'i was formerly known as Pineapple Island, but Murdock has had bumpy relations with some residents over his uprooting of the pineapple industry in favour of resort and housing developments, it said.

California-based Ellison's net worth is estimated at $36bn by Forbes magazine, which ranks him sixth in its global rich list, while Murdock's is somewhat lower, at $2.7bn, sharing 442nd place.

Read more on:    environment
NEXT ON NEWS24X

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Add your comment
Comment 0 characters remaining
 

Inside News24

 
 
Traffic
Lottery
 
  • Wednesday Delft - 20:37 PM
    Road name: R300 Southbound
    ROADWORKS - left lane closed at Hindle Road
  • Wednesday Sir Lowry's Pass - 17:57 PM
    Road name: Old Sir Lowrys Pass Road
    TRAFFIC LIGHTS not working at Bezweni Road
 
More traffic reports...
 

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Escape winter, head to Mauritius

Escape winter by spending 7 nights in Mauritius' tropical bliss from R13 215 per person sharing. Includes return flights, airport transfers and accommodation. Book now!

Kalahari.com - shop online today

Get many eggs in one basket!

Gaming bundles: 2 Super Hits games for R99, 3 Disney games for R99 and more + exclusive accessory bundles only available on kalahari.com. While stocks last. Shop now!

25% off bestselling books!

The Real Meal Revolution by Tim Noakes, Jeffrey Archer’s Be Careful What You Wish for, Man’s Search for Meaning by Victor E. Frank and many more titles. Shop now!

Up to 25% off electronics

Buy top electronics and save up to 25%. Such as kalahari.com’s 1# selling product the gobii eReader, Patriot X Porter flash drive, Asus Nexus 7” 3G tablet, Samsung Galaxy SIII, Lenovo G580 Notebook and many more. Shop now!

DStv HD PVR Decoder now R949

The DStv HD PVR Decoder has further revolutionised the television experience with lifelike viewing, sharper images, more vibrant colours and precision picture quality. Now R949, save R550. Offer valid while stocks last. Shop now!

Up to 30% off appliances & homeware

Save up to 30% on appliances and homeware this Easter! Offer valid while stocks last. Shop now.

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

BlackBerry Curve 8520

Wi-Fi enabled With the BlackBerry Curve 8520 connect to your home...

From R1100.00

I'm shopping for:

Horoscopes
Aquarius
Aquarius

You may be required to travel or get information for your job. This may be restricting in some way or something may slow things...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.








Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.