In what residents hope will provide job opportunities and boost tourism on their humble Hawaiian island, Oracle CEO Larry Ellison has bought 98% of Lanai, the state's sixth largest island.
Reuters reports the news came from Hawaii's governor, Neil Abercrombie, on Wednesday. Abercrombie said Ellison - ranked as America's third richest man - had agreed to buy the tropical estate from fellow American mogul David Murdock. While media reports have speculated the price tag to be at around $500 million, a definite figure has not yet been revealed.
Lanai, once known as the “Pineapple Island” due to its vast pineapple fields, is now known as an exclusive tropical paradise and holiday destination, visited for its two Four Seasons resorts, golf courses and luxury accommodation. In 1994, Microsoft magnate Bill Gates booked out every hotel room on the island for his wedding.
The smallest of Hawaii's inhabited islands, with a population of about 3 000, Lanai is a comma-shaped, 365-square-kilometre island, consisting mainly of dirt roads that require a four-wheel drive vehicle to traverse. There are no traffic lights on the island, which has one school serving the entire population.
High hopes
The 67-year-old's reputation of wealth and passion precedes him, and many residents, it is reported, are optimistic that his entrance will bring prosperity to the island, which relies mainly on its resorts to employ its inhabitants.
Ellison will take over Lanai's two luxury resorts as part of his 98% share of the island, the other 2% of which belongs to the state of Hawaii.
Owner of one of the hotels, Mary Charles, says the resorts and golf courses need capital improvements and there are high hopes that Ellison is planning on doing that.
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