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SOLD for $500 Million or So… Billionaire Larry Ellison Adds Hawaiian Island of Lanai to Real Estate Portfolio

themoengroup | June 29, 2012

What do you get the man who has everything? Well, if you’re Oracle Founder and Billionaire Larry Ellison, you buy an island in Hawaii… as a gift to yourself. The CEO, who is known for his extravagant real estate buys, just officially added the island of Lanai to his luxury real estate portfolio for a reported 500 million dollars. Earlier in the week, the Hawaii Public Utilities Commission gave the preliminary go ahead for the transfer of utilities, helping pave the way to a done deal. For many, news of the sale isn’t much of a shocker. The island’s new owner, who is also known as the Forbes 4th richest man, has a penchant for the finer things in life including: cars, planes, homes, land and now, of course, an island… all with staggering price tags. While his purchasing power is legendary… it’s the island of Lanai that’s all the buzz right now. Here’s a quick rundown of how big of a piece of paradise $500 million or so buys you.

Larry Ellison Buys Lanai

Larry Ellison Buys Lanai:

Lanai: Hawaii’s 6th Largest Island

Deal: 98% Purchase from David Murdock

Price: Reported $500 Million (Estimated Value. The Price is Not Disclosed)

Land: 88,000 Acres with 50 Miles of Oceanfront Land

Included: The Four Seasons Resort Lanai at Manele Bay (pictured above) and the Four Seasons Resorts Lanai, Lodge at Koele. Additionally, Mr. Ellison receives two pretty amazing golf courses and clubhouses, including The Experience at Koele and The Challenge at Manele.

The Bigger Picture for Lanai: It’s worthy of note, Lanai residents and business owners seem to be responding very positively about the purchase. Rumors had swirled for years that the two Four Seasons resorts, which employ many of the island’s residents and filter customers to local businesses, would be closed if David Murdock was unable to sell his share of the island. As noted earlier, Mr. Murdock had reportedly been asking for $500-$600 million, however the final purchase price by Mr. Ellison is currently undisclosed but estimated to be closer to the $500 million mark.

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