Oracle’s chief, Larry Ellison, is a known name from Silicon Valley. He is one of the most notable traditional tech entrepreneurs and his net worth is currently estimated to be $36 billion. Ellison is now back in the news over the purchase of a Hawaiian Island from the notable billionaire, David Murdock.
The island has been owned by Murdock ever since 1985 and is commonly called ‘Pineapple Island.’ It is the smallest publicly accessible island in Hawaii and currently houses a total of 3200 residents.
The island is basically a tourist resort and Mr. Murdock owned 98% of it through the company Castle & Cooke. The island features golf courses, hotels and a number of other businesses most of which are owned by Castle & Cooke. However, in all, the business at island hasn’t been very profitable and the company had been running losses to the tune of $40 million a year.
The price paid by Ellison for the purchase of the island is unknown. However, estimates put it at $500 million to $600 million.
Commemorating the successful bid, Hawaii’s Governor said, “”It is my understanding that Mr Ellison has had a long standing interest in Lanai. 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.”
Source: BBC
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