Larry Ellison's Plans to Buy Part of Hawaii Approved
|Larry's new home away from home|
The Hawaii Public Utilities Commission reportedly approved the transaction paving the way for Ellison to purchase majority of the 141-square-mile island from Castle & Cooke Inc. on June 27.
Reporters could not reach Ellison for comment, presumably because he was too busy buying an island.
The sale price is being kept secret for now; however, the Maui News reported that they asking price was between $500 million and $600 million. Maui County records show the assessed value for all of Lanai's land is $635.4 million, according to press reports.
It's not yet clear what Ellison plans to do after he makes the island, where some 3,200 people live, part of his portfolio. He will own 88,000 acres of the land, two resorts, two golf courses, a stable, and a slew of residential and commercial buildings.
He has assured the Hawaiian government that his plans will include creating more jobs on the Pineapple Island.
Now for the really important question: Will Oracle employees get free trips to Lanai as part of their benefits package?