Larry Ellison has closed a deal to buy most of the Hawaiian island of Lanai for an undisclosed sum.
The Oracle chief executive has agreed to purchase 98 percent of the 141-square-mile island, Hawaii's sixth-largest by acreage, according to a statement issued today by the Hawaii governor's office. Current landowner Castle & Cooke filed a transfer application with the Public Utilities Commission.
Billionaire David Murdock, who has owned 98 percent of the island since 1985, is selling the land after reportedly losing between $18 million and $25 million each year on the island. The state of Hawaii owns … Read more