The Lookout

Oracle CEO Larry Ellison buys Hawaiian island of Lanai

The Lookout

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Oracle CEO Larry Ellison speaks at the SPARC SuperCluster conference at Oracle headquarters in Redwood City, Calif., …

Amazon's Jeff Bezos has his clock.

And now Oracle's Larry Ellison has a Hawaiian island.

The tech giant has bought the Hawaiian island of Lanai, the governor of the 50th state said.

"It is my understanding that Mr. Ellison has had a longstanding interest in Lanai," Gov. Neil Abercrombie said in an Agence France-Presse story. "His passion for nature, particularly the ocean, is well known, specifically in the realm of America's Cup sailing.

Ellison, Oracle's founder and CEO, bought 98 percent of the 141-square-mile island from its owner, Castle & Cooke, a Los Angeles-based company headed by businessman David Murdock, AFP reported.

While no purchase price was disclosed, the Maui News previously reported the asking price was between $500 million and $600 million.

Lanai, called the pineapple island, is described as having nearly 50 miles of coastline, two resorts and zero traffic lights, according to a Bloomberg News story. Some of its luxury hotels and rugged rural areas can be reached only by vehicles with 4-wheel drive, the story noted.

Lanai  is home to 3,200 residents.

Forbes ranks Ellison as the third-richest American, with a net worth of $36 billion as of March.

Ellison's island purchase trumps that of a fellow billionaire, Virgin Media mogul Richard Branson. Branson recently announced he's reintroduced a native ibis to a small island he purchased in the British Virgin Islands. CNN reports that Ellison's Lanai, the sixth largest island in Hawaii, is 1,000 times larger than Branson's  island.

Gov. Abercrombie said of Ellison in the AFP story, "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."

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