http://mobile.latimes.com/p.p?m=b&a=rp&id=2310964&postId=2310964
"Larry Ellison, the founder of Oracle Corp., has agreed to buy 98% of the island of Lanai from David Murdock, a Los Angeles billionaire who controls Dole Food Co. and many other businesses under Castle & Cooke Inc.
Lanai, the sixth-largest Hawaiian island at 141 square miles, was once a pineapple plantation and is still sparsely inhabited. According to documents filed with Hawaii's Public Utilities Commission, the purchase will include two resort hotels and two golf courses with clubhouses.
The sale price has not been disclosed, but local observers value the deal at more than $500 million. That's a large real estate transaction by any standard, though not earth-shattering in the realm of trades among wealthy investors.
Ellison, the third-richest American with a net worth of $36 billion, according to Forbes, has spent hundreds of millions of dollars on trophy properties in Malibu, Lake Tahoe, Rancho Mirage and other locations where real estate prices are consistently high.
His former yacht "Rising Sun" reportedly cost more than $200 million to build and at a length of 254 feet is too big to dock at most of the world's marinas.
Ellison plans to pay cash for the island. "
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