Some people splurge on a trip to the Hawaiian Islands. Oracle co-founder and billionaire Larry Ellison splurges by buying one.
Ellison is spending a small fraction of his billions to buy the Hawaiian island of Lanai, home to several luxury resorts, golf courses and residential developments, according to papers filed with state regulators Wednesday.
The current owner, a company owned by billionaire David Murdock, filed a transfer application with Hawaii’s Public Utilities Commission on Wednesday to sell its 98 percent share of the 141-square-mile island to Ellison. Lanai, 9 miles from Maui, is the sixth-largest of the archipelago’s eight main islands.