FTIL 15 – Buying your own island (Part 3 of 3 part series)

Lanai

Leave it to Larry Ellison, the billionaire founder and CEO of Oracle, to make the news with trophy acquisitions – trimaran (and bankrolling the entire team) that won the America’s Cup; a fully functional fighter jet; Japanese-style personal estate in Northern California; etc.  While his recent endeavors to purchase a professional basketball team has hit a few snags, the Maui News reported that he has closed a deal to purchase 98% of Lanai for 500~600MM from an entity controlled by David Murdock (I actually had no idea that Lanai is privately owned until now…)   I guess 780 acre James Island for sale by the McCaw family is not splashy enough for the 3rd richest person in the US.   Neil Abercrombie, the state’s governor commented, “it is my understanding that Mr. Ellison has had long standing interest in Lanai.  His passion for nature, particularly the ocean is well known specifically in the realm of America’s Cup sailing.”  Well, let’s just hope Ellison does not close down pineapple plantations in favor of real estate developments like Murdoch did…

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About Richard Lee
Experienced finance and operations professional. Currently partner in five companies, adjunct professor of economics at Columbia College and executive contributor to a small business blog (www.SMBmatters.com); following corporate finance, M&A and management consulting tenures with Orbitz and Diamond Technology Partners; and six years of service with the United States Army.

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