(MENAFN) Hawaii Gov., Neil Abercrombie, announced that Oracle's CEO Larry Ellison, the world's sixth-richest person, will acquire 98 percent of the island of Lanai from its owner Castle & Cooke Inc., reported AP.
Abercrombie added that the property includes the vast majority of the island's 141 square miles, and the deal entails 88,000 acres of land, 2 resorts, 2 golf courses, a stable and a range of residential and commercial buildings.
He said that Ellison, who in 1977 co-founded the Redwood City, Calif.-based Oracle Corp., will pay cash.
Moreover, the transaction is expected to create new jobs, boost economic growth and revive the local tourism industry.
On the other hand, billionaire David Murdock, who owns Castle & Cooke, stated that he would keep his home on Lanai and the right to establish a wind farm.
The majority of Lanai was once owned by James Dole of Dole Food Company Inc., who acquired it in 1922. In 2000, Murdock purchased out fellow Castle & Cooke shareholders for around USD700 million and took the company private.
It is worth noting that Lanai is Hawaii's smallest publicly accessible inhabited island, with nearly 3,200 residents. In 2012's first 4 months, the island received over 26,000 visitors, posting a drop of 6 percent from 2011's same period, according to the Hawaii Tourism Authority.
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