Oracle's Larry Ellison To Buy Most Of Lanai

Oracle CEO Larry Ellison reached a deal to buy nearly the entire Hawaiian island of Lanai. The land is currently owned by billionaire David Murdock who is the CEO of Castle and Cooke and the majority stock holder in Dole Food Company.

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STEVE INSKEEP, HOST:

And today's last word in business is about someone who probably doesn't worry too much about his 401(k). The CEO of software maker Oracle is buying some real estate.

RENEE MONTAGNE, HOST:

Larry Ellison has reached a deal to buy nearly the entire Hawaiian island of Lanai. He bought some unspoiled land, a little like the land George Clooney's character agonizes over selling in the movie "The Descendants." This deal is for 88,000 acres, about 98 percent of the island. The sale price hasn't been disclosed, but the Maui News reported the asking price was between $500 million and $600 million.

INSKEEP: Now this land is currently owned by billionaire, David Murdock, who is the CEO of Castle and Cooke and the majority stockholder in Dole Food Company.

MONTAGNE: The buyer now gets almost 50 miles of coastline, zero traffic lights and 400 miles of unpaved roads.

It's the business news on MORNING EDITION from NPR News. I'm Renee Montagne.

INSKEEP: And I'm Steve Inskeep. Aloha.

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