Billionaire Private Islands
Owning a private island is
something very few people can even dream of. But some of the super-rich
not only own a slice of paradise, they’ve also managed to turn these
exotic destinations into a lucrative business opportunity.
Lanai, Hawaii
Owner: Larry Ellison
Purchase price: $500-$600 million
Purchase price: $500-$600 million
Tech titan Larry Ellison’s purchase of 98 percent of Hawaii’s sixth
largest island — Lanai — is considered among the most expensive in the
world.
Ellison — the third richest person in the U.S. and sixth richest in the
world according to Forbes — bought Lanai in June from David Murdock, the
billionaire behind Dole Foods. The 141 square-mile island is known for
its pineapple fields and is home to 3,000 people. Tourists visit the
island for its two Four Seasons resorts, golf courses and luxury
housing. Oracle co-founder Ellison now owns the two luxury resorts as
part of his share of the island, while the remaining two percent is
owned by private residents and the local government.
As part of the sale agreement, former owner Murdock retains the right to develop a 200-megawatt
wind power project on
northwestern Lanai. That has faced stiff resistance from locals
concerned about the operation disturbing archeological sites and
displacing native birds. Residents have been vocal in their demands that
Ellison respect the island’s native history and artifacts in his future
development plans.
