Technology Billionaire to Buy Hawaiian Island of Lanai

""Realestalker.com"":http://realestalker.blogspot.com/ is reporting that a major ""property acquisition"":http://realestalker.blogspot.com/2012/06/did-larry-ellison-buy-lanai.html is underway for Oracle founder, Larry Ellison. According to the website, the billionaire technology entrepreneur is set to purchase the Hawaiian island of Lanai for between $500 and $600 million.

Key details about the transaction remain under wraps, but Ellison would likely take ownership of 98 percent of the 141-square mile island in a deal with current owner, David Murdock. As Lanai's current billionaire proprietor, Murdock loses an estimated $20 million annually, due to the expenses associated with running the island's hotel and golf resorts. The agreement with Ellison is said to allow Murdock to retain his Lanai residence, as well as the rights to build a wind farm that would provide power for nearby Oahu.

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