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Oracle CEO Larry Ellison buying his own private Hawaii

June 21, 2012|By David Lazarus

In case you were wondering: Yes, it's cool to be a billionaire.

Oracle's way-rich CEO, Larry Ellison, is reportedly closing on a deal to buy 98% of Hawaii's pineapple island, Lanai. Yup, that's 141 square miles of Aloha State, all in the hands of one guy.

Lanai has nearly 50 miles of coastline, two resorts and no traffic lights. About 3,200 people live on the island.

Ellison is the world's sixth-richest billionaire, according to Forbes. The land's current owner, Castle & Cooke Inc., filed a transfer application Wednesday with state officials. The sale price was not immediately disclosed. The Maui News previously reported the asking price was between $500 million and $600 million.

And here's the real beauty part: Ellison is reportedly paying cash.

They say money can't buy love. Maybe. But it sure can buy a heck of a lot of beachfront Hawaiian property.

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