Oracle’s (NASDAQ:ORCL) CEO and co-founder Larry Ellison is third-richest person in the U.S., with a net worth of about $36 billion (according to Forbes). And he has a long history of extravagant spending. His latest move: the purchase of 98% of the Hawaiian island of Lanai. The price tag is rumored at $500 million to $600 million.
Lanai is 141 square miles, with 50 miles of coastline. While it has a population of about 3,200 people and offers two resorts — including a Four Seasons — there are actually no traffic lights.
Ellison’s plans for the island are vague. But it looks like he’ll invest more money — such as to improve the tourist trade, which has been lagging. Unemployment has also been persistently high.
But with his mega-ego, it’s fitting that Ellison would wind up owning his own island. And somehow it wouldn’t be a surprise if he names it after himself.