On June 2012, billionaire Larry Ellison purchased nearly 98 percent of the island of Lanai for approximately $300 million. Since then, Ellison has been buying even more real estate on Lanai. According to recent property records, two of Ellison's companies have purchase another two dozen homes and lots for a total of $40 million. Many of these additional purchases have been luxury vacation homes and condominiums, though some of them have been old plantation houses. Some speculate that Ellison decided to purchase the additional properties as housing for the consultants and employees that he has been bringing in to improve and diversify the island's economy. It is believed that Ellison may decide to build a third resort on the island, as well as a second airport runway, commercial agriculture, a tennis academy, a film studio and a research institute. Still, Ellison has been rather selective of which properties he is buying on the island. Over the last two years, Ellison has purchased only approximately 20 percent of the available listings.
Source: Honolulu Star Advertiser, 2-23-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
