LOS ANGELES (LALATE) – Larry Ellison has bought Lanai from David Murdock of Castle & Cooke. Larry Ellison, CEO of Oracle, bought 98% of the Island of Lanai after a purported bidding war erupted. The seller is David H Murdock’s Castle & Cooke, Inc., officials confirm to news.
In 1922, James Dole bought the island. Dole used the island for the Hawaiian Pineapple Company which became the Dole Food Company. In 1985, David Howard Murdock became the new owner after buying Castle & Cooke. Last year, Forbes estimated Murdock’s new worth in excess of $3 billion and ranked him in the top four hundred richest persons in the world.
Murdock made much of his money after he bought Castle and Cooke in 1985 when the company was on the brink of bankruptcy. He later acquired Dole in 2003 privately and brought it public in an IPO that dominated news in 2009.
Before that, Murdock made his money in Los Angeles real estate during the 1960s. In the 1970s he made news buying International Mining and later owned stakes in Occidental Petroleum and Iowa Beef. Murdoch and Ellison have yet to comment about the news tonight.