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Posted: Monday, February 24th, 2014 1:13 PM HST

Billionaire bought $40M in housing on Lanai

By Associated Press

HONOLULU (AP) Property records indicate Larry Ellison has been buying almost two dozen homes on Lanai for $40 million.

The Honolulu Star-Advertiser reports that ever since the co-founder of Oracle Corp. acquired 98 percent of Lanai in 2012, a pair of his companies has been buying mostly luxury vacation homes and condominiums on the island.

Ellison had already acquired 455 rental homes when he bought 98 percent of the island's 141 square miles, making him the biggest owner of housing on Lanai.

It wasn't clear what the billionaire planned to do with the homes and condos.

Representatives for Pulama Lanai, Ellison's management company for the island, and his real estate brokerage firm Island Lanai Properties, declined to comment on the real estate acquisitions.

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