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Billionaire Larry Ellison buys out Lanai residents

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Oracle magnate Larry Ellison, purchased a group of luxury vacation homes on Lanai, for a whopping $40 million.

According to the Feb. 24, report by Hawaii News Now, Ellison's property management company declined to comment on the acquisition.

Ellison owns 98% of the Hawaiian Island, purchased in 2012. He has since purchased 455 rental homes, a local airline and now a large group of luxury homes.

Ellison, who also owns both of the Four Seasons hotels on the island made headlines recently, when he opened a private VIP lounge at the Honolulu Airport. The airport lounge is exclusively for Four Seasons Lanai, guest and excludes Four Seasons guest from the neighbor island locations.

Lanai, unlike the more popular Oahu island, has a very different demographic, and a fraction of the population of Oahu.

According to the 2010 census Lanai, has 3,102 residents. Oahu, has 953,207 residents.

As Ellison's master plan for the island unfolds, the road may lead to massive restrictions and extremely limited access to the island, for the general public.

Lanai, could very well become the next playground to the rich and famous, with a formidable host who spares no expense.

The State of Hawaii retained 2% ownership of Lanai.



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