Is This a Good Time to Buy Property on Lānaʻi?
By Alexandra Mitchell
We’ve all heard the news… In 2012, Larry Ellison, billionaire and CEO of Oracle Corporation, became the majority owner of the Island of Lānaʻi (more than 88,000-acres of land, and 248-acres of residential and commercial property in Lānaʻi City). Since the initial purchase, there’s been a flurry of discussion and questions concerning what he’s up to on the Pineapple Isle.
How are the residents of Lānaʻi feeling? Has the job market improved? What is really happening over there? Since he bought the island, there has been even more news of him buying up more investment property, including 21 residential resort properties near the Four Seasons Resort (grossing $41 million).
In 2012, an article in the SF Gate stated that Ellison bought “two resort hotels managed by Four Seasons, two golf courses and clubhouses, Kōʻele Stables, a clay-shooting facility, an interest in La Ola Solar Farm, administrative buildings, employee rental housing, recreational facilities and three public utilities.”
In 2013, the Huffington Post announced that Ellison bought Island Air in hopes of offering improved interisland flight scheduling. Since then, it’s seems like it’s been a little hush-hush. Being that we’re all on island time, and pretty laid back enjoying Hawaiʻi life, there hasn’t been much of a media push to figure out what’s actually happening on Lānaʻi.
So, what is going on over there? Should we all go buy property on Lānaʻi so Larry Ellison can buy us out, too? Seriously though, are residents starting to feel pushed out? We do know that Lānaʻi’s landscape is under some serious infrastructure changes.
A few more questions for Larry Ellison’s PR team–let’s clear up some speculation:
- Is Larry Ellison planning to make the Island of Lānaʻi a Hawaiian-style Dubai?
- What is going to happen to all the rural land he has purchased?
- Is he building an international airport to support the next most popular luxury travel destination in the world? So, with all of this in mind…
Do you think it’s good time to buy property on Lānaʻi? Please let us know in the comment section below.