Oracle CEO buys a Hawaiian island
Larry Ellison has a passion for impressive, flashy toys. And it doesn't get more impressive than an entire island.
The CEO of Oracle (ORCL) has bought 98% of Lana'I, the sixth-largest island in the state. Yes, this is how the 1% of the 1% live. The island is 140 square miles and has two luxury hotels and two golf courses.
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Ellison is the third-richest American, behind Bill Gates and Warren Buffett. He's worth $36 billion and he and loves to spend his money. He doesn't just own a boat, he owns an entire boat-racing team. He owns a fleet of airplanes. At one time, he owned a McLaren F1 supercar, of which only about 100 were made.
His personality is just as striking as his boats. He has a reputation for nastiness; someone actually wrote a book called: "The Difference Between God and Larry Ellison... God doesn't think he's Larry Ellison."
As much as this guy loves his toys, he takes real estate even more seriously, amassing a collection of trophy properties that include this stunner and one with its own hillside trolley.
It doesn't get more trophy than an entire island, though. The price isn't being disclosed, but the Maui News said its previous owner, David Murdock, was asking for between $500 million and $600 million. Murdock, 89, is chairman of Dole (DOLE) and was profiled in this New York Times piece.
The purchase will hardly make a dent in Ellison's bank account. Forbes says it's the equivalent of a family with $1 million in assets buying a used Chevy Impala for $15,000.
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January 17, 1893 - the day Hawaiian Monarch Queen Lili`uokalani yielded her throne, UNDER PROTEST, to the superior forces of the United States. Those forces snookered into backing a handful of U.S. businessmen who's names dominate the Islands landscape today.
Commonly referred to as the "Bloodless revolution", she did so to avoid bloodshed.
Queen Lili`uokalani was counting on the United States to do right this wrong - they never did.
While President Grover Cleveland acknowledge that the occupation by U.S. forces was illegal, he and the United States didn't do nothing about it. Still, he's considered somewhat of an ally until this day.
The best the Hawaiians got was an apology from then President Clinton. Meanwhile, Hawaiians are prisoners on their own land, a huge representation in the homeless population, and an over-representation in the prison population. Otherwise, mostly living in poverty.
We have to go back to January 17, 1893 when talking about "ownership" of anything to do with these Islands. And this is the single fact that remains: the United States currently occupies the Kingdom of Hawaii ... illegally ... I might add.
It is what it is.
Ah yes, we are told we should be grateful for someone with a ton of money being able to spend it on whatever they want despite the current economic climate in our country. Goes to show you what hard work and determination can do for someone.
So okay, let him have his island and play with it too. But I do want to know what King Larry paid in taxes the last 10 years, what tax rate that works out to, and what taxpayer-provided entitlements he's taken advantage of over the years to accumulate his wealth - just to ensure he's earned his island reward on his own and not at taxpayer expense.
You know, to prove he's truly achieved the American Dream the old-fashioned way - that he's earned it on his own.
This was private property. It was sold from one individual to another. What is the
difference here other than size with the huge amounts of Montana that have been
purchased by billionaires, or in any other U.S. state. Do you want to preclude
the right of land ownership in the U.S. Granted it does give a lot of credence
to why you should raise the tax rates on the super rich.
WOW LARRY, CAN YOU AFFORD MY LUNCH TODAY.. TUNA FROM HAWAII, AND COCONUT MILK.. WHEN THE ENGINE OF AMERICA GETS ROBBED (MIDDLE CLASS, LEGAL, TAX PAYING WORKERS). PEOPLE GET TO BUY ISLANDS, WELL, OFF TO WORK TO TRY AND PAY MY MORTGAGE ON TIME THIS MONTH.. HAVE FUN LARRY..
This guy is beyond grossly overpaid. What he is doing is criminal. Oracle's dividend to shareholders is less than a quarter per share, .84%! What a joke. This guy is not worth paying more than $10 million per year.
Karma being what it is, I'm going to guess that someday soon he'll get his.
BTW, is there any doubt that this guy wants to keep the "Bush tax cuts"? lol
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[BRIEFING.COM] The drive for five continued today and it was a success. For the fifth straight session, the S&P 500 ended lower. Like the previous four sessions, though, the losses were fairly modest in scope. The S&P 500 declined 0.4%, bringing its total loss for the five sessions to 22 points or 1.2%. All in all, that still qualifies as a pretty tame slide considering the S&P 500 had risen 150 points, or 9.1%, over the previous eight weeks.
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