Los Angeles | Thursday, August 30th, 2012
David Murdock has sold 98% of his Hawaiian island to Oracle Corp. CEO Larry Ellison.
The billionaire will still hold on to a few of his assets on Lanai, however.
He will keep his seven-bedroom home, a woodworking shop, two carved elephant tusks and 1,000 rare orchids.
His asking price for Lanai was $500 to $600 million, though it is not known what Ellison actually paid for the 141 square-mile island.
Maui County records show that it is actually worth $635.4 million.