The news just broke that high-flying Oracle CEO Larry Ellison purchased 98% of the island of Lanai – the 6th largest of 8 Hawaiian islands – for more than $500 million. Lanai is 18 miles at its widest and totals 140.5 square miles, with approximately 3,000 residents, but features only one town, Lanai City.
Ellison, meanwhile is one of the most wealthy people in the world, with Forbes listing his net worth at a cool $36 billion. Some of Ellison’s other expensive purchases include a 23-acre Japanese-style estate in Woodside which set him back $200 million and a $194 million yacht, not to mention the $80 million he spent on yacht racing over a recent three year period.
So what about the mere millionaires among us? Well, you too can own some incredible properties that feature large amounts of land and access to the water, without all the headaches and expense of owning and operating an entire island.
For example, there’s this stunning $15 million dollar property in beautiful Santa Barbara (any city with two bars in the name must be great), that features 16.5 acres of secluded beachfront property, and is just minutes from downtown.
With either choice, you will be master of your own domain, if not master of your own island. It’s hard being a millionaire.