Billionaire Larry Ellison buys a former Hawaii church property

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Billionaire Larry Ellison, the 7th richest person in the world, has purchased another property on the Hawaiian Island of Lanai for $1.4 million, according to public records.

The tech titan purchased most of Lanai for $300 million almost a decade ago. 

The co-founder of Oracle Corp., who has a net worth of about $93 billion, according to Forbes, purchased the property from a nonprofit preschool on the Pineapple Isle. 

The property, which was formerly occupied by a church, consists of about 13,600-square-feet of land with a nearly 2,000-square-foot building on it. 

The property has a total assessed value of about $520,000, but is exempt from being taxed.

Lanai Resorts LLC, Ellison’s company that runs the island’s operations, only will be paying hundreds of dollars in property taxes since a nonprofit is leasing the property. Its lease expires in 2023. 

Ellison has been slowly buying up properties on Lanai, and has plans to double the island’s population in the coming years. 

Ellison made recent headlines with another purchase of real estate, this time of Palm Beach, Florida mansion for $80 million.

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