If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(CBS News)   Rich people have to save money for nice things too   (cbsnews.com) divider line 63
    More: Cool, Larry Ellison, Oracle, America's Cup, luxury resort, Redwood City, Abercrombie, software company, asking prices  
•       •       •

11900 clicks; posted to Main » on 21 Jun 2012 at 4:47 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



63 Comments   (+0 »)
   
View Voting Results: Smartest and Funniest

Archived thread

First | « | 1 | 2 | » | Last | Show all
 
2012-06-21 04:08:46 AM  
save money?
this headline makes no sense

on the other hand
wtf dude
you bought the 8th largest island in hawaii ...
nice one
 
2012-06-21 04:53:15 AM  
Bill Gates must be crying in his soup over this.
 
2012-06-21 04:54:26 AM  
I don't see the point in buying an island that has thousands of people living on it. I thought that the point of buying an island was for the isolation.
 
2012-06-21 04:55:41 AM  

padraig: I don't see the point in buying an island that has thousands of people living on it. I thought that the point of buying an island was for the isolation.


It saves on the hiring process for goons and lackeys.
 
DYI
2012-06-21 05:08:54 AM  
Do the people that live on the island not own the property or homes they live on? If they do, how can he purchase the land out from under them?

If they don't, do they have to pay him rent?
 
2012-06-21 05:08:56 AM  
that guy's face just screams "beat the everliving shiat out of me".
 
2012-06-21 05:10:14 AM  
padraig: I don't see the point in buying an island that has thousands of people living on it. I thought that the point of buying an island was for the isolation.

Like many of those islands, civizilation congregates around certain spots. So you build your isolated spot somewhere that's difficult to get to.

EX, Hana town on Maui is on the far east side of the island.

Getting there via car takes hours, getting there by chopper, not so much.

If you look at a map of the island and zoom in a bit, you'll see a lot of desolate land with a dash of buildings here or there.
 
2012-06-21 05:13:11 AM  
DYI: If they don't, do they have to pay him rent?

Sounds like it's a lot of resorts, so leases I guess.

So he gets to live there rent free, and collects rent money from lesser rich folks.
 
2012-06-21 05:18:10 AM  
DYI:
Do the people that live on the island not own the property or homes they live on? If they do, how can he purchase the land out from under them?

If they don't, do they have to pay him rent?

Note that he bought the land from Castle & Cook. One owner. 2% of the island is owed, fee simple, primarily by the homeowners. That 2% is in towns, for the most part. The other 98% was owned by C&C.

But, many people in Hawai'i do not own the land upon which their house sits. They lease it. The leases do not HAVE to be renewed, although they generally are. When the lease term gets short, house prices drop, because the land owner might have other ideas for the use of the land, and whatever is on the land reverts to the owner if the lease expires un-renewed.

It makes for a wild gamble. You get a cheap house if the owner renews the lease, or lose whatever you put into buying the house if the owner does not renew.
 
2012-06-21 05:21:42 AM  
GeneralJim: It makes for a wild gamble. You get a cheap house if the owner renews the lease, or lose whatever you put into buying the house if the owner does not renew.

Interesting,

I just looked up room prices at the four seasons. Cheapest room I found was $550/night.

Then it went up to around $2300 / night before they stopped giving prices for the rooms (IE. "call to book _this_ room).

// I'm guessing hotels and the like have long term leases with good legal protection. To prevent someone from yoinking them.
 
2012-06-21 05:22:42 AM  
Life is so absurd. The giant corporations destroy and pollute the world while their leaders maintain footholds in pristine environments, where the peasants are forbidden to tread.
Regulations cut into profit and are unnecessary, but they certainly wouldn't live where their companies operate.
 
2012-06-21 05:23:19 AM  

AverageAmericanGuy: padraig: I don't see the point in buying an island that has thousands of people living on it. I thought that the point of buying an island was for the isolation.

It saves on the hiring process for goons and lackeys.


Either that or it just means you don't have to stock it with prey for The Most Dangerous Game. :-)
 
2012-06-21 05:25:48 AM  

Pinko_Commie: AverageAmericanGuy: padraig: I don't see the point in buying an island that has thousands of people living on it. I thought that the point of buying an island was for the isolation.

It saves on the hiring process for goons and lackeys.

Either that or it just means you don't have to stock it with prey for The Most Dangerous Game. :-)


Jai Alai?
 
2012-06-21 05:45:20 AM  
It's a vanity purchase. Murdock has been losing millions annually on Lanai. Not sure what Larry could do that hasn't already been tried.
 
2012-06-21 05:52:44 AM  

relaxitsjustme: It's a vanity purchase. Murdock has been losing millions annually on Lanai. Not sure what Larry could do that hasn't already been tried.


www.instructables.com
t2.gstatic.com
 
2012-06-21 06:03:28 AM  
So Larry finally has a location for his volcanic island lair. This is bad news... for James Bond.
 
2012-06-21 06:05:04 AM  

God-is-a-Taco: Life is so absurd. The giant corporations destroy and pollute the world while their leaders maintain footholds in pristine environments, where the peasants are forbidden to tread.
Regulations cut into profit and are unnecessary, but they certainly wouldn't live where their companies operate.


Chillax. These problems are self solving.
 
2012-06-21 06:21:52 AM  
lordargent:
// I'm guessing hotels and the like have long term leases with good legal protection. To prevent someone from yoinking them.

I think the general lease length is 100 years. I don't think there's any "legal protection" that could force a landowner to lease to you again. No doubt you can get insurance that pays off if you lose the lease, but it's probably outrageously expensive. Generally, hotels and resorts are built on land with a reasonably "fresh" lease, for obvious reasons.
 
2012-06-21 06:35:34 AM  
Types of Ownership

There are two types of property ownership in Hawaii - Fee Simple (FS) and Leasehold (LH).
 
2012-06-21 06:49:30 AM  
Start the dinosaur cloning!
 
2012-06-21 06:50:44 AM  

czetie: So Larry finally has a location for his volcanic island lair. This is bad news... for James Bond.


Yes, he is the type of meglomaniac that they typically send Mr. Bond after...
 
2012-06-21 06:50:59 AM  
He wants a secluded compound lair the end times in December.
 
2012-06-21 07:26:41 AM  

God-is-a-Taco: Life is so absurd. The giant corporations destroy and pollute the world while their leaders maintain footholds in pristine environments, where the peasants are forbidden to tread.
Regulations cut into profit and are unnecessary, but they certainly wouldn't live where their companies operate.


beyond absurd, i agree. the planet is littered with land that has been raped above and below the soil, destroyed with toxic waste, chemicals and nuclear horror. there are abandoned manufacturing plants, factories and industrial sites of all kinds. this is the legacy the rich and powerful families leave behind. every year more ecology is permanently destroyed yet they never learn.

these are the same rich powerful families who built a world where a man is not free to lay claim to a parcel of land to grow crop on and sustain his family. that man has to have an accumulation of monetary wealth to gain temporary use of land, which will require monthly payments and quarterly taxation. nothing outside of wildlife is free to walk the earth and even they are under threat from mankind.
 
2012-06-21 07:28:16 AM  
Lanai was the view from the beach at my resort on Maui during my honeymoon. Went out there to do some snorkeling, but never set foot on the island itself. I guess he'd fly into Honolulu and then take a helicopter to Lanai... I think it's about 100 miles.

/works for Oracle
 
2012-06-21 07:51:22 AM  

God-is-a-Taco: The giant corporations destroy and pollute the world while their leaders maintain footholds in pristine environments, where the peasants are forbidden to tread.


A new life awaits you in the off-world colonies. A chance to begin again in a golden land of opportunity and adventure.
 
2012-06-21 07:53:27 AM  

proteus_b: that guy's face actions just screams "beat the everliving shiat out of me".


FTFY
 
2012-06-21 08:04:01 AM  
This is all Obama's fault, if it wasn't for him, douche bangs wouldn't be going around buying Islands.
 
2012-06-21 08:14:03 AM  
Both the green guys in one thread, idk why that bugs me so much. Almost enough to put both of you on ignore, but ive never put anyone on ignore.
 
2012-06-21 08:28:50 AM  
I don't think he's looking for isolation. I think he wants to develop a resort.
 
2012-06-21 08:29:29 AM  
500 - 600 million doesn't seem like a lot for that island.
 
2012-06-21 08:34:29 AM  
Cyno01:
Both the green guys in one thread, idk why that bugs me so much.

You're OCD with control issues?
 
2012-06-21 08:38:05 AM  

theknuckler_33: Lanai was the view from the beach at my resort on Maui during my honeymoon. Went out there to do some snorkeling, but never set foot on the island itself. I guess he'd fly into Honolulu and then take a helicopter to Lanai... I think it's about 100 miles.


I suspect he'll expand Lanai Airport - if he still has a Cessna Citation X then all he needs is an extra thousand feet on the existing runway, that will hardly make a dent in his wallet.
 
2012-06-21 08:39:37 AM  
bikerbob59:
500 - 600 million doesn't seem like a lot for that island.

My thoughts, too. The Disney Aulani resort is guessed to have cost $800M-850M to build... and almost the whole island is less than that? Yikes.
 
2012-06-21 08:42:24 AM  

MadMonk: This is all Obama's fault, if it wasn't for him, douche bangs wouldn't be going around buying Islands.


Agreed.
 
2012-06-21 08:47:23 AM  
4.bp.blogspot.com

Approves.
 
2012-06-21 08:50:48 AM  

AverageAmericanGuy: Bill Gates must be crying in his soup over this.


Gates would rather put his money to work to cure malaria and other diseases. Ellison would rather buy an island. Says a lot.
 
2012-06-21 08:51:12 AM  

Boatmech: relaxitsjustme: It's a vanity purchase. Murdock has been losing millions annually on Lanai. Not sure what Larry could do that hasn't already been tried.

[www.instructables.com image 375x500]
[t2.gstatic.com image 375x184]


My Dad used to tell stories of WWII training in Hawaii, where he had to crawl through sticky bombed-out pineapple fields. I always assumed it was Lanai.
 
2012-06-21 08:58:39 AM  

relaxitsjustme: It's a vanity purchase. Murdock has been losing millions annually on Lanai. Not sure what Larry could do that hasn't already been tried.


Since I don't even own property, let alone an island, my understanding of the costs involved are basic at best. But I'm confused as to how someone looses money when they own an island. Isn't the price for buying it all you have to pay? Or is there some sort of island tax? What is there to loose?

I'm not trolling, I'm just kinda curious. I didn't even know it was possible to buy an island that big until reading this article.
 
2012-06-21 09:05:13 AM  
Larry Ellison is worth $36 billion. The price for the island is $500 million. So where's the saving up part?
 
2012-06-21 09:15:02 AM  
"We're so happy for you!"

2.bp.blogspot.com
 
2012-06-21 09:27:12 AM  

DYI: Do the people that live on the island not own the property or homes they live on? If they do, how can he purchase the land out from under them?

If they don't, do they have to pay him rent?


like everything else the 1000s of other people that live on the island own 2% and this one billionaire owns 98%
 
vpb [TotalFark]
2012-06-21 09:38:59 AM  

Boatmech: relaxitsjustme: It's a vanity purchase. Murdock has been losing millions annually on Lanai. Not sure what Larry could do that hasn't already been tried.

[www.instructables.com image 375x500]
[t2.gstatic.com image 375x184]


He's a job creator. It will trickle down onto us.
 
2012-06-21 09:41:46 AM  
If I bought it I'd rename it Pokoponesia.
 
2012-06-21 09:50:12 AM  
Hawaiians aren't exactly known for welcoming outsiders to share their land. Or their waves.
 
2012-06-21 09:51:00 AM  

The sound of one hand clapping: Isn't the price for buying it all you have to pay? Or is there some sort of island tax? What is there to loose?


There's probably some property taxes or something, plus beach erosion is a constant battle and the infrastructure on the island, security and all that stuff.
 
2012-06-21 09:56:51 AM  

Headso: The sound of one hand clapping: Isn't the price for buying it all you have to pay? Or is there some sort of island tax? What is there to loose?

There's probably some property taxes or something, plus beach erosion is a constant battle and the infrastructure on the island, security and all that stuff.


Is that a little bit like depreciation? :-)
 
2012-06-21 10:04:41 AM  

Headso: The sound of one hand clapping: Isn't the price for buying it all you have to pay? Or is there some sort of island tax? What is there to loose?

There's probably some property taxes or something, plus beach erosion is a constant battle and the infrastructure on the island, security and all that stuff.


He's not buying raw land. What he's buying is a bunch of expensive beach resorts and hotels. Those things have operating costs.
 
2012-06-21 10:12:16 AM  

czetie: He's not buying raw land. What he's buying is a bunch of expensive beach resorts and hotels. Those things have operating costs.


He actually is buying land. The remaining 2% of the land are the two hotels and the little town in the center, but that is probably owned By Bishop Estate and not the locals who live there. If he had a brain in him he would start growing pineapple again. But then that would be job creation, and he wouldn't want to create such low margin jobs.
 
2012-06-21 10:34:25 AM  

GeneralJim: Cyno01: Both the green guys in one thread, idk why that bugs me so much.
You're OCD with control issues?


Yes, and apparently i dont need to post in a different text color to get my posts noticed.
 
2012-06-21 10:51:52 AM  
I forget, is that the island with his secret lair inside a hollowed-out volcano?

moviesmedia.ign.com
 
Displayed 50 of 63 comments

First | « | 1 | 2 | » | Last | Show all

View Voting Results: Smartest and Funniest


This thread is archived, and closed to new comments.

Continue Farking
Submit a Link »
On Twitter





In Other Media


  1. Links are submitted by members of the Fark community.

  2. When community members submit a link, they also write a custom headline for the story.

  3. Other Farkers comment on the links. This is the number of comments. Click here to read them.

  4. Click here to submit a link.

Report