Far be it from us to begrudge a billionaire his boat race, but Hawaii elected officials who are salivating over the prospect of hosting the America’s Cup better take a hard look at San Francisco’s experience before they give away the store.

Even Bay Area officials who would like the international sailing regatta to return to that city acknowledge that the positive economic impact of the 2013 event fell far short of projections. Critics — and there are many — would be happy to see software entrepreneur Larry Ellison and his competitive yachting crowd move on.

As Jon Golinger, chairman of the waterfront committee for the Telegraph Hill Dwellers neighborhood group told the San Francisco Chronicle, " … the millions of dollars that San Francisco taxpayers have lost subsidizing a race that was supposed to bring in a billion dollars and create thousands of jobs is a bad hangover that will affect us for a long time to come."

So we’ll inject a necessary dose of caution into the euphoria with which Gov. Neil Abercrombie and Honolulu Mayor Kirk Caldwell greeted the news that Ellison — who owns 98 percent of Lanai and has spent millions upgrading its resorts — hopes to stage the 2017 America’s Cup off Honolulu.

Ellison’s Oracle Team USA seized a thrilling victory in the 34th America’s Cup last September in San Francisco Bay, and the winner gets to choose the venue for the next race, which runs every four years. Ellison, who wants to broaden the appeal of the hyper-expensive sport, told the author of an upcoming book that it’s been his long-time dream to stage the 162-year-old race in Hawaii.

The idea is appealing on many levels: We’re an island state, after all, and the worldwide exposure would no doubt benefit our tourism industry, along with attracting some visitors to the August 2017 race itself, who would spend their money at hotels, restaurants and attractions. Local sailors and casual fans alike would love to witness the Cup’s cutting-edge vessels performing at the peak of the sport. Bringing the race here could galvanize necessary harbor and pier improvements that would last long after the Cup, and spur construction jobs and related work.

However, all those potential pluses must be weighed against the potential pitfalls, and San Francisco’s experience offers many lessons in that regard.

In the wake of September’s victory, Ellison said at a press conference that he was all for another run in San Francisco Bay.

"We’d love to come back to San Francisco. … We’re going to sit down and talk with the officials in San Francisco and see if that’s going to be possible to come back. … Personally, I’d love to come back to San Francisco. I have a house here," the Chronicle reported.

But that city fell out of favor when San Francisco officials refused to offer the same terms as in 2013, including free rent for piers as well as police, fire and other services. It’s no wonder that Bay Area officials tried to drive a harder bargain, given that the 2013 event brought in less than a third of what was initially projected.

Perhaps most instructive for Honolulu taxpayers and Hawaii’s elected leaders: In preparation for the Cup, San Francisco completed more than $180 million in long-planned waterfront improvements. A deal that would have given Ellison development rights on public waterfront property in exchange for renovating decrepit piers was scrapped in 2012. Any hint of such a plan in Honolulu should be rejected: Public resources must remain public.

Hawaii officials entering into Cup negotiations must be tough. It’s Ellison’s dream to race here, and he has the money to make his wildest dreams come true.