Sale of Lana'i to Larry Ellison officially closes - Hawaii News Now - KGMB and KHNL

Sale of Lana'i to Larry Ellison officially closes

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Oracle CEO Larry Ellison Oracle CEO Larry Ellison
HONOLULU (HawaiiNewsNow) -

The sale of the island of Lana'i by David Murdock's Castle and Cooke, Inc. to Oracle CEO Larry Ellison has officially been completed.

The deal, which had been the works for at least two months, according to documents released by the state Public Utilities Commission Monday, is reportedly worth hundreds of millions of dollars.

"It is very gratifying to me personally to see Lana'i now in the hands of Larry Ellison, a very committed individual who will bring his ideas and energy to sustain the beauty and heritage of Lâna'i," said Murdock. I extend my sincerest thanks to the many employees, their families, business associates, State and County leaders and administrators who have supported my efforts and changes on Lâna'i."

According to documents filed with the Public Utilities Commission, Ellison's purchase includes the island's two resort hotels (the Four Seasons Resorts Lanai at Manele Bay and the Four Seasons Resorts Lanai, Lodge at Koele) two championship golf courses and club houses (The Experience at Koele and The Challenge at Manele) and more than 88,000 acres of land.

Ellison, who is the third wealthiest American citizen with an estimated worth of $36.5 billion dollars, becomes the owner of 98 percent of the island's 141 square miles.

Copyright 2012 Hawaii News Now. All rights reserved.

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