Officials discuss potential sale of Lanai island

HONOLULU (AP) - Discussions are underway to sell the Hawaiian island of Lanai to an undisclosed buyer.

Hawaii Gov. Neil Abercrombie and Maui County Mayor Alan Arakawa say they met with landowner Castle & Cooke Inc. late last week about a potential sale.

Arakawa said Tuesday the company is seriously considering the buyer and the island could be sold in about a week.

Billionaire David Murdock's Castle & Cooke owns 98% of the island. Luxury resort and home development eventually replaced the island's longtime pineapple industry.

Arakawa says the sale could again alter the economic structure of the island and its 3,000 residents.

He says he understands Murdock's desire to sell. The Honolulu Star-Advertiser reports the island produced annual losses roughly between $20 million and $30 million from 2006 to 2010.

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