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Lanai sale closes

By Kristen Consillio

POSTED:
LAST UPDATED: 01:06 p.m. HST, Jun 28, 2012


The third-richest man in America, Oracle Corp. co-founder and CEO Larry Ellison, has completed his acquisition of the island of Lanai, seller Castle & Cooke Inc. announced today. 

A sales price wasn't disclosed. The sale includes 98 percent of the island, two resort hotels, golf course, water utility and roughly 88,000 acres.

"It is very gratifying to me personally to see Lanai 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 Lanai," David Murdock, owner of Castle & Cooke, said in a news release. "My time on Lanai, known as the pineapple island, has been enjoyable and inspiring. I have devoted 28 years in shepherding Lanai's transformation into a world-class tropical paradise."

Murdock said he is keeping his home on one of the largest privately owned islands in the world, encompassing more than 50 miles and with a population of roughly 3,000.







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DiverDave wrote:
This comment has been deleted.
on June 28,2012 | 11:36AM
allie wrote:
yup
on June 28,2012 | 02:08PM
superchase wrote:
DriverDave, unless you're Larry Ellison or David Murdock in diguise, I don't see what there is to cheer about. None of the ownership to islands is going to you or anyone else. So it's just cheering section of 2 who are making all the gains.
on June 29,2012 | 01:06PM
CloudForest wrote:
If the good people of Lanai wish to be more than victims of someone else's decisions, they should purchase parcels of ground and make their own destiny into the future.
on June 28,2012 | 11:40AM
Manoa_Fisherman wrote:
Yes, and no conveyance tax was paid. The 1% escapes $6 million in taxes.
on June 28,2012 | 12:29PM
Kokoy wrote:
Just wondering where you got this information. Thanks.
on June 28,2012 | 05:15PM
entrkn wrote:
If Ellison wants to be Really smart he will buy the Expeditions Ferry to Lanai also...
on June 28,2012 | 12:39PM
papajoe2 wrote:
How come for houses to close usually takes about 2 months to close but if you buy an island here, it takes only a few days?
on June 28,2012 | 12:58PM
sluggah wrote:
You really need to ask?
on June 28,2012 | 01:06PM
Denominator wrote:
He bought shares of stock in a company. You can do that in minutes. The newspapers are stupid and treat us as stupid. We don't even know if "he" bought personally or if this was companies buying companies. The papers sensationalize everything.
on June 28,2012 | 02:32PM
BlueDolphin53 wrote:
Lanai....one of my favorite places to visit...
on June 28,2012 | 04:06PM
HEARTOHEART wrote:
Larry as an amazing story ...his mother gave him in adoptions when he was 9 months old because she was to poor he was raise in a 2 bedroom apt in NEW YORK ...and now he is the 3 richest man in the USA . As DIVER DAVE said its going back to 1860 He as an opportunity to do great things for LANAI may he be a blessing for all the resident of one of the last paradise islamd on earth.
on June 28,2012 | 08:31PM
superchase wrote:
still, it seems rather strange that 1 man has to own 98% of the island to improve Lanai. That a public private partnership between him and the State government of Hawaii could also achieve the same result. Mr. Ellison's control over the island is so complete such that if he gave up just 1% of the land to Lanai's 3,000 residents, that could provide a house on an individual plot of land for every one of them. So that one individual would want over 140 square miles to himself amounts to no less than total greed.
on June 29,2012 | 05:52AM
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