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Lanai sale closes

By Kristen Consillio

LAST UPDATED: 1:06 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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