The island of Lanai starts a new chapter with Oracle's Larry Ellison at the helm
It's no secret anymore, the deal has closed, and Lanai has a new owner.
There's plenty of talk about Lanai being sold by David H. Murdock who had acqcuired the Hawaiian island in 1985. The new owner is billionaire Larry Ellison of Oracle fame, said to be worth around $36 billion. Ellison will own 98 percent of the island's 141 square miles. Lanai is part of Maui County, in the state of Hawaii.
The price is rumored to be above $500,000,000 and closer to $600,000,000. It's not so much the actual real estate, but more about the company and the assets involved since the island was turned into a destination resort.
Included in the sale are:
- The Four Seasons Resort Lanai at Manele Bay
- The Four Seasons Resort Lanai - The Lodge at Koele
- 2 championship golf courses
- Kaumalapau Harbor
- over 88,000 acres of land
- See a slideshow of what's included in the sale.
- Lanai Sale Complete - Castle & Cooke retain Windfarm
- Hawaii likely won't collect conveyance tax from sale
- Slideshow of Lanai, Maui County, Hawaii
If you have questions about the real estate market, about buying or selling a home on Maui, please contact me, a local Maui REALTOR.
Georgie,
Thanks for the update. Had seen something about this a few days ago. Wow! :)
Steve
Hope you had a wonderful 33rd anniversary, Georgina! Sorry this comes a day late...............
Wow, who knew the whole island was even for sale? How interesting Georgina!!
Hi Georgina - So did Larry Ellison buy the Dole pineapple plantation? Or was that part of the island that was excluded?
Thanks for your comments. It wasn't advertised, but people with this kind of money must discuss things amongst themselves. Dole Plantation was sold in 1985 and Lanai has not grown commercial pineapples in a long time. I think they still grow a few for their own local market. The land that used to belong to Dole was part of the Castle & Cooke holdings which is a large part of what was transferred in this sale, so YES, he did buy the old Dole pineapple plantation site though it doesn't exist as such anymore. There are a number of homes in Lanai City that are still like any other real estate and they are privately owned by regular families. I suppose that must be part of the 2% that wasn't part of the sale.
Thanks for clearing that up, Georgina. I kind of heard something years ago about the pineapple plantation, but I couldn't remember what it was!