Castle & Cooke Sells Most of Lanai to Oracle CEO Ellison
By Mimi Kmet
June 21, 2012 9:29 PM
Castle & Cooke Inc. is selling 98 percent of the island of Lanai in the Hawaiian Islands to Oracle Corp. CEO Larry Ellison, according press reports. David Murdock, head of Castle & Cooke, has developed the island as an upscale visitor destination since 1985. He has opened two luxury resorts -- the Four Seasons Manele Bay Resort and the Four Seasons The Lodge at Koele Resort -- as well as attractions including golf courses and riding stables on the 141-square-mile island, Hawaii’s sixth largest.
The sale includes the resorts, two championship golf courses and club houses, more than 88,000 acres of land (including a 600-acre residential development), a solar farm, parks and utilities. Murdock said he will keep his home on the island and retain rights to develop a wind energy farm there. No price was disclosed, but the sale is expected to close on June 27. The 2 percent of the island that Ellison isn’t buying is owned by the state, county and private residents.
According to the Bloomberg Billionaires Index, Ellison is the world’s sixth-richest man, with an estimated net worth of $36.4 billion.