The island of Lanai starts a new chapter with Oracle's Larry Ellison at the helm

By
Real Estate Agent with Hawai'i Life Real Estate Brokers HRE# 58089 - RS

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
Other local news stories of interest about the sale of Lanai:
 

island of Lanai as seen from Baby Beach in Lahaina Maui HI

If you have questions about the real estate market, about buying or selling a home on Maui, please contact me, a local Maui REALTOR.

call or text me 808 283-0635 ~ EMAIL 
Aloha from Maui... 

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Comments (6)

Steve Hoffacker
Steve Hoffacker LLC - West Palm Beach, FL
Certified Aging In Place Specialist-Instructor

Georgie,

Thanks for the update. Had seen something about this a few days ago. Wow! :)

Steve

Jun 29, 2012 04:03 PM
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

Hope you had a wonderful 33rd anniversary, Georgina! Sorry this comes a day late...............

Jun 30, 2012 06:25 AM
Juli Vosmik
Dominion Fine Properties - Scottsdale, AZ
Scottsdale/Cave Creek, AZ real estate 480-710-0739

Wow, who knew the whole island was even for sale?  How interesting Georgina!!

Jul 01, 2012 12:09 PM
Susan Neal
RE/MAX Gold, Fair Oaks - Fair Oaks, CA
Fair Oaks CA & Sacramento Area Real Estate Broker

Hi Georgina - So did Larry Ellison buy the Dole pineapple plantation?  Or was that part of the island that was excluded?

Jul 02, 2012 08:24 AM
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

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.  

Jul 02, 2012 08:36 AM
Susan Neal
RE/MAX Gold, Fair Oaks - Fair Oaks, CA
Fair Oaks CA & Sacramento Area Real Estate Broker

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!

Jul 02, 2012 10:09 AM