The island of Lanai bought by Larry Ellison

Most of the island of Lanai is being purchased by Larry Ellison, Chief Executive Officer of Oracle (ticker:  ORCL).  As we told you back in December, the rumor was that billionaire David Murdock may be interested in selling the interest he owns in the island, which amounts to approximately 98% of it.  David Murdock owns the island through his holdings in Castle & Cook Inc.

When the news surfaced that he may sell back in December, residents were concerned about the buyer, hoping the new owner would be sympathetic to residents preserving their way of life and helping the island economically.  His love of nature and the ocean has a long history and his business expertise will hopefully be an advantage to the local populace.

David Murdock will retain his home as well as rights to develop a wind energy farm there.  Meanwhile the sale includes two resorts (Manele Bay and the Lodge at Koele) about 88,000 acres of land (which includes 600 acres designated for residential development), a solar farm, parks, and utilities.

Lanai at Manele Bay and the Lodge at Koele resorts are both managed by Four Seasons part owned by Bill Gates.  Bill Gates was the other rumored interested party.  When he married his wife Melinda back int he 1990’s they rented out the entire island for their nuptials.