Published:
Views: 2766

David Murdock to Sell Lanai

In a transaction destined to shake up the 2012 Land Report 100, No. 40 David Murdock is presently under contract to sell the Hawaiian island of Lanai to Oracle CEO Larry Ellison. According to The Maui News, the asking price

David Murdock to Sell Lanai

In a transaction destined to shake up the 2012 Land Report 100, No. 40 David Murdock is presently under contract to sell the Hawaiian island of Lanai to Oracle CEO Larry Ellison. According to The Maui News, the asking price for Murdock’s Lanai holdings was in the $500 to $600 million range. Forbes ranks Ellison as the third-richest American with a net worth of $36 billion.

The sale of Lanai also includes two luxury hotels on the island that Murdock owns — the Four Seasons resorts at Manele Bay and the Lodge at Koele — as well as the resorts’ two golf courses. The transaction was revealed by Hawaii’s governor, Neil Abercrombie, following a transfer application that was filed with the state’s Public Utilities Commission. The sale is scheduled to close later this week.

Lanai has long been the domain of financial titans. In 1922, James Dole, the president of Hawaiian Pineapple Company (which was subsequently renamed Dole Food Company) bought the entire island and developed it into the world’s largest pineapple plantation. Thus, Lanai was christened the Pineapple Island. Since 1985, the reclusive Murdock has owned 98 percent of the 141-square-mile island, which is the smallest of the Aloha State’s seven inhabited islands.

Murdock’s land holdings number an estimated 238,138 acres, including Lanai. He owns considerable acreage on Oahu, thanks to his ownership of Dole Food Company. Ellison’s land holdings are particularly valuable, especially the tracts of land he owns in the Lake Tahoe area.

Read more here.

Click here to download a copy of our June 2012 newsletter.

Posted in Feature, News Desk

EMAIL SIGNUP

Please sign me up to receive breaking news and updates from the Land Report!

News By Region

The Land Report is proudly partnered with: Hall and Hall Bates Land Consortium Mossy Oak Properties United Country Real Estate Live Water Properties Fay Ranches Inc. Mirr Ranch Group californiaoutdoorproperties.com Whitetail Properties Hayden Outdoors Real Estate Western Ranches

Contact to Listing Owner

Captcha Code
Pacific West Great Plains Great Lakes Midwest Southwest South Northeast Pacific West Great Plains Great Lakes Midwest Southwest South Northeast