CEO Larry Ellison close this week to a purchase of Hawaii’s sixth-largest island
Ellison, 67, signed an agreement to purchase 98 percent of Lanai from Castle & Cooke’sDavid Murdock, 89, according to documents filed with the PUC last week. The deal is scheduled to close on Wednesday, according to the PUC document filed on Monday.
The documents noted that the sale includes the two resort hotels — the Four Seasons Resorts Lanai at Manele Bay and the Four Seasons Resorts Lanai, Lodge at Koele — two championship golf courses and club houses, The Experience at Koele and The Challenge at Manele and more than 88,000 acres of land, among other things.
The price was not disclosed, but previous estimates put the price around $500 million.
The indirect transfer includes Manele Water Resources LLC, Lanai Transportation Co. and Lanai Water Co. Inc.
In its preliminary ruling, the PUC concluded that Lanai Island Holdings LLC, the company formed by Ellison for the Lanai purchase, is “fit, willing and able to provide the three public utility services will not be detrimentally affected by the indirect transfer and sale.”
Additionally, the PUC said that within five years from the closing of the overall purchase and sale transaction, Lanai Island Holdings shall invest a minimum of $10 million in the water and wastewater utilities’ respective operations.
this is where we are now..the mega rich picking up bargains..american land sold to the highest bidder..larry looks like a creep to me but maybe i am biased?