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Billionaire Buys Lanai; Includes Four Seasons ResortsJune 21, 2012 By: Jena Tesse Fox
Huge news from Hawaii this morning: Billionaire Larry Ellison, founder and CEO of Oracle, has signed an agreement to purchase 98 percent of the Hawaiian island of Lanai from fellow billionaire David Murdock, according to documents filed with the Hawaii Public Utilities Commission and reported in Pacific Business News and other sources.
According to the documents, filed Tuesday with the PUC, the sale includes the two Four Seasons resort hotels—the Four Seasons Resorts Lanai at Manele Bay and the Lodge at Koele (pictured)—two championship golf courses and club houses, The Experience at Koele and The Challenge at Manele and more than 88,000 acres of land. A representative of the Koele property said that the staff had been informed of the change in ownership, but that no other changes were expected and that all existing resort reservations would be maintained.
The price was not disclosed, but previous estimates put the price around $500 million. The PUC still needs to approve the sale with respect to Lanai’s regulated utilities.