Larry Ellison pulls a deal to purchase Lana’i Island – Part 2

The deal might have undergone beneath the radar but office of Hawaii governor Neil Abercrombie spilled the beans on Ellison’s acquisition. The office announced Castle and Cooke’s transfer application with the Public Utilities Commission on Wednesday.

“It is my understanding that Mr. Ellison has had a long standing interest in Lana’i.  His passion for nature, particularly the ocean is well known specifically in the realm of America’s Cup sailing,” Governor Abercrombie said in a release. “He is also a businessman whose record of community involvement in medical research and education causes is equally notable.”

Ellison’s Oracle has been in a bit of pickle of late, incurring huge losses but that has little to do with the sale and purchase of real estate property. Both Murdoch and Ellison have taken the bigger picture into consideration.

It’s hard to put a value on something so big. It really comes down to those losses and I’m sure the sale took those into consideration,” suspects Krolow.

Lanai is populated by roughly 3,200 dwellers. This year the island attracted 26,000 vacationers visited the island from January to April.

The Lanai island took the nickname of pineapple island in the 90s when Dole Foods, then-owned by Castle & Cooke started cultivating fruits on the estate. However, after its acquisition by Murdock, the fruit production at the site came to a halt as Murdock planned to build resorts and tourism sites.

However, most part of the island is still green pastures, unspoiled by modern constructions. Most of the roads at the site still display the picture of the wild as they do not have road lights.

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Posted by Usman Khalid on Jun 23 2012. Filed under Business, Sci-Tech. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.