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Oracle's Ellison closes deal to buy Hawaii's Lanai

 FILE - In this Nov. 18, 2008 file photo courtesy of the The Lanai Times, a brush fire burns on the island of Lanai, Hawaii. Oracle Corp. CEO Larry El...
 In this Oct. 5, 2011 photo, Oracle CEO Larry Ellison speaks during the Oracle OpenWorld Keynote in San Francisco.  The 3,200 people living on a rural...

Hawaiian Island Sale

FILE - In this Nov. 18, 2008 file photo courtesy of the The Lanai Times, a brush fire burns on the island of Lanai, Hawaii. Oracle Corp. CEO Larry El...

Hawaiian Island Sale

In this Oct. 5, 2011 photo, Oracle CEO Larry Ellison speaks during the Oracle OpenWorld Keynote in San Francisco. The 3,200 people living on a rural...

Oracle Corp. billionaire Larry Ellison has closed on his deal to buy most of the Hawaiian island of Lanai, the island's seller said Thursday.
Billionaire David Murdock's Castle & Cooke Inc. said the deal had been completed for about 88,000 acres (35,600 hectares) on the island near Maui. The land makes up 98 percent of the island's 141 square miles (365 sq. kilometers).
"It is very gratifying to me personally to see Lanai now in the hands of Larry Ellison, a very committed individual who will bring his ideas and energy to sustain the beauty and heritage of Lanai," Murdock said in a statement. Murdock said his 28 years on the island have been "inspiring."
A sale price for the land was not disclosed and the firm declined to give details. The Maui News previously reported Castle & Cooke was asking for $500 million to $600 million for the rural island. The land includes two resorts, two golf courses, assorted commercial and residential buildings and plenty of open space.
It also includes control of the island's major economic driver, tourism, which sustains the vast majority of the roughly 3,200 residents who live on the island.
Ellison has not spoken publicly about his plans for the island, but local lawmakers who've talked to his representatives say he plans no major disruptions and to keep resort and other employees in place. He did not immediately return a message from The Associated Press seeking comment through Oracle, the Redwood City, California-based software company.
The closing comes the same week state officials approved the transfer of three utilities on the island to Ellison. The state Public Utilities Commission then asked Castle & Cooke's lawyers for confirmation the deal went through.
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Updated : 2021-07-24 00:39 GMT+08:00