Castle & Cooke has filed a transfer application with the Public Utilities Commission to sell Lana’i. Castle & Cooke owns approximately ninety-seven percent of the island of Lana‘i. The reason for the filing with the PUC is because as part of the transfer, the water utilities, which are under PUC regulation, are included.
The buyer is Lawrence Ellison, co-founder and chief executive officer of Oracle Corporation. Ellison was rumored to be interested, and has spent time on the island.
Ellison owns several spectacular houses, including a traditional Japanese-style estate on several acres in Woodside, just south of San Francisco. He races yachts and financed an entry in the America’s Cup. He owns an 88-meter yacht, which he purchased to replace his previous 138-meter yacht, which apparently was just too big. He a tennis tournament. He owns an estate in Rancho Mirage, California (near Palm Springs) that includes a private golf course.
Governor Neil Abercrombie announced the sale of the 141-square mile island.
The purchase price has not been made public, but speculators put it between $500 million and $600 million. Whatever it is, Ellison can surely afford it—he’s listed as the third richest person in the United States and #6 on Forbes’ World billionaires list with a net worth of $36 billion.