HONOLULU — Oracle Corp. CEO 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 has been completed for about 88,000 acres on the island near Maui. The land makes up 98 percent of the island's 141 square miles.
"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.
According to Maui County records, the 301 parcels have an assessed value of $325 million, including improvements. The total market value is likely much higher. The largest parcel, for example, comprising 86,000 acres, has a total assessed value of $13.6 million but a market value of $100.8 million.