Lanai Being Sold – UPDATE

Updated June 24, 2012
The island of Lanai, owned mostly by Castle & Cooke, is being sold to Lawrence Ellison, co-founder and chief executive officer of Oracle Corporation, one of the world’s leading enterprise software companies. Castle & Cooke (C&C), headed by billionaire David Murdock, owns about 97 percent of the island’s 141 square miles. The transaction is subject to final government approval.
The 89-year-old Murdock has owned the island since 1985, and his company loses up to $40 million a year, according to Forbes. Ellison is the third richest American, with an estimated worth of $36.5 billion.
“Exploring the possibility of new ownership of my Lanai holdings was not a new or an impulsive decision,” said Murdock in a statement.…