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Lanai seller to keep rights to build wind farm
Question of the Day
HONOLULU (AP) - The billionaire selling 98 percent of the Hawaiian island of Lanai to Oracle CEO Larry Ellison says he plans to keep rights to complete a wind farm project that has caused controversy among the island’s 3,200 residents.
Castle & Cooke owner David Murdock said Wednesday afternoon that he’ll keep his residence on Lanai and the rights to the farm as part of the deal.
Murdock has clashed with some residents over the project. It would place windmills on as many as 20 square miles of the island and deliver power to Oahu through an undersea cable.
Those opposed to the project think it’ll ruin pristine views of the Pacific Ocean and other Hawaiian islands.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.
Oracle Corp. CEO Larry Ellison has reached a deal to buy 98 percent of the island of Lanai from its current owner, Hawaii Gov. Neil Abercrombie said Wednesday.
The land’s owner, Castle & Cooke Inc., has filed a transfer application with the state’s public utilities commission, Abercrombie said.
The sale price for the property _ the vast majority of the island’s 141 square miles _ was not immediately clear. Lawyers for the seller redacted a copy of the sale agreement signed May 2, saying it includes confidential information that would competitively hurt Ellison and the seller if disclosed. The Maui News previously reported the asking price was between $500 million and $600 million.
Representatives for Castle & Cooke, owned by self-made billionaire David Murdock, did not immediately return a call seeking comment from The Associated Press. Attempts to reach a representative for Ellison through Oracle were not successful after business hours Wednesday.
Ellison co-founded the Redwood City, Calif.-based business software company in 1977. Forbes ranks him as the world’s sixth-richest person, with a net worth of $36 billion as of March.
Abercrombie said Ellison has had a longstanding interest in the island.
“We look forward to welcoming Mr. Ellison in the near future,” Abercrombie said. “His passion for nature, particularly the ocean is well known specifically in the realm of America’s Cup sailing,” he said.
The deal involves 88,000 acres of land, plus two resorts, two golf courses, a stable and various residential and commercial buildings, lawyers for the seller told the utilities commission in its application.
Ellison plans to pay cash, and the deal should result in new jobs, economic stimulus and a reinvigorated local tourism industry, the application said.
“The buyer anticipates making substantial investments in Lanai and is looking forward to partnering with the people of Lanai to chart the island’s future,” Castle & Cooke lawyers said in the application.
By Matt Kibbe
The short-term deal will assure long-term overspending
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