Published August 02, 2012
| Associated Press
HONOLULU – David Murdock has sold his Hawaiian island, but he's keeping his seven-bedroom Lanai home, a woodworking shop containing koa furniture, two carved elephant tusks in a resort lobby, and 1,000 rare orchids.
The billionaire is holding on to those assets while selling most of Lanai to Oracle Corp. CEO Larry Ellison.
A redacted version of the sale agreement was submitted to the Hawaii Public Utilities Commission this week. It says the two billionaires agreed on certain assets that Murdock would retain.
Lawyers for Murdock's Castle & Cooke Inc. say redactions such as the purchase price were necessary to protect business interests.
The commission has granted interim approval to transfer three utilities and is conducting a review on permanent approval.
Meanwhile, residents say Ellison's staff have been visiting the island and meeting with the community.