One would have to be living in a cave somewhere to not hear all the brouhaha over Oracle CEO Larry Ellison purchasing Lanai island (or at least 98% of it) in the news the past two weeks.Just how does one buy an island you ask?
Shipwreck Beach on Lanai
Facts of the Lanai Purchase
The purchase involves 88,000 acres of the 141 square miles that is Lanai. That approximates 98% of the land on Lanai, which includes two sumptuous resorts, two renowned world class golf courses, assorted commercial and residential buildings and plenty of open space.
How Much Will This Gorgeous Little Island Cost Mr. Ellison?
Good question! Maui News had previously reported Castle & Cooke was asking for $500 million to $600 million for Lanai. Sadly for us nosy folks, the sale price for Lanai was not disclosed and the firm declined to give details of the sale itself. This purchase also includes control of the island’s major economic driver – tourism – which sustains the vast majority of the roughly 3,200 residents who live there.
The impact of the value of Hawaii tourism cannot be ignored. The recent extensive remodeling of both of the major Lanai resorts, Four Seasons Resort Lana’i at Manele Bay and Four Seasons Resort Lana’i The Lodge at Koele, has “upped” their creds in the tourism trade considerably.
Tourists are once again strongly considering making this sleepy little pineapple island their destination, which has traditionally had a harder time attracting that traffic due to such a limited proximity to amenities. Since there is not much recreational trade outside the resorts on Lanai, what to do? Make them more amenity rich. The powers-that-be employed that age old wisdom “build it and they will come.” Oh yes, they do!
What About the People?
Of course, people live on Lanai, families, second home owners, what have you. The mood on Lanai right now is (hesitantly) upbeat, a “change is good” kind of vibe and residents there are hoping that this purchase will improve the economy on this little isle. Any press is good press as far as they are concerned, today anyway. Being in the news and having the focus on Lanai generates interest and activity. Activity is good for business!
Read back and you will see your answer: 98%. There is approximately 2% of private home ownership and commercial ownership that Mr. Ellison is not purchasing. And that 2%, my friends, is where Hawaii Life comes in, selling some of those remaining lovely Lanai homes to YOU! Make no mistake, there are plenty of homes that are privately owned.
Lanai Home For Sale
Check this out: Located in a terrific neighborhood in Lanai City, 1555 Hoalauna Place (MLS# 351721) is just walking distance to town. 3 bedroom 2 bath, 1,144 interior sq. ft. on a 6,037 sq. ft. lot.
Built in 1989, this spacious home with large lanai (BBQ anyone?) is waiting for you. It has a huge carport with storage and enough room in the house to stretch your limbs a bit. This is a great listing and the price has just been reduced to $299,900. There is a very limited inventory of homes as nice as this one priced this low, so come take a look.
Quiet, refined, traditional Lanai. This might just be the place for you! Making paradise the place you call home.