Murdock keeping home on island he sold

  • Posted: Friday, August 3, 2012 12:01 a.m.
    UPDATED: Friday, August 3, 2012 11:19 a.m.

HONOLULU (AP) ó David Murdock has sold his Hawaiian island, but heís keeping his seven-bedroom Lanai home, a woodworking shop containing koa furniture, two carved elephant tusks in a resort lobby, and 1,000 rare orchid plants.
The billionaire is holding on to those assets and others, while selling most of Lanai to Oracle Corp. CEO Larry Ellison.
It was already known that Murdock would be retaining rights to a controversial wind project, but a redacted version of the sale agreement was submitted to the Hawaii Public Utilities Commission this week, and it outlines what assets the two billionaires agreed that Murdock would retain.
Lawyers for Murdockís Castle & Cooke Inc. said redactions were necessary to protect business interests. The price Ellison paid for 98 percent of the islandís 141 square miles has not been revealed, though the Maui News previously reported the asking price was $500 million to $600 million. Maui County records show the assessed value for all of Lanaiís land is $635.4 million.
The latest filing is related to the utilities commissionís ongoing review on permanent approval to transfer three utilities. Interim approval was granted in June, allowing the sale to proceed.
Murdockís seven-bedroom, seven-bathroom, 44,921-square-foot private residence on Kipihaa Place has an assessed value of $6,192,000, according to Maui County property records. Some of the other assets he will keep include a lot across the street from the home, assorted apartments, two carved wood Balinese sculptures in a resort lobby and Richardís grocery store.
Richardís is one of three markets in town, and now the only employees who work for Murdock are those who work in Richardís, said Robin Kaye, spokesman for Friends of Lanai, which formed to oppose Murdockís wind farm that would deliver power to Oahu through an undersea cable.
ďThere are many people who wonít shop in Richardís because itís Murdockís,Ē he said Thursday. Itís a small, yet crucial part of the island because itís a major source of food and sundries, he said.
Under Murdockís ownership, the lobbies of the two resorts were furnished like Asian art museums, Kaye said, but those pieces have recently been removed and some are hopeful theyíll be replaced with decor thatís more reflective of Hawaii.
ďYouíre not going to come here because itís Maui or Waikiki, youíre going to come here because itís Lanai,Ē Kaye said. ďWeíre hopeful itíll be sensitive to the beauty and Hawaiian-ness of the island. Itís quite an aesthetic change.Ē
Meanwhile, Ellisonís senior-level employees have been in town every couple of days and have been talking with the community ó a hopeful sign of what life will be like under Ellisonís ownership, Kaye said.
A spokeswoman for Redwood City, Calif.-based Oracle declined to comment Thursday.

Commenting is not allowed on this article.