Ellison buys a parcel on shoreline of Lanai

Billionaire Larry Ellison’s Lanai Resorts recently purchased nearly 7.5 acres of shoreline property on the eastern end of Lanai from former island owner Castle & Cooke, according to state land records.

The transaction, recorded on June 20, involved Lanai Resorts – now known as Pulama Lana’i – purchasing 7.46 acres for $2.3 million from Castle & Cooke’s Club Lanai Properties LLC, according to records from the state Bureau of Conveyances and Maui County’s Real Property Tax Division.

The purchase is in an area where Ellison envisions a third resort that could feature 100 hale units, a beach club and 50 residential and rural estates.

Proposed designs include bungalow-style accommodations for the resort, unlike the two other hotel-style resorts, the Four Seasons Resort Lana’i at Manele Bay and the Four Seasons Resort Lana’i, The Lodge at Koele.

The purchased parcel has an assessed value of $2.36 million, according to Maui County records.

There are several structures on the property that were built as early as 1973, with most structures and improvements done in 1985.

The building value is assessed at $247,900, according to property tax records.

California software guru Ellison bought most of Lanai in June 2012 from another billionaire David Murdock and his Castle & Cooke company.

On Wednesday, a Pulama Lana’i official declined comment on the purchase.