lanai the 6 th largest island scooped up by larry ellison

[billymach4 Super Moderator Find all posts View Profile Close billymach4]

lanai the 6 th largest island has been purchased by Larry Ellison. This is on the news at CNN.

http://www.cnn.com/2012/06/20/us/haw...html?hpt=hp_c2

[T. R. Oglodyte Moderator Find all posts View Profile Close T. R. Oglodyte]

Ellison is actually not buying Lanai - he's buying the corporation that owns Lanai.

It's an important distinction because that technically means ownership of the island is not changing, thereby not triggering Hawaii real estate conveyance tax.

Hawaii likely won’t collect conveyance tax from Lanai sale

[MaryH Senior Member Find all posts View Profile Close MaryH]

I think they said the corporation owned something like 98% of the island. I wonder who owns the ohter 2% and what it is.

[stan2u Member Find all posts View Profile Close stan2u]

I think they said the corporation owned something like 98% of the island. I wonder who owns the ohter 2% and what it is.

State of Hawaii owns the remaining 2%