Lanai. Photo courtesy of HTA.

By Sonia Isotov

The Pacific Business News is reporting today that billionaire-owner David Murdock, who is said to own 98% of the island, has put Lanai up for sale.

According to the report, this information was confirmed by Harry Saunders, president of Castle & Cooke Hawaii Inc. Murdock purchased Castle & Cooke in 1985.

Maui County Councilmember Riki Hokama, who represents the island of Lanai said, “I’m aware of the rumors that Lanai is up for sale. The current owner has chosen not to communicate with me on this matter.”

The Honolulu business publication also reports that its sources say that the island could sell for as much as $500 million.