Oracle Chief to buy Lanai

Larry Ellison, the billionaire founder of Oracle, plans to pay cash for the Hawaiian island of Lanai — 88,000 acres of land with two resorts, two golf courses, a stable and no traffic lights. What will it mean for 3200 people who live there? Part of the county of Maui, 98 percent of the Lanai is owned by David Murdoch's company Castle and Cook. Locals say Murdoch was disappointed he couldn't develop Lanai more. Murdoch says he's been looking for a buyer with, "the right enthusiasm, commitment and respect for the island's residents." Butch Gima is the president of Lanaians for Sensible Growth.