"The entire Island Air team pulled together over the past year to restructure and position the company for success and this sale represents the culmination of that process," Island Air President Les Murashige said in a statement. "We welcome Mr. Ellison and we look forward to an exciting future together."
Ellison last year bought 98 percent of Lanai for $500 million to $600 million and has said he won't make major changes to the island, the smallest of the Hawaiian islands accessible to the public, The Wall Street Journal reported.
Forbes lists Ellison as the third-richest man in the United States at $41 billion.
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