Dream on

A few months ago it was proposed that the CNMI should sell certain public lands, such as golf courses, to non-Northern Marianas descent investors. The price for Saipan properties would not be less than $1,000 per square meter. At the time, another writer pointed out that this would place the value of the Laulau Bay golf course at over $1 billion. Last week Oracle founder and CEO Larry Ellison purchased, fee simple, virtually the entire Hawaiian island of Lanai. Lanai is a pristine island three times the size of Saipan. Selling price? Approximately one half billion dollars, or less than one dollar per square meter. Included are two existing resorts. One thousand dollars per square meter for Saipan golf courses? Dream on, people.

Ron Fusco
Capital Hill