HONOLULU (AP) — The sale of Hawaii’s smallest publicly accessible inhabited island is imminent, and local leaders are anticipating what new ownership could mean for the island’s some 3,200 residents.

A potential buyer of Lanai, part of Maui County, was revealed to Gov. Neil Abercrombie and the county’s mayor at a meeting last week with representatives from landowner Castle & Cooke Inc. Self-made billionaire David Murdock’s Castle & Cooke owns 98 percent of island’s 141 square miles.