Maui Land & Pineapple Co. earnings swung to a nearly $80 million loss last year after a perilous fourth quarter for the company's real estate development business and smaller operating losses in resort and agriculture operations.

The company also announced today that it has agreed to sell and lease back its recently renovated championship golf course, The Plantation Course, to raise $50 million that will be used to reduce debt.

Maui Land said it's net loss last year was $79.4 million, or $9.98 per share. A year earlier, the company had a profit of $8 million, or $1.03 per share.