Maui Land & Pineapple Company has agreed to sell its Kapalua Bay golf course to Ty Management Co. in a deal worth $24.1 million.

"We are pleased to be able to continue our relationship with Ty Management to facilitate the sale of the Bay Course," Warren Haruki, chairman and interim CEO of Maui Land & Pineapple, said in a statement. "With this transaction, we are able to consolidate the ownership of both Kapalua golf courses with an esteemed partner."

Ty Management purchased Kapalua's Plantation golf course in 2009.

In the statement, Maui Land & Pineapple said it would enter into a lease with Ty Management to operate the Bay Course, designed by Arnold Palmer and first opened in 1975, until March 2011.

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