Here is an excerpt:
In 1946 a group of five Los Angeles businessmen, including Edwin W. Pauley, bought the island from the estate of Chris Holmes II with the idea of converting it to the exclusive Coconut Island Club International, 1946-7, and hired architects Paul Williams, A. Quincy Jones, and C.W. Lemmon of Belt Lemmon and Lo, Architects of Honolulu to design a community of cottages, tennis courts, a yacht club and other recreational facilities including remodeling the Holmes mansion and barracks. The Pauley group wanted to develop the island into a private, membership only resort. In 1949 this idea was dropped and a scaled-back Coconut Island Hotel with accommodation for 32 guests opened in February 1950.