Well, you can try playing around with this function a bit, it should do what you are looking for.

Insert a new column into the sheet to the right of the Long Description column, let's call this new column "N" - so Long Description is "L" and the new column is "N". Enter this in cell N2:

=SUBSTITUTE(L2,"*","<br>",1)

This will replace all the leading "*" in cell L2. Just copy this formula down for all products. Then highlight the entire N column, copy it, and Past Special one column over, pasting VALUES only. The result should be a new column with all of the descriptions with a <br> instead of where the "*" was.

This should work out as a list in html.