Larry Ellison has closed a deal to buy most of the Hawaiian island of Lanai for an undisclosed sum.
The Oracle chief executive has agreed to purchase 98 percent of the 141-square-mile island, Hawaii's sixth-largest by acreage, according to a statement issued today by the Hawaii governor's office. Current landowner Castle & Cooke filed a transfer application with the Public Utilities Commission.
Billionaire David Murdock, who has owned 98 percent of the island since 1985, is selling the land after reportedly losing between $18 million and $25 million each year on the island. The state of Hawaii owns the other 2 percent of the island.
The sale price was not revealed, but the Maui News previously reported the asking price was between $500 million and $600 million.
"We look forward to welcoming Mr. Ellison in the near future," Gov. Neil Abercrombie said in a statement. "It is my understanding that Mr. Ellison has had a long standing interest in Lana'i. His passion for nature, particularly the ocean is well known specifically in the realm of America's Cup sailing."
Ellison was rumored to be competing with Microsoft co-founder Bill Gates for the island's ownership. Gates and his wife, Melinda, rented the island (the whole island, mind you) for their marriage in 1994. Ellison already owns a house on the island.