Billionaire Oracle CEO Larry Ellison has agreed to buy 98 percent of the Hawaiian island of Lanai, according to the state's governor.
Ellison, ranked in 2012 as America's third-richest man, is purchasing the property from fellow billionaire David Murdock.
Castle & Cooke, the company that owned 98 percent of the 141-square-mile island, agreed to sell that land to Lawrence J. Ellison, chief executive of Oracle, the software giant. The price was not known, and neither Castle & Cooke nor Oracle responded to a request for comment.
"It is my understanding that Mr. Ellison has had a long standing interest in Lanai," Governor Neil Abercrombie said in a statement.
"His passion for nature, particularly the ocean is well known specifically in the realm of America's Cup sailing."
Murdock said in a statement that selling Lanai was not an impulsive decision, but he has been looking for a buyer who would have the right enthusiasm, commitment and respect for the island's residents.
"I have learned in life that change is inevitable and can be quite positive when guided in the right direction," Murdock said.
Attempts to reach a representative for Ellison through Oracle were not successful after business hours Wednesday.
