Larry Ellison, founder and CEO of Oracle, has signed an agreement to purchase the island of Lanai for an estimated $500 million, according to a June 20 Pacific Business News report.

The sale will include Lanai’s two resorts, the Four Seasons Resort Lanai at Manele Bay and the Four Seasons Resort Lanai, the Lodge at Koele, but still must be approved by Hawaii’s Public Utilities Commission, the newspaper said.

Hawaii’s sixth-largest island, and home to around 3,000 residents, 98% of Lanai, which is part of Maui County, has been owned by California billionaire David Murdock since 1985, according to the report. Murdock had been reportedly losing between $20 million and $30 million a year maintaining the island.

“In terms of the new buyer, we can only say that we look forward to meeting Mr. Ellison and hope that by working together with him and the state that we may be able to do good things for Lanai and its people,” Maui County Mayor Alan Arakawa said in a statement.

Worth an estimated $36 billion, Ellison owns a home on Lanai and has been mentioned in many local news reports in the past week as a potential buyer for the Pineapple Isle.
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