According to news reports, Hawaii Governor Neil Abercrombie has confirmed that Oracle chief executive Larry Ellison has reached a deal to buy the island of Lanai from its current owner, Castle & Cooke Inc.
The 141 square miles island is Hawaii’s smallest publicly inhabited isle with about 3,200 residents.
Hawaii’s Maui News reported the asking price of Lanai was between $500 million and $600 million.
Based in Redwood City, California, Ellison co-founded Oracle Corp. in 1977 — to become one of the most successful business software companies in the world.
In March, Forbes ranked Ellison as the world’s sixth-richest person, with a net worth of $36 billion.