Oracle CEO Larry Ellison has purchased most of a Hawaiian island, reportedly for somewhere between $500 and $600 million.

The Oracle co-founder has agreed to buy 98% of the island of Lana’i, a stake which was previously owned by billionaire David Murdock. The remaining 2% is owned by the State of Hawaii.

In a statement confirming the sale, released by the Hawaii governor’s office, Governor Neil Abercrombie said:

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. He is also a businessman whose record of community involvement in medical research and education causes is equally notable.

We look forward to welcoming Mr. Ellison in the near future.

Source: CNET