Oracle CEO Larry Ellison buys Hawaiian island

Billionaire buys 98% of Hawaii's sixth-largest island of Lanai for sum reported to be around $600m

The billionaire Oracle CEO Larry Ellison has bought 98% of Hawaii's sixth-largest island, the state's governor has announced.

Ellison, ranked as the third-richest man in the US, is purchasing the property from his fellow billionaire David Murdock, whose Castle and Cooke Inc owns all but 2% of Lanai's 141 square miles (365 square km). The company has filed a transfer application with Hawaii's public utilities commission.

The price tag was not revealed in the application, but previous media reports have put it as high as $600m (£383m).

"It is my understanding that Mr Ellison has had a longstanding interest in Lanai. His passion for nature, particularly the ocean, is well known, specifically in the realm of America's Cup sailing," Hawaii's governor, Neil Abercrombie, said in a statement. "We look forward to welcoming Mr Ellison in the near future."

Once known for its pineapple fields, Lanai is now visited for its two Four Seasons resorts, golf courses and luxury housing. The Microsoft billionaire Bill Gates booked every hotel room on the island for his 1994 wedding.

In March, Forbes listed Ellison, 67, as the world's sixth-richest man, with a net worth of $36bn. A yachting enthusiast, he won the America's Cup in 2010 and brought the 2013 America's Cup finals to San Francisco.