Larry Ellison, Oracle CEO, Buys Lanai Island in Hawaii

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Oracle co-founder CEO Larry Ellison will soon be the proud owner of Lanai, Hawaii's sixth-largest island. Seriously, he bought 98 percent of the thing.

The price? A relatively modest $500-600 million, according to reports.

Ellison hasn't said what he plans to do with the vast majority of the island's 141 square miles, but the sellers said he plans substantial investments.

Lanai

Reports say he plans to create jobs and stimulate tourism to the "Pineapple Island" once owned in the 1920s by the founder of Dole Foods Co.

Ellison's purchase was publicly announced by Hawaii Gov. Neil Abercrombie.

Landowner Castle & Cooke, who owned the property Ellison bought, has filed a transfer application with the Public Utilities Commission, he says.

With nearly 50 miles of coastline, just two resorts and zero traffic lights, Lanai boasts little conventional development but plenty of unspoiled charm.

To put it in perspective, an unnamed source equated Ellison's purchase of Lanai as the continental U.S. equivalent of buying Montana.

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