Billionaire Larry Ellison, the co-founder and chief executive officer of multinational computer technology company Oracle, has agreed to buy the Hawaiian island of Lana'i, officials said on late Wednesday.

Hawaii Governor Neil Abercrombie confirmed current landowner Castle & Cooke, which owns approximately 98 percent of the state's sixth-largest island, has filed a transfer application with the Public Utilities Commission. He identified the buyer as Ellison, but no financial details were made public.

"It is my understanding that Mr. Ellison has had a long standing interest in Lana'i," Abercrombie said in a statement. "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."

While financial details have not been disclosed, previous estimates put the price around $500 million. The deal includes two resort hotels, two championship golf courses and club houses, and more than 88,000 acres (35,612 hectares) of land. The island also has more than 3,000 residents.

Forbes magazine estimates Ellison's net worth to be around $36 billion, making him the world's sixth richest person.