Oracle CEO Larry Ellison has made a deal to purchase 98 percent of the Hawaiian island of Lanai.

The 141-square-mile island is the sixth largest in the Hawaiian chain. Billionaire David Murdock was the previous owner. He reportedly decided to sell after taking more than $18 million a year in losses on the island.

The purchase is for an undisclosed amount. It had been listed for $500 million.

Ellison was apparently in competition for the island; Microsoft founder Bill Gates was also interested in the property. He rented it back in 1994 for his wedding.

Hawaii Governor Neil Abercrombie says his office is excited about the purchase, citing Ellison’s long standing interest in natural conservation and preservation of the oceans though his sailing pursuits.

Approximately 3000 people live on the island, and it’s not yet clear to them exactly what Ellison’s plans are for the land.

Photo: Trip Advisor