(CNN) -- Oracle CEO Larry Ellison has bought 98% of the Hawaiian island of Lana'i, according to a statement from the governor of Hawaii.
Democratic Gov. 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."
Ellison bought the island from Castle & Cooke, whose owner, David Murdock, is also the majority stock holder in the Dole Food Company.
Lana'i once grew 75% of the world's pineapples, according to the Honolulu Advertiser newspaper.
According to Castle & Cooke's website, the company employs nearly half of the island's 3,200 residents and was in the process of constructing a solar farm with the goal of making the entire island operate on renewable energy.
Ellison, who was No. 6 on Forbes' World billionaires list with a net worth of $36 billion, isn't the only billionaire to buy his own island. Richard Branson owns a private island in the British Virgin Islands.
Branson has substantial reason to be envious, however. Ellison's island is more than 1,100 times larger.