Software executive Larry Ellison is saying Aloha to Hawaii.

The Oracle CEO, who just happens to be the world's sixth-richest person, made a purchase that most people could only dream of — 98 percent of the Hawaiian island of Lanai. Ellison bought the vast majority of the picturesque, 141-square-mile island, once owned by the founder of Dole Foods, from current landowner Castle & Cooke, Hawaii Gov. Neil Abercrombie said Wednesday.

With the purchase, Ellison will get 88,000 acres of land, two resorts, two golf courses, a stable, as well as several residential and commercial buildings, the Associated Press reported. The Silicon Valley executive reportedly plans to invest in the island, creating jobs and stimulating the local tourism industry.

Lanai features nearly 50 miles of coastline, and was nicknamed The Pineapple Island because it was once home to the world's largest pineapple plantation. The island is known for its untouched beauty and stunning views, boasting exactly zero traffic lights and just 30 miles of paved roads.

The sale price for the property was not immediately clear, but Ellison will pay cash. The Maui News previously reported the asking price was between $500 million and $600 million.

Gov. Abercrombie said that Ellision had a long-standing interest in Lanai, the smallest inhabited Hawaiian island.

"His passion for nature, particularly the ocean is well known specifically in the realm of America's Cup sailing," Abercrombie said. "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."

Ellison co-founded Redwood City, Calif.-based Oracle in 1977. Forbes ranks him as America's third richest citizen, with an estimated net worth of $36 billion.

Oracle did not immediately respond to a request for comment.

According to the Puget Sound Business Journal, Bill Gates was also interested in buying the island, which was the site of his 1994 wedding.

[Image Credit: Forbes and Hawaii Visitors and Convention Bureau]