Oracle's Ellison closes deal to buy Hawaiian island Lanai

Sellers say Oracle Corp. billionaire Larry Ellison has closed on his deal to buy most of the Hawaiian island of Lanai.

Billionaire David Murdock's Castle & Cooke Inc. said Thursday that the deal had been completed for about 88,000 acres on the island near Maui. The land makes up 98 percent of the island's 141 square miles.

A sale price for the land was not disclosed and the firm declined to give details. The Maui News previously reported Castle & Cooke was asking for $500 million to $600 million for the rural island. The land includes two resorts, two golf courses, assorted commercial and residential buildings and plenty of open space.

It also includes control of the island's major economic driver -- tourism.

Roughly 3,200 residents live on the island.