Oracle Corp. Chief Executive Larry Ellison plans to buy most of the Hawaiian island of Lanai from Los Angeles billionaire David Murdock’s real estate company, according to news reports.

Hawaii Gov. Neil Abercrombie told the Associated Press that the island’s owner, Castle & Cooke Inc. of Westwood, filed an ownership transfer application with the state's public utilities commission. The sale price for the property, which comprises about 98 percent of island's 141 square miles, was not disclosed. The Maui News has reported that the asking price was between $500 million and $600 million.

The property is home to two resorts, two golf courses, a stable, and numerous residential and commercial buildings, according to the application to the utilities commission, but is mostly undeveloped. Murdock reportedly plans to keep his home on Lanai and the right to build a wind farm there.

Murdock, also the chairman and largest shareholder of Dole Food Company Inc. of Westlake Village, ranks No. 14 on the Business Journal’s list of 50 Wealthiest Angelenos, with an estimated net worth of $2.8 billion. Forbes magazine ranks Ellison as the world's sixth-richest person, with an estimated net worth of $36 billion.