Billionaire David Murdock's Castle & Cooke Inc. said the deal has been completed for about 88,000 acres (35,613 hectares) on the island near Maui. The land makes up 98 per cent of the island's 141 square miles (365 square kilometres).
"It is very gratifying to me personally to see Lanai now in the hands of Larry Ellison, a very committed individual who will bring his ideas and energy to sustain the beauty and heritage of Lanai," Murdock said in a statement. Murdock said his 28 years on the island have been "inspiring."
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.
According to Maui County records, the 301 parcels have an assessed value of $325 million, including improvements. The total market value is likely much higher. The largest parcel, for example, comprising 86,000 acres, has a total assessed value of $13.6 million but a market value of $100.8 million.
The deal also includes control of the island's major economic driver, tourism, which sustains the vast majority of the roughly 3,200 residents who live there.
Ellison has not spoken publicly about his plans for the island, but local lawmakers who have talked to the billionaire's representatives say he plans no major disruptions and to keep resort and other employees in place. He did not immediately return a message from The Associated Press seeking comment through Oracle, the Redwood City, California-based software company.
The closing comes the same week state officials approved the transfer of three utilities on the island to Ellison. The state Public Utilities Commission then asked Castle & Cooke's lawyers for confirmation the deal went through.
Oskar Garcia can be reached on Twitter at http://twitter.com/oskargarcia .