And the buyer is … Lawrence Ellison, the co-founder and chief executive officer of Oracle Corp.

After much speculation in the last few days about the fate of Lanai, the 141-square-mile island is being sold to the 67-year-old billionaire software developer.

The island is being sold by another billionaire, David Murdock, who has owned it since the 1980s. Murdock has had the island up for sale for months and has said he is losing tens of millions of dollars a year on resort operations and other enterprises on the island. Murdock owns Castle & Cook, a former pineapple plantation operater, which owns 98 percent of Lanai.

Castle & Cook filed a transfer application with the Public Utilities Commission on Wednesday.

The sale price was rumored to be between $500 million and $600 million.