Oracle co-founder and CEO Larry Ellison has reached a deal to buy 98% of Hawaii’s sixth-largest island from the property's owner, the state’s governor told the Maui News on Wednesday evening.

Ellison, ranked by Forbes as the third-richest person in the U.S., bought the 88,000-plus-acre property on Lanai from its existing owner, Castle and Cooke Inc., for "hundreds of millions of dollars," according to the paper.

The deal, expected to close next week, also covers the island's two luxury hotels--the Four Seasons resorts at Manele Bay and the Lodge at Koele--and two golf courses, the paper reports. The island also boasts miles of undeveloped land, reports the Associated Press.

Although Ellison hasn’t yet announced what he plans to do with the land, Castle and Cooke indicated on its transfer application that he plans to make substantial investments that will create jobs and stimulate tourism, according to the AP.  

This isn't the first high-profile buy for the big-spending billionaire. In addition to several homes, Ellison’s past purchases have reportedly included a 454-foot megayacht (which he has since sold), an Italian plane, and a high-profile tennis tournament.

He has also, however, joined Warren Buffett's "Giving Pledge," an effort to get billionaires to give away the majority of their money.