The state Public Utilities Commission has given interim approval of the the sale of Lanai to Oracle co-founder and CEO Larry Ellison. The deal is set to close Wednesday.
Click here to see the PUC's decision.
The transfer application was filed by Castle & Cooke last week with the PUC to sell its share of the Pineapple Isle.
Oracle is the world's largest business software company. Ellison founded Oracle in 1977. The 67-year-old businessman has a net worth of $33 billion dollars and is the third richest man in America, according to Forbes Magazine.
Castle & Cooke owns 97 percent of Lanai's 141 square miles. About 3,000 people live on the island.
Union workers on Lanai said they have been called by representatives for Ellison and Castle & Cooke owner David Murdock assuring them their contracts will be transferred.
The price of the land sale has not been made public.
KITV4 News will have more on this story tonight at 5, 6 and 10.