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Gates, Ellison both looking to buy Hawaii's Lanai?

Hawaii is rife with rumors that the two software heavyweights want to purchase the island of Lanai, where Gates got married and Ellison has a home.

A trail on Lanai island. Hawaii Tourism Authority

What do you do when you've got $500 million to spare? Get an island.

Bill Gates and Larry Ellison are interested in buying the same one, according to rumors floating around Hawaii.

Billionaire David Murdock wants to sell the island of Lanai, Hawaii's sixth-largest by acreage, and potential buyers could include the Microsoft founder and the Oracle CEO, Pacific Business News reported. The island, which may be worth more than $500 million, is expected to be sold soon.

Gates and his wife, Melinda, rented the island (the whole island, mind you) for their marriage in 1994, and Ellison has a home on Lanai.

Lanai is owned by Murdock, who in 1985 took control of it as a result of his purchase of Castle & Cooke. The state owns 2 percent of the island.