The decision by America’s third-richest man to purchase Lanai from fellow billionaire David Murdock had been rumored on the island in recent weeks, but the announcement Wednesday raises many more questions than it answers.

Oracle Corp. CEO Larry Ellison’s reputation for innovation and the deal’s description in the purchase’s application to the state provide some assurance that the new ownership will be enthusiastic. Should this deal go through, however, Ellison must be made aware, if he isn’t already, that he is buying the public trust of all 3,193 residents of Lanai island, as well as a key component in Hawaii’s future potential.

Silicon Valley software magnate Ellison made no public statement as the purchase was announced, but Murdock lawyers told the state Public Utilities Commission that the transaction should lead to new jobs, economic stimulus and a reinvigorated local tourism industry.

While the state has recorded significant increase in tourism, recent visitors to Lanai have declined from the same period last year. And the fact that Murdock himself has reported losses of at least $20 million annually from 2006 to 2010 reveals the challenges ahead for Ellison.

Gov. Neil Abercrombie issued a statement that he understands Ellison "has had a long-standing interest in Lanai" and a "passion for nature, particularly the ocean," exemplified by his success in the sailing prize America’s Cup. The governor said Ellison is "a businessman whose record of community involvement in medical research and education causes is equally notable."

Some of this diverse background may bode well for emerging economic avenues for Lanai and its people.

Ellison’s allure to the ocean may be indicated by an incident in 1991, when he broke his neck and punctured a lung while bodysurfing in Hawaii. He said the beach was closed that day because of waves reaching 15 feet, but he tried to catch one anyway.

The purchase would transfer 97 percent of Lanai from Murdock’s Castle & Cooke Inc. to Ellison, including two luxury hotels, two high-ranked golf courses, a solar farm, commercial buildings, rental housing, water utilities and 88,000 acres of mostly undeveloped land. The pristine, laid-back qualities that make Lanai special would need to be weighed and guarded, should growth proposals make their way before the state Land Use Commission.

Interestingly, not included in this sale is the development of windmills on Lanai for producing electricity to transmit to Oahu, from which Murdock may expect a worthwhile profit but will allow Ellison to keep his distance from the highly controversial issue among the island’s residents.

That may not be a sign that he will be timid. He is known as a playboy who likes driving fancy cars and flying his own jet, but it’s an open question what stock he puts on agriculture on the one-time "Pineapple Island," once owned by the founder of Dole Food Co.

"I don’t think his primary concern is fitting in with what Hawaiians want," Ellison biographer Mike Wilson told The Associated Press.

However, state Sen. J. Kalani English, who represents Lanai, says Oracle Corp. representatives have told him that Ellison will be sensitive to the "culture and conservation stewardship of the island," and that he sees Lanai as "much more than an asset."

That’s indeed encouraging to get on the record at this early stage, as Lanai sits poised to enter a new era of activity.