Hawaii's Island Air has been sold to billionaire Larry Ellison, the majority Lanai owner and CEO of Oracle Corp., a source told PBN Tuesday. The Honolulu-based carrier, which was owned by Gavarnie Holding LLC, said last month that it was being sold to an unnamed buyer. Ellison, the billionaire CEO of Oracle Corp. (Nasdaq: ORCL), was reportedly the buyer. Island Air operates two de Havilland Dash 8 aircraft and plans to put its 64-seat ATR 72 aircraft into service as early as this week, the airline…