How much money do you need to buy a private island?
Prices can range from approximately US $1 to $3 million for smaller islands up to upwards of US $30 to $75 million for much larger islands (over 250 acres) in the most popular locations such as the Exumas, the Abaco Islands and the Berry Islands.
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While the cost to rent the exclusive hideaways can cost up to $20,000 a night, savvy travelers can score an entire isle for less than $500 a night -- if they know where to look.
“Some private islands are cheaper than others due to location and accessibility,” says Forrester. “For example, some islands may be so far away from mainland society that it's too much hassle to transport materials to build a house to live and holiday in, let alone regular food imports.”
It's very much a purchase of passion. It goes beyond cachet: it allows owners to make their own mark, to do something that no one else has done.” Here's a sampling of some billionaire-owned private islands, from pristine secluded havens—ideal for modern day Robinson Crusoes—to tropical eco-friendly luxury resorts.
You can find private islands for sale via Private Islands Inc. or Vladi Private Islands, or by contacting a realtor who specializes in big-ticket sales. Additionally, some high-end real estate companies, like Sotheby's International Realty or Christie's International Real Estate, list private islands for sale.
For instance, for a 0.5 to a 1-acre undeveloped private island, you may purchase it for a price of about US $500,000 while you may spend up to US $10 to $12 million for larger 60 to 70-acre islands which already has homes, roads, airstrips, and other existing infrastructure.
It might seem out of reach as you sit, eyes glazed, in front of your computer. But here's the truth: People move to islands all the time! Whether it's Maui, the Bahamas, or Bora Bora, you, too, can buy a home on an island.
Yes, there are many unclaimed lands in the world and the biggest unclaimed territory is Antarctica. Can you claim an unclaimed island? The answer is yes, you can claim unclaimed islands but it is going to be difficult. Unclaimed islands are usually unclaimed for a reason and are mostly declared national monuments.
Sampson Cay, The BahamasJohn Malone overtook Ted Turner as the biggest private land owner in the U.S. when he amassed 2.2 million acres in 2011. He now currently owns Sampson Cay, in the Exuma chain of islands in the Bahamas.
Unlike traditional housing, which you can usually obtain a mortgage for, you'll likely have to pay upfront for your island. Banks typically don't offer loans for islands because they can't easily appraise them. If you're lucky to get a loan, it might only cover a small part of your island's cost.