Private Island Sells at $38 Million Discount
It’s a conundrum most entrepreneurs can only dream about: after years of hard work and devotion have finally garnered momentum and reaped fortunes, what next? Retirees -- or hedonists -- on the hunt for a bargain should perhaps look no further than the illustrious realm of private island real estate.
Only Innocence Island in the Bahamas -- complete with its own crop of mango trees and a runway with its own airport code -- could make a $17 million price tag look like a steal.
Originally listed for $55 million in 2013, one lucky buyer pocketed the property for $38 million off its asking price at a recent auction. Bidding opened at $8 million, reports CNN, and then sputtered to a halt within minutes.
Private islands typically don’t fare well at auction, it turns out, as trekking to view such properties marks too much of an obstacle.
But both buyer and seller were thrilled with the outcome. The island’s owner, who is terminally ill and wished to bestow his children with cash rather than the property, resorted to the auction as Innocence lingered on the market for years.
And when it comes to exorbitant purchases such as these, said Laura Brady of Concierge Auctions -- which facilitated the sale -- value is in the eye of the beholder. “When you think about a property that’s $20 million-plus, it’s only worth what a buyer is willing to pay for it,” she said.
If $17 million still sounds a little steep, rest assured: with thousands of private islands available for sale worldwide, many can be rented via Airbnb -- such as this little bungalow on Lake Manila in the Philippines -- for as little as $74 a night.