You can be on Entrepreneur’s cover!

Private Island Sells at $38 Million Discount Innocence Island in the Bahamas was scooped up for a cool $17 million at auction, though its asking price had been $55 million.

By Geoff Weiss

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

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.

Related: The Top 10 Summer Vacation Destinations for 2014

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.

Related: The Young Founder Behind a $100 Million Luxury Travel Business

Geoff Weiss

Former Staff Writer

Geoff Weiss is a former staff writer at Entrepreneur.com.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Business News

I Designed My Dream Home For Free With an AI Architect — Here's How It Works

The AI architect, Vitruvius, created three designs in minutes, complete with floor plans and pictures of the inside and outside of the house.

Side Hustle

This Dad Started a Side Hustle to Save for His Daughter's College Fund — Then It Earned $1 Million and Caught Apple's Attention

In 2015, Greg Kerr, now owner of Alchemy Merch, was working as musician when he noticed a lucrative opportunity.

Business News

This Fan-Favorite Masters 2024 Item Is Still $1.50 as Tournament Menu Appears Unscathed by Inflation

The pimento cheese sandwich is a tradition almost as big as the tournament itself.

Business News

Disney World, Disneyland Will Now 'Permanently' Ban Guests Who Tell This Lie to Skip Lines

The company rolled out changes to its Disability Access Services earlier this week.

Science & Technology

These Are the Top 6 AI Threats to Your Business Right Now

The modern workforce is forever changed by artificial intelligence. If you fail to understand that we will all need to learn AI to some degree, you haven't been paying attention.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.