Owning a private island is no longer something only celebrities can do. Drastic price drops in various markets has put close to 500 islands worldwide up for grabs, according to an official at the Private Islands Inc., a Toronto-based island marketing firm.
Prices start from $50,000 and can go up to $100 million. However, are there any takers considering that island maintenance is very expesive?
"Before the recession, a lot of islands were priced by owners who had what we call Coke-bottle glasses," Chris Krolow, Chief Executive, Private Islands Inc., told the Los Angeles Times. "They put crazy price tags on their islands."
But with the recession, prices have dropped and thereby revived interest in island ownership.
The Bahamas, Belize, Panama and the Mediterranean are hot destinations, but interest in the Greek islands is expected to pick with Prime Minister Antonis Samaras announcing that Greece could consider leasing a number of islands for companies to use.
In an interview with French newspaper Le Monde, Samaras said that some of the islands could be used commercially, provided it’s not a threat to national security. The plan is to rent the uninhabited islands for commercial use.
"It would not be a case of getting rid of the islands, but of transforming unused terrain into capital that can generate revenue, for a fair price," the Prime Minister said.
While Greece is planning to transform uninhabited islands into revenue-generating properties, several other celebrities are selling theirs. L’Oreal heiress Liliane Bettencourt, said to be Europe’s richest woman, recently sold her private island in the Seychelles for $60 million. She bought the 0.6-square mile D’Arros Island and several smaller islands in 1998.
For several Hollywood actors, owning a private island has suddenly gone out of fashion. Nicholas Cage, who bought his Bahamian island in 2006 for a sum of $3 million, is selling it for $7million. Singer Mariah Carey has property in the Windermere Island Estate with a price tag of $5.5 million, Private Island News reported.
Similarly, a number of other stunning island properties have come up for sale in different parts of the world. The Daily Mail reported that the Petra Island near New York City has been for sale for years. Allen Island off the coast of Washington state has been in the market since 2005. Though the initial price quoted was $25m, the owners are now asking $13.5 million, the paper said. Queensland, Australia, currently has four islands for sale. The prices range from $850,000 to $15 million.
Unavailability of proper facilities is one of the reasons why most of these islands have come up for sale. Problems in establishing power to remote locations, dealing with off-season storm damage, wild animals and untamed jungle or forest are some of the issues faced by island owners. Exorbitant maintenance cost is another problem.
