They’re likely the epitome of frivolous spending, but how much does a private island actually cost?
Although you might think a private island would be dramatically expensive, they actually start from as low as tens of thousands of dollars. However, at the higher end, some islands can be valued in the tens – or hundreds – of millions of dollars. It’s all about size, and location.
Read on to find out more about the cost of owning private islands all over the world.
Location, Location, Location
The private island has long been considered the ultimate purchase of the super-rich. These exclusive and flamboyant properties can be found all over the world, from the Caribbean to the British Isles.
The most prestigious and high-end private islands are of course owned by celebrities. The fast cars, designer clothing, and luxurious bling just isn’t enough, and they need to invest in owning their part of the world.
However, when it comes to the cost of these islands, it really is location, location, location. The planet is made up of more than seventy percent water, and that makes for a lot of islands to choose from.
For example, you could purchase a white-sanded ocean paradise off the coast of Thailand for over $100 million. Alternatively, you could opt for a small, wooded island on a lake in Nova Scotia for less than $100,000.
The most expensive islands do tend to be in the hotter climates, complete with beaches and palm trees. While there may be more located elsewhere in the world, none of them boast the value of a true paradise.
Private islands of this nature are also the favorites of the many super-rich celebrities in the world. For instance, Marlon Brando, Nicolas Cage, Johnny Depp, and Leonardo DiCaprio all owned islands in the Caribbean.
Outside of the Caribbean, Steven Spielberg owned two private islands off the coast of Portugal. Meanwhile, the late Robin Williams owned an isolated island deep within British Columbia, Canada.
An article published in 2015 suggested that Mel Gibson topped the crowd on private islands. He’d reportedly purchased an enormous island near Fiji, for an eye-watering fifteen million dollars.
This article also details what most celebrities do with these island paradises. They don’t just often live on them, but instead buy them and develop them into fully-fledged resorts.
Living The High Life
The most successful example of a celebrity owning a resort would be acting legend, Francis Ford Coppola. Once he’d retired from the big screen, he founded a hospitality business that would be hugely profitable.
By 2020, his empire would stretch to cover five locations around the world. These included a resort in Belize, the Caribbean, and Guatemala.
Another great example would be Leonardo DiCaprio, who also purchased an island in Belize. The resort, named Blackadore Caye, cost DiCaprio almost $2 million and was turned into an eco-paradise.
However, when it comes to the ownership of these islands, it’s not like there’s an exclusive application. Quite literally anybody in the world can purchase a private island, provided they have the capital to afford it.
The best website to browse private islands is almost certainly privateislandsonline.com. They have hundreds of islands from all around the world to view at the touch of a button.
If you’ve got around $100 million, you can probably afford the ultimate paradise in Thailand or the Bahamas. However, there’s something out there even for the thriftiest island hopper.
At the lower end, you can find rough, smaller islands for as low as fifty to one hundred thousand dollars. These are typically featureless, and in much less desirable locations.
However, boasting your own private island is worth it wherever it is, one might argue.
There was an article published in Forbes in 2020 that examined this theory. They documented the cheapest islands in the world, listed at the dollar cost per acre.
For example, you could buy out an island in Chile for as little as $405 per acre – the total island being almost fifty thousand acres.
If you prefer something a little less warm, you could bag a lake island in Canada for just $626 per acre. They found a string of islands across Nova Scotia that were dramatically low-cost.
So, it’s not just the highest of society that can purchase these private islands. However, if you want something good, you’re going to have to have a few million stored in the bank at least.