clock menu more-arrow no yes

Filed under:

Apparently, You Don't Have to Be Rich to Own an Island

New, 3 comments

Private island news is usually dominated by celebrities (see: the eco-resort Leonardo DiCaprio is building on his Belizean island or the Swedish island Tiger Woods is selling.) In a new interview with The Atlantic, however, Chris Krolow, CEO of online marketplace Private Islands, Inc. and host of HGTV's Island Hunters, argues that you don't have to be a celebrity to own an island—heck, you don't even need to be rich. "We've had $20,000 islands. We've had $100 million islands," says Krolow. (More evidence: an entire Scottish island with herd of seals for $525K) According to Krolow, many of their clients aren't millionaires. All it takes are some Robinson Crusoe fantasies and a strong desire to make one's own mark. Read on for a few more intriguing tidbits about the business of owning a private island.

• Permits and more permits—Krolow says there are lot of permits to navigate because "islands are sensitive environments." For example, you need some 40 permits before you can build anything on an island in Greece. And in Canada, "you can't build on any undeveloped island if it's less than an acre."

• The ultimate DIY project—Owning an island is the closest you can get to "having your own kingdom," Krolow says. But that unsurprisingly comes with a ton of work, such as figuring out initially where the house should go to capitalize on all the views, as well being ready to change batteries for any solar panels or take care of a loose dock.

• Man-made islands—Krolow's company is exploring man-made islands in areas like Dubai and the Maldives—think "floating pieces of styrofoam encased in concrete" and drilled into the seabed. These projects are expensive and only beginning, but they could become the next big thing in private islands.

Head to The Atlantic for the full interview.

· Why Do Rich People Want the Hassle of Owning an Island? [The Atlantic]
· Leo DiCaprio is Opening an Eco-Resort on His Private Island [Curbed]
· Entire Scottish Island with Herd of Seals Wants Just $525K [Curbed]