The REAL Cost of Owning A Private Island

sure having a mansion is a sign of wealth and owning a private jet lets everyone know that you're rolling in the dough but there's one thing that rises above all else when it comes to luxury and that's owning your very own private island lounging in the sun with a drink in hand miles away from the nearest person may sound like a dream but it's a pricey one today we're going to take a look at how much it actually costs and search for an answer to the big question is owning a private island actually worth it the first big expanse of buying a private island is quite obviously purchasing the island itself sure you have fantasies about cabanas in the white sand and maybe even a golf course on the north side of the island but all that starts with finding the perfect location to build a foundation on and make those dreams a reality that being said the cost of your island varies drastically depending on where you buy in canada for example which has the highest number of private islands for sale in the world you can get islands for under two hundred thousand dollars and if you're really pinching pennies well you can even scoop up an island for just under a hundred thousand dollars take this island in nova scotia called half island for just 65 000 less than half the cost of your average home you can buy this six acre island that's located less than a mile away from the mainland however that price comes with a catch sure 65 000 is great for your own little slice of paradise in the summer at least in winter temperatures around half island can reach as low as negative 22 degrees fahrenheit the island is only feasible to live on during summer and even during the summer getting supplies can be a hassle when you're thinking of a private island chances are you're not thinking of cold remote locations you're thinking locations with sandy beaches and palm trees where flip-flops are considered formal attire likely you're picturing the caribbean made up of thousands of islands with hills sprawling sand beaches and crystal clear waters the caribbean is a breathtaking location to build the tropical oasis of your dreams and there are plenty of islands to pick from surprisingly the prices aren't actually that overwhelming either if you're settling for a smaller chunk of land that's more remote you can snag an island for between one and three million dollars but if you're looking for a larger island in the more popular desirable areas of the caribbean well that price can be anywhere between 30 to 100 million dollars some of the popular island chains include the exumas the abaco islands and the berry islands islands in these chains in particular offer an advantage that remote islands don't they're close to bigger towns in cities which eases access for visiting guests and owners take for example spectabilis island in the axiumus the island stretches 460 acres which includes dozens of white sand beaches scenic hilltop views and plenty of potential building space and it's only 230 miles from miami and a mere 60 miles from the capitol it's pricey but it's easily accessible and it comes with the added bonus of being able to say yes i have an island in the exumas then there are the more remote areas of the caribbean like little ragged island a 700 acre island that's listed for 35 million dollars compared to spectabilis you get almost double the land for well half the price and that's not all little ragged island has two ponds meaning you have access to fresh water and it has 30 000 feet of shoreline which is equal to about 5.6 miles and you'll really really have that 5.6 miles of shoreline to yourself because the 110 mile long ragged island chain is incredibly underdeveloped with only one small town that has a population of 72 people in other words you might as well not buy this island if you have any desire to hit up a local nightclub or dine at a fancy restaurant across all these price ranges and locations the islands we've looked at all have something in common they're underdeveloped at first that may not seem like a big deal if you have enough money to buy a private island then surely building a house on said island shouldn't be an issue right well not really because when you buy a private island you're not just paying for the land to build a house on no no no there's a lot more that goes into it for starters you have to find out if you even can build on the island places like the caribbean have strict environmental laws on building because the ecosystem of the region is so fragile there an environmental impact study is required before you make any changes to the island you've bought and that environmental impact study doesn't come cheap it'll cost you at least fifty thousand dollars these environmental laws are also common in canada where endangered animals may call the lake and ocean islands home i mean after all you wouldn't want to evict cute little critters like this would you oh look at him go in ontario specifically you're only allowed to build if there is more than an acre of buildable land on the island meaning scooping up a super small island for the cost of your monthly paycheck isn't actually worth it unless you feel like camping on top of the expensive environmental study that takes place before you build there are dozens of environmental protection laws that will increase the price of your build things like how you gather water how you generate electricity and how you access the island are greatly regulated in order to protect the beautiful lakes and oceans so keep in mind how much that will run the bill up in addition to the standard cost of building a home but all environmental stuff aside there are lots of other logistics to figure out firstly shipping building supplies to the island which doesn't come cheap along with the building supplies you'll need to get heavyweight building equipment on the island which requires specific boats and once you've dropped thousands and thousands of dollars to get the supplies to your doorstep you need to have skilled contractors plumbers and electricians on the island daily if your island is miles and miles away from the nearest town with hotels like little ragged island is in the caribbean then you're looking at some massive costs just to get your building crew on site plus you have to actually build a way for your preferred mode of transportation to reach the island if you want to access the island fast well you can build an airstrip but most estimates put the cost of that somewhere upwards of one million dollars i mean a helipad is a cheaper option or you could go with a dock for boats and seaplane access but these are still going to cost you a pretty penny that being said it's a lot easier to buy a developed island rather than an undeveloped one take frozen k located in the berry island chain of the bahamas the 40 acre island costs 17 million dollars and is readily accessible by both boat and seaplane it features white powder beaches lush forests and a six-bedroom six-bathroom residence that measures a whopping 4145 square feet oh and there's also a heated swimming pool of course in addition there is an 806 square foot manager's cottage and a 1534 foot staff cottage as well as a marina that accommodates up to 100 foot long yachts however frozen k brings up yet another cost associated with private islands and that's maintenance if you have enough money for a private island chances are you're pretty busy with work and won't be able to spend all your time sipping pina coladas with your feet in the sand leaving the home unoccupied puts you at risk of squatters break-ins and other damage so having the island occupied and taken care of is a necessity though i've spent much of the video talking about the costs associated with having your own private island there's also a potential to make money when you're not occupying your home private island rentals are wildly popular for the wealthy including myself islands like schwanny k in the bahamas have a minimum cost of 14 000 per day but that's just for double occupancy each additional person costs 500 per day so bringing just four more people will cost you sixteen thousand dollars per day at a minimum not including gratuity in other words if you own that island you can make some darn good money if schwanny k is rented out just as a double occupancy at the lowest rate for every day of the year the property will bring in at least five million dollars there is that wonderful benefit of additional income that comes with owning a private island but it'd be wrong of me not to mention the other benefits which is simply owning a slice of paradise having your own escape miles and miles away from the nearest person is a joy like no other waking up and walking down to the beach that is yours sipping wine on the deck that is yours overlooking the ocean in your underwear if you want because well it's your island you make the rules there's all sorts of reasons that people dream of owning private islands that being said it's time to answer the big question is owning a private island worth it well i suppose that's up to you to decide are the insane costs time-consuming regulations and painstaking transportation of building supplies and amenities worth lounging on an island you can call home what do you think and if you had your own private island what would you name it be sure to let me know in the comments down below thanks for watching if you enjoyed the video make sure to leave a like and subscribe as always i'm mr luxury pip pip to doodly do

Channel: Mr. Luxury

Views: 523,143

Rating: 4.8947697 out of 5

Keywords: owning a private island, cost of a private island, real cost of owning an island, owning an island, cost of owning an island, private island, private islands, buying your own private island, private islands for sale, real cost of owning a private island, how much is a private island, cost of private island, price of private island, private island construction, private island cost, island, most expensive island, island life, luxury island, islands for sale, island cost

Id: uIcXPaut-xo

Length: 10min 22sec (622 seconds)

Published: Thu Jan 07 2021