Buying an abandoned island is a dream for many, but determining the actual cost can be confusing. Islands can range dramatically in price depending on size, location, infrastructure and amenities. However, with some baseline knowledge, it’s possible to estimate both the purchase price and ongoing costs of owning an abandoned island.
What factors determine the cost of an abandoned island?
There are several key factors that influence the purchase price of an abandoned island:
Location
Similar to real estate, location is a major determinant of price. Islands located close to mainland or well-populated areas generally have higher property values. South Pacific islands tend to be lower cost than Caribbean islands, for example. However, islands with air access and proximity to tourism infrastructure command premium pricing.
Size
Larger islands that offer more land area and resources naturally have higher price tags. Islands over 100 acres quickly escalate in price into the millions of dollars or more. Small deserted islands under 10 acres can sometimes still be acquired for under $100,000.
Infrastructure
Islands that have existing infrastructure like roads, buildings, electricity, plumbing and sewage disposal will be more valuable that an empty deserted island. Even having a usable dock can add significantly to price.
Environment
Islands with natural freshwater sources, fertile soil, protected anchorages or attractive beaches and landscapes will also command higher prices than barren islands. Ideal growing climates and vegetation are also positives.
Permits and zoning
The feasibility of actually developing and inhabiting an island depends greatly on construction permits, zoning laws and environmental regulations. Islands zoned for agriculture or recreation with building permits will be far more usable and valuable.
What is the average price range for an abandoned island?
Most small deserted islands under 5 acres sell for $500,000 or less, particularly islands with minimal infrastructure. Once size increases to 10-20 acres, average prices step up to the $1-2 million range. At 50-100 acres, prices jump to an average of $5-10 million. For premium islands over 100 acres, average prices start at $10 million and can go far higher.
| Island Size | Average Price Range |
|---|---|
| Under 5 acres | $250,000 – $500,000 |
| 5-10 acres | $500,000 – $2 million |
| 10-20 acres | $1 million – $5 million |
| 20-50 acres | $2 million – $10 million |
| 50-100 acres | $5 million – $20 million |
| 100+ acres | $10+ million |
However, there are always exceptions on both ends of the spectrum. Some very small islands sell for premium prices due to location, while larger islands occasionally come up for lower prices if they are remote or lack fresh water.
What are the annual costs for taxes, maintenance and utilities?
Owning an island involves more than just the purchase price. There are ongoing costs to factor in as well:
Property taxes
Property taxes vary widely, but often range from 1-3% of the island’s assessed value per year. This can equate to $5,000 – $50,000+ depending on the island’s worth. Some jurisdictions charge lower fixed rates for vacant land.
Insurance
Standard property insurance may cost anywhere from a few hundred to several thousand dollars annually. More complete coverage including flood, hurricane or fire insurance can increase costs further.
Maintenance
Regular maintenance like groundskeeping, road/dock repairs and building upkeep will likely run $5,000 to $20,000+ per year depending on what infrastructure exists.
Staffing
Having caretakers, landscapers or other staff on site adds more expense. This could mean salaries, housing, transportation and other costs.
Utilities
If the island has electricity, phone/internet, sewage and water systems, these can cost tens of thousands a year depending on complexity, diesel generation and remoteness. Even without infrastructure, portable generator fuel and waste disposal fees apply.
Transportation
Island owners need some way to access their property whether by boat, seaplane or ferry. These transportation costs can range from affordable to extreme depending on the island’s remoteness.
What are some actual examples of abandoned island prices?
Here are some real-world examples of deserted islands that have been sold to illustrate the diverse range of prices:
Little Ragged Island, Bahamas – $25,000
This remote 1.75 acre island sold for only $25,000. However, it required bringing in electricity, water and supplies by boat.
Little Island, Wisconsin – $86,500
Located just 250 feet from the mainland, this protected 3 acre island with a cabin sold for $86,500.
Bamboo Island, Belize – $500,000
Sitting just 1 mile offshore, this private 5 acre island had a small unfinished house when it sold for $500,000.
Little Cayman Island, Cayman Islands – $1.6 million
This pristine 11.6 acre island with sandy beaches sold for $1.6 million despite lacking infrastructure.
James Island, British Columbia – $2.9 million
Accessible only by boat or seaplane, this 18 acre island with cabin sold for $2.9 million before development permits were obtained.
Rothwell Island, Maine – $3.35 million
With a protected harbor and historic granite cottage, this 86 acre island sold for $3.35 million.
Little Ragged Island, Hawaii – $6 million
Sitting between two larger islands, this 56 acre island includes an airstrip and roads for $6 million.
Petit Canouan Island, Grenadines – $10 million
This lush 135 acre island resort sold for $10 million including a marina, hotel and villa.
Allan Island, Washington – $13.5 million
Occupying 292 acres in the San Juan Islands, this island with a road system sold for $13.5 million.
Leaf Cay, Exuma Cays, Bahamas – $19.5 million
At 225 acres, this ultra-private luxury island resort sold for $19.5 million in 2015.
Conclusion
Buying an abandoned island is the ultimate dream for many looking to own their own private escape. While bigger islands with prime locations and resort amenities sell for tens of millions, even small undeveloped islands can still be purchased for under $500,000 in certain areas of the world. With some research and creativity, owning a deserted island can be within reach. Just be sure to carefully consider both purchase price and ongoing costs when searching for an island property. With smart planning, you may soon find yourself on the island getaway of your dreams!