Ever wanted to buy your own private island?
One anonymous American billionaire has done just that and plunked down $2 billion dollars for a stunning 25 thousand-acre paradise in the northern Philippines. But despite its hefty price tag, the buyer has only been given a 25-year lease on the island.
For those who are doing the math, that $78 million a year.
Called Fuga, the island boasts crystal clear waters, white sandy beaches, and sprawling green hills.
“With its vibrant and buoyant real estate market, buying property is becoming more fun in the Philippines,” Jacqueline van den Ende, of property website Lamudi Philippines, said.
It’s unclear if Fuga will be developed as an exclusive resort for the public, a private tropical hide-away or something else.
Buying a private island has become the latest must-have among the rich and famous. Several celebrities, including Johnny Depp, Mel Gibson, Leonardo DiCaprio or Richard Branson have taken the plunge as well as many business executives. And you’d be surprised to know that some private islands are not as expensive as you think.
Websites such as Private Islands Online are offering a wide range of islands – developed or undeveloped, inhabited or uninhabited – for prices as low as about $30,000.
But Fuga isn’t just about beautiful beaches. It has a poor indigenous population that lacks basic necessities like running water, good health care and education.
We think a luxury compound in Turks and Caicos sounds better.