Buy Your Own Private Island (Home Included!) for Less Than $300K

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Johnny Depp has one, Leonardo DiCaprio is a proud owner, and so is Richard Branson. If you'd like to be marooned on your own private island, you can join this exclusive group. And for a lot less dough.

Located at the southern tip of Northeastern Minnesota's fabled boundary waters area is a private island for sale. The 1.2-acre island includes a two-bedroom, one-bathroom home and a separate guesthouse -- all for $298,000.

"You can literally stand there and catch walleyes right off that dock," says listing agent Lisa Janisch. The boat dock, along with a two-level deck on the 664-square-foot main house, are all part of the package.

Built in 1973, the house has a clean, sleek interior rather than the rustic log cabin look so often seen in this north woods vacation area. The home is "a nice, quick boat ride across calm water" to a shore of Lake Vermilion on which it sits.

Lake Vermilion covers an area of 61 miles and has 365 islands, many with homes on them. Given that the lake freezes during the cold Minnesota winter, this home, which is unheated, is most suitable for three-season living.

"It's a very affordable area of the country with a lot of seasonal residents," she says, and it's a 3.5-hour drive from Minneapolis. The island is also near the small mainland town of Tower, MN.

The home features a combination kitchen, dining, and living area. Vaulted ceilings provide a spaciousness that belies the home's square footage. Large sliding doors lead to the two-level deck, lending an indoor-outdoor feel to the home.

Outside, you'll find an island alive with wild blueberries, soaring white pines, and a dramatic rock outcropping at one end, Janisch says.

Water for the home comes from a lake water system, and the home is wired for electricity through cables running along the lake bottom. A septic system handles wastewater, as is common with any rural house.

The separate 250-square-foot guesthouse is ideal for visitors looking to fish, canoe, and otherwise enjoy the amenities the island offers.

If you'd like to join the rich and famous, but on a beer budget, this island home could be your new fantasy island.