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you could buy Blue Island, which fetched $17MM as "Innocence Island" around when the article was published. Unfortunately, they'd like to set you back $155MM now.
It would be nice to get a $1 mil+ island; it would be in a warm area and close enough to home. But then it's 1 mil+. We all have to weigh what we must have and what we can sacrifice. If 1 mil will kill the idea, then the only option is something farther, colder, smaller, but for $200K to 300K only. That's where I am right now.
My order of sacrifice is:
Distance
Size
Weather
Seems to me, as long as you can own an island, no matter how far, how small, or how cold, you've clinched a new level, and are in a very select circle. I don't know why not more people jump on these properties, as I know there are a lot of rich people out there.
Trust me, those who are at the 'new level' and in a 'very select circle' don't own pieces of useless land with no true utility.
After the first visit of your tiny patch of nothing you will try to sell it for a few decades with no takers. Million dollar islands are millions because they have future utility. Islands that cost the price of a garage in California simply don't have anything except bragging rights for the person with nothing else to brag about.
I think it is a fun idea. If you won't miss the money, go for it.
My family likes camping and fishing, so an island set up with a tiny cabin and developed camp site would be fun. You need a boat to get back and forth and a permanent boat dock. Depending upon where that island is located, that boat might be expensive.
If the island is easy access with a small boat, you might have a problem with a lot of trespassers using your campsite
I think it is a fun idea. If you won't miss the money, go for it.
My family likes camping and fishing, so an island set up with a tiny cabin and developed camp site would be fun. You need a boat to get back and forth and a permanent boat dock. Depending upon where that island is located, that boat might be expensive.
If the island is easy access with a small boat, you might have a problem with a lot of trespassers using your campsite
I'm only guessing here, but I don't think you can buy a good 'camping' and 'boating' island in the US or Canada for the kind of money the OP is looking to spend. Plus the draw seems to be the cachet of telling people he has his own private island, not actually using it for anything.
Is it crazy? No. I'd call it ill-advised unless you were seriously wealthy (as in, hundreds of millions in assets). Even then, it would largely be a case of diminishing returns.
There's not much functional difference between owning a small town, large estate, or an island. I think you'd get more bang for your buck buying a nice, well built house in a great location on a large tract of land which would allow you as much (or as little) privacy as you want with enough space and amenities to meet most of your needs or wants.
The rest can be rented, leased, or traveled to according to your whims.
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