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Tips to Buy Your Own Private Island

  By AGENCIES   Jul 4th 2012 at 6:00AM Lifestyle RATED

Prices typically start at $500,000 for a 2-acre island, says Chris Krolow, CEO of Private Islands Online, who has seen an increase of 10 per cent to 15 per cent a year since 2005 in the number of islands advertised, with inquiries growing by a steady 5 percent. The vast majority of islands for sale are priced between $1 million and $2 million. But he warns that the final bill could vary wildly.

"A lot of islands look great, but they are great for the birds, and you can't build anything on them," Krolow says. "One client just spent $300,000 on a barge, just so he could get equipment over to his island."

As much as you're king or queen of your own fiefdom, you also get to rule over mosquito abatement and waste removal - often without electricity, purified water or a nearby medical facility. And in a literal twist on the underwater mortgage, islanders who build too close to the shore could scramble to keep their dream homes intact when sea levels rise.

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