When the global recession was at its worst, the market for private islands — from the Bahamas to Fiji to off the coast of the U.S. — was at its strongest, reports The Hollywood Reporter in the article Who In Hollywood Owns a Private Island. To answer the headline, Johnny Depp, David Copperfield, Leonardo DiCaprio, Shakira, and country music star couple Faith Hill and Tim McGraw all do, along with a host of other A-list celebrities and uber-rich individuals.
And these aren’t just small deserted islands being bought. Billionaire Larry Ellison purchased a 141-square-mile Hawaiian island in the range of $500 million, believed to be the priciest sale of an island ever. It’s the sixth largest island in the state.
According to The Agency’s Mauricio Umansky, who was quoted in the article, the private island demand is destined to only grow, especially as the economy does.
“The trend is going in a certain direction; the next time the world gets financially healthy, there is a boom coming,” says Umansky. And because of a limited supply, Umansky notes, a foundering economy won’t slow the growing demand. “There is always going to be a market,” he says.
Read more about the pleasures, and few pitfalls, of owning your own piece of paradise at TheHollywoodReporter.com.
Photo Above: Blue Hole Bay in the Bahamas, consisting of a whopping 46 acres, wrapping around Deans Blue Hole – the deepest undersea cave in the world – along with 134 back acres, totaling 180 Acres. View this listing of The Agency here.