Why owning a private island isn’t as glamorous as it looks: celebrities Johnny Depp, Leonardo DiCaprio and George Clooney all bought remote escapes, but it isn’t all sunshine and cocktails
- Private islands offer luxury and glamour, but most of all privacy – it’s no wonder Hollywood stars from Marlon Brando and Nicolas Cage have splashed out on their own idyllic getaways
- Former Oracle CEO Larry Ellison, Virgin boss Richard Branson and Caroline of Monaco’s daughter-in-law Beatrice Borromeo also bought island escapes – but there are some serious financial downsides
They’re associated with ultra-luxury as well as carrying a whiff of aristocracy, and even though islands can be bought in various parts of the world for less than US$100,000, it is the sun-drenched archipelagos of the Caribbean, Central America and the South Pacific that truly capture the imagination, where islands can run in the millions of dollars.
Buying a private island isn’t technically much different than buying any other real estate asset. The same considerations apply: is it being purchased for personal use, rental or development? If it’s for personal use, what are the users’ interests – diving, watersports, farming? Will there be visitors? If it’s for development, who will be visiting?
For everyone, accessibility is an issue. How easy is it to get to, and how developed is the infrastructure? Adding roads, water, power and communications can add a great deal to the purchase price. And there’s a fine line between privacy and isolation when supplies are needed or emergencies arise. A private island that’s difficult to get to is a drain on time, energy and money.