Your Chance to Own a Private Island

"They don't easily issue you permits for one gun," Halcomb said. "If you know the right people you can get them."

A Hot Market

Selling private islands is "a very, very niche industry" said Krolow of Private Islands Inc.

Although that's changing, he said in the past four or five years the market has exploded as the Internet has raised awareness of islands in more remote locations.

"Leaf Cay is quite a deal -- at the starting price," Krolow said, primarily because it is completely developed. It's also a good location with relative closeness to Florida and even New York, plus the on-island landing strip makes it "extremely accessible."

Other islands -- that were undeveloped -- have sold for more than this island's $12 million starting bid, he noted.

Want to enter a bid?

The sale is an all cash transaction, so forget about financing any part of the deal. You will also have to pay a 10 percent buyer's premium which includes a 3 percent cut for your real estate broker and a commission for Fisher Auction.

Other costs? The annual property taxes for individuals are capped at $35,000. Corporations would have to pay significantly more. Upon closing, the buyer would have to pay a one-time conveyance tax of 10 percent of the sale price.

The property is being sold "as is" in the current condition. All furniture, fixtures and equipment are included.

The furniture and decorations could use some updating, but how much time are you really going to spend inside anyway?

The island has actually been for sale for more than two years, but was not aggressively marketed until now. The original asking price was $17.5 million, but it's been lowered to a $12 million starting bid for this month's sale.

"I hope I can get more than that," he said. "If I can get my investment back -- $25 million -- I'll be happy."

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