Your Chance to Own a Private Island

LEAF CAY, Bahamas, June 14, 2007— -- Have you ever wanted to own a little piece of paradise?

Well here's your chance.

A 15-acre private island on the edge of the Bahamas goes on the auction block in two weeks. Bids start at $12 million.

The island has white sand beaches, two homes -- one for you and one for your staff -- a dock, tons of food and living supplies and your own private runway.

"It's not for everybody, but it's a real good place to get away, completely relax," said businessman Jack N. Halcomb who has owned the island for roughly 20 years.

So who plans to buy the island? Maybe a developer looking to build a boutique resort or just a rich individual.

"We have exposed this particular property … around the world, primarily targeting celebs and sports figures and super-wealthy business personalities," said Louis "Benny" Fisher, chairman of Fisher Auction Co. "It's obviously for the individual who has everything and then some."

Inquires have come from as far away as Ireland, Spain and China. Even royalty from Dubai has expressed interest, although they belong to a small group of shoppers.

"We haven't been deluged because let's face it not everyone is of the economic status that they can afford a place like this," said Fisher.

The island has been marketed to celebrities including lovebirds Brad Pitt and Angelina Jolie, and Hollywood legends Sean Connery and Steven Spielberg.

(Click here to learn more about celebrity-owned islands.)

But Fisher notes that just because he has reached out to these stars, it doesn't mean they are interested or that he'll know if they make a bid.

"Most of these people deal through their agents or their accountants," he said. "Many times, I don't know the name of the buyer until closing."

Halcomb bought the island in 1986 for $650,000 and said he has made $25 million worth of improvements to the property since he first moved in and ran his business sometimes from the Bahamas.

He sold electronic surveillance equipment to the military and law enforcement agencies, and initially ran the company in Florida before moving the business to his island. In 1992 he sold the company, Audio Intelligence Devices, to Westinghouse. Halcomb now lives on a Kentucky ranch and has a Florida business financing aircraft, and said it is now time to sell his piece of paradise.

"I'm 79 and I had trouble with skin cancer," Halcomb said. "The doctors ordered me to get out of the sun. … They said: get rid of the island or make funeral arrangements."

Leaf Cay is part of the Exumas, an archipelago that stretches out for more than 100 miles. It sits about 85 miles south of Nassau, 260 miles from Miami and about 140 miles from the coast of Cuba.