Singaporean buys Tasmania's Waterhouse Island: 5 other islands sold in the last decade
Private islands are certainly not scarce and there are hundreds around the world available for sale and rent.
They offer an exotic getaway and a form of escapism and may even be transformed into luxurious resorts to be shared with others.
A Singaporean businessmen has recently purchased Waterhouse Island, a private island located off the north-east coast of Tasmania for A$5.5 million (S$5.48 million).
Tasmania's Waterhouse Island is just one of the several islands around the world that have been acquired by wealthy men and women.
Slipper Island, New Zealand (2015)
The buyer, Ms Wendy Weimei Wu, reportedly bought this 217 ha island as a gift for her daughter, Ms Vivienne Zhuo.
According to Daily Mail Online, the Needham family, who owned Slipper Island for 45 years, were divided by this sale.
Skorpios Island, Greece (2013)
This island, sold at a reported price of £100 million, also served as the wedding venue of Greek shipping magnate Aristotle Onassis and Jacqueline Kennedy, the widow of late American president John F. Kennedy, in 1968.
Besides the island of Skorpios, a representative of Mr Rybolovlev's family investment office has revealed that Ms Rybolovleva also purchased the nearby island of Sparti, Daily Mail Online reported.
Lanai Island, Hawaii (2012)
The island came with a price tag of US$500 million, according to Business Insider. The remaining 2 per cent of Lanai is owned by the state of Hawaii.
Once deemed as a worldwide top supplier of pineapples which produced 75 per cent of the world's pineapples, this Hawaiian Island was given the nickname "Pineapple Island".
The 35,612ha island is home to two Four Seasons resorts - Four Seasons Resort Lanai at Manele Bay and Four Seasons Resort Lanai the Lodge at Koele - which both came as part of the overall sale.
Moskito Island, British Virgin Islands (2007)
This 50ha island is just 3.2km away from Necker Island, an island also owned by the English business magnate.
The exotic Moskito Island now features a beautiful eco-resort developed by the tycoon, with 11 bedrooms that can house 22 guests, according to Forbes.
Laucala Island, Fiji (2003)
The 1,416ha island was previously owned by Mr Malcolm Forbes, owner and publisher of Forbes magazine. Mr Forbes was buried at that very island when he died in 1990.
Laucala Island features a resort with a golf course, a farm with chickens, pigs, cattle and quails, a herb garden, a nursery and several hydroponic greenhouses, according to The Telegraph. These facilities are all in line with Mr Mateschitz's goal of making the entire island self-sufficient.