The latest Rich Person Trend: Buying your own private island in the Exuma Cays, a little-known cluster of 365 small and mostly uninhabited islands in the Bahamas. Tyler Perry, Tim McGraw, and Faith Hill are among the newer buyers, joining older purchasers including Johnny Depp and David Copperfield. But what is it like to have your very own tropical paradise? According to the Wall Street Journal, personal islands are more work than one might think.
First of all, you'll have to find a way to get there (hopefully you also own a yacht, sea plane, or helicopter). Then you have to build your house, an undertaking that can take years—partially because, as one architect notes, "the closest lumber yard is in Fort Lauderdale." You'll also need to import water purifiers, electricity, and cellphone towers. If none of this puts you off, the Exumas are much more affordable than, say, the Seychelles, where a basic island will run you about $30 million. And because of the real estate bust, "It's definitely a buyer's market right now," declares a real-estate broker. Interested? The Journal has pictures of two islands for under $1 million each. (More what recession? stories.)
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