Spanish Island Sold for €3.2 million

Ever fancied your own Spanish island? Well you have just missed out on an excellent opportunity to do just that.

The Balearic Islands and other Spanish island groups include smaller islands that can be ideal for overseas property investors with relatively deep pockets to purchase.

The latest to be sold is the Illa d’en Colom islet, off the coast of Menorca in Spain’s Balearic Islands.

Purchased for €3.2 million, the cost of a luxury villa in some upmarket Spanish resorts, the small Spanish island offers a surface area of 58 hectares that was originally bought by Antonio Roca Álvarez in 1904 for the equivalent of around €47.18.

It is located 200 metres away from the north-eastern coast of Menorca island, and features a beautiful landscape with two beaches – Tamarell and Arenal d’en Moro.

The Spanish island also comes with a country house, 100 square metre summer home, and a wooden cabin.

There is running water on the island, but no connection to the electricity grid, since everything is run by solar energy. The islet is part of the Albufera des Grau natural park, which greatly restricts development or reforms of any kind.

This latest Spanish island to be sold was purchased by an American-Cuban businessman who had to negotiate with all of the 16 heirs that the island had been left to. However, the island could be seen as a bit of a bargain as it was reduced several times from its original asking price of €6 million set in 2010.

The businessman joins a growing list of private island owners in the Balearics. In March, a Luxembourg family spent €18 million on S’Espalmador islet, a protected natural space located between Formentera and Ibiza, within the Ses Salines Nature Park. Whilst here is also the private island of Tagomago, now owned by a businessman located across from Ibiza.

For those overseas property investors looking for the private island life, there are still many small Spanish islands to be had. You just have to start looking.