If you thought that private islands were the exclusive domain of the rich and famous, well, you'd be sort of right. 

Few can afford to buy their own island, and some rental prices are just ridiculous: Richard Branson's Necker Island, in the British Virgin Islands, goes for $50,000 a night.

But there are actually relatively affordable renting options when it comes to this stuff, the Wall Street Journal points out today. 

We've rounded up some additional private islands from around the world that we think you might benefit from knowing about. The cheapest is $632 a week, while the most expensive costs right below $5,000.

With prices from $1,540 per week, Coco Plum Caye sits eight miles off the coast of Belize, and some of the best diving in the world happens here.

Source: Private Islands Online

For $1,750 a week, you probably get the most intimate experience you could ask for from a private island, or floating house. Utter Inn, which is actually a sort of art installation, is located in Sweden and has underwater accommodation.

Source: Private Islands Online

Dunbar Rock is home to one of Honduras's most elegant villas. It costs $1,197 a week, and the island was once used by the infamous pirate Blackbeard.

Source: Private Islands Online

Please follow The Life on Twitter and Facebook.

An Austrian company has come up with the ultimate getaway for wealthy people who like their privacy--a man-made private island that can be anchored anywhere in the world.

The floating masses, called ORSOS Islands, are priced at $6.5 million each and will take around 18 months to construct, according to the company.

None of the floating masses have actually been produced yet, but the company told AFP it's already had some pre-orders for the islands and that there's been interest from China, Australia, and the U.S. The company said it expects the first islands to be completed in less than two years.

Each island will sleep 12 and have around 1,000 square meters of living space.

The best part of these theoretical second homes? They can be transported anywhere--by tug boat for short distances and by cargo ships for bigger moves.

Considering some billionaires are dropping hundreds of millions of dollars on their own islands, $6.5 million for an island of your own almost sounds like a bargain.

Each island is 20 meters wide and 37 meters long.

The layout and design is comparable to that of a luxury yacht, according to the company.

The islands don't have motors. If you want to move, you'll have to hook it up to a tug boat.

Please follow The Life on Twitter and Facebook.

If you’ve ever dreamed of owning your own private island, now might be your chance.

Weak demand and rising inventory for private islands around the world has created a buyer’s market, with prices down between 20 percent and 80 percent.

There are now more than 600 private islands for sale around the world, according to Chris Krolow of Private Islands Inc., which helps market and sell islands. Inventory is up by more than a third since before the recession.

You don’t even have to be a millionaire anymore to have your own piece of paradise. There are dozens islands around the world priced at $200,000 or less, and a few for under $50,000 (though don’t expect a villa and sandy beaches in the Bahamas for that).

Brokers say that demand remains healthy for high-quality islands—those that have houses, that are close to major population centers, with good beaches. But prices are sinking for the large and growing supply of undeveloped, remote islands that have become the castaways of the high-end real-estate market.

“The recession has divided this market in two,” said Farhad Vlaid, of Vladi Private Islands, one of the world’s largest private-island brokers, with offices in Germany and Toronto. “The quality islands are strengthening. But what I call ‘adventure islands,’ that are not inhabited, don’t have a hospital nearby and there’s maybe a problem with local politics and climate, that market is weakening. The sellers just don’t love their islands as much.”

Puangiangi Island, a 155-acre rock outcropping off the coast of New Zealand’s South Island, was priced at close to $4 million was recently sold for less than $800,000. Buenavista Island in Panama, with more than 200 meters of beaches, was priced at $3 million and is now going for $750,000.

Even bigger bargains include Leaf Cay in the Bahamas. The pristine island has three beaches, deep water docks (perfect for mega-yacht parking) and easy access to a nearby golf course. Leaf Cay was on the market for $24 million, but is now priced at $7 million.

Bucks Island, near Tortola in the British Virgin Islands, comes with a stone mansion perched on a cliff with 360-degree views. It also has infinity pools, clubhouses, marinas for fishing boats and plenty of white sandy beach. It was priced at $50 million but can now be purchased for $35.5 million, Vladi says.

Private Islands Inc. has more than 130 listings for $500,000 or less—and a few for less than $100,000.  There is an island off the coast of Panama listed at $30,000. It's 3/4 of an acre and doesn't have a house, but it does have plenty of parrots and toucans.

There are many reasons the island market is sinking. The global economy is weak, even for the super rich. Many of the newly wealthy snapped up islands as the ultimate status symbol before the recession hit, when high-profile island-owners like Richard Branson, Johnny Depp and Celine Dion made owning an island glamorous.

But the reality of owning a private island has turned out to be less charming than many buyers expected. Building a house or buildings on a private island requires costly permits that can take months, even years. Local governments in the far corners of the world are often rife with red tape and corruption.

The logistics of getting to an island, by plane, then boat or a connection to a smaller plane, turns out to be a hassle for the time-pressed wealthy.  And some families rarely visited their island because of the demands of their businesses or families.

Craig McCaw, the telecom tycoon, bought the 780-acre James Island off the coast of Vancouver in 2006 for $26 million. It’s got an 18-hole Jack Nicklaus Signature golf course, a 5,000-square foot house, six guest cottages, an airstrip and fake “western village.”

McCaw told the Wall Street Journal that while he “adores" the island he doesn’t visit often enough. He said his school-age kids have so many activities at their home in California and “no one wants to be left behind." He is now selling James Island for $75 million.

Mark Lester, the marketer for James Island and the senior vice-president of the Specialized Assets Group of Sotheby’s International Canada, said he has seen strong interest in the island—especially from prospective Asian buyers. He said some of the interest from local buyers is from consortiums—a group of 10 people, for instance, who want to split the cost and upkeep.

The island can be divided into 80 lots, but Lester says the ideal size would be 10 lots, “so you preserve the privacy and use that the land affords now.”

He said he is careful to screen prospective buyers for their ability to do a deal, since showing an island can be time consuming and expensive. “I want to make sure I’m not just taking someone out for a picnic and day on the island,” he said. “We’re very rigorous about pre-qualifying people.”

Greece epitomizes the current state of the private-island market. The country's economic troubles have led to many great bargains on some of the most beautiful islands in the world, but Chris Krolow of Private Islands Inc., who has several new listings in Greece, has not closed any deals since there is so much red tape and uncertainty in Greece.

For the right person, though, one of Krolow's latest offerings could be a steal. He's showing a chain of five islands selling as a group for 4.9 million euros.

“You could buy all five islands,” says Krolow. “So when you’re at a party with other rich guys and they ask, ‘How big is your island?' You could say, ‘Well, I have my own archipelago.’ That’s when you’re really rich, when you have your own archipelago."

Now check out the private island retreats of the rich and famous >

Please follow The Life on Twitter and Facebook.

Join the conversation about this story »

Dr No wannabes are finding that medium-priced islets were no great investment after all.

Cave Cay in the Bahamas, complete with beach huts, airstrips and breathtaking views, is going for $110m.

Eilean an Seamraig, an uninhabitable Scottish isle featuring drizzle and rocks, costs a mere £45,000 ($71,000). The market for private islands has never been so unsteady, says Farhad Vladi, a Hamburg-based island broker with more than 120 isles from 22 countries on his books.

At the top end, the market is still firm. Luxury islands, which make up about a tenth of the market, have good access to food and water, few irksome bugs and a hospitable climate. Owners past and present include stars such as Johnny Depp, Celine Dion and Diana Ross. Demand for these islands is holding up, even in harsh economic times.

Elsewhere the story is different. Owners of so-called "adventure islands"--cheap, with fewer amenities--are ditching their retreats. Before the bust, prices soared as these places were seen as good investments. Mr Vladi says a Panamanian resort he sold for $100,000 in 2003 was given a price tag of $3m five years later. Now prices are declining. A densely wooded isle in Florida reckoned to be worth $1.6m before the crash sold for $260,000 in June.

Many islanders have wearied of the upkeep. Owning an island requires a lot of commitment, says Frits Hannenberg, who manages small island resorts for absent owners. Installing and running a water supply is tricky and costly. A desalination system costs up to $50,000 (you can buy an islet for that). Then the plants need looking after too. Locals can help, says Mr Hannenberg; in the Fiji archipelago, they are zealous at keeping the flora in order. But isle-buyers like solitude: Mel Gibson, an actor, gave up his after a row with tribesmen.

Other uncertainties include building rules and environmental hassles: islands (except when owned by villains in adventure films) are still subject to somebody else's laws and taxes. Nicolas Cage, a film star, found he could not add developments to his refuge in the Bahamas, because an endangered iguana lived there; he has since sold up. A seller feared he would be unable to dispose of two Pennsylvanian islands, after one got flooded by a river. He gave them to charity. Climate change could mean sea-levels rising. That would put many island investments underwater.

Please follow The Life on Twitter and Facebook.

Join the conversation about this story »

This post originally appeared at Oyster.com.

Owning a private island is overrated and it’s actually a lot of work — or so we’ve heard from our many island-owning friends. You have to deal with the astronomical taxes, the development, the upkeep — it’s a full-time job (that island owners simply pay other people to do, of course).

But visiting a private island? It’s as great as everyone says — and we know from experience. We’ve stayed on some gorgeous private islands in our travels, in equally gorgeous hotels and resorts. Here are six of our favorites.

Gran Bahia Principe Cayo Levantado, Dominican Republic

The details: The D.R.’s only luxury resort set on its own island, the Gran Bahia Cayo Levantado offers a relaxing atmosphere for couples and families. There are scenic beaches and beautiful pools, and we love the details in the rooms: Four-poster beds, private Jacuzzi tubs, and island-inspired artwork give them a romantic vibe.

How to get there: From the Samana airport, it’s a 45-minute cab ride to the Bahia ferry station. From there, it’s a 10- to 15-minute ferry ride to Cayo Levantado. In lieu of the ferry, you can also hire a private panga boat to take you from Samana. We never said getting to a private island is easy, but it’s certainly worth the flight (…and drive and boat ride)!

Paradise Point Resort and Spa, San Diego

The details: This 462-room property near Sea World has sprawling grounds, activities – such as tennis, a putting green, water sports, and basketball — galore, five pools, a spa, and bonfire pits for roasting s’mores after dark. But perhaps the highlight of Paradise Point Resort and Spa is that it sits on a tranquil, mile-long beach.

How to get there: In Mission Bay, Paradise Point is connected to the mainland by Ingraham Street so reaching the resort is easy enough, and takes just about a 15-minute car ride from downtown San Diego.

Fowl Cay Resort, Bahamas

The details: Crowded beaches are unheard of at this resort where a maximum of 28 guests at a time have free range of 50 acres and three beaches. Personal boats for daily excursions, on-call service, spacious villas with fully stocked kitchens and wet bars, and a host of all-inclusive activities make Fowl Cay Resort a standout gem in the Exumas.

How to get there: The Exumas Islands (where the resort is located) are accessible by small charter plane via Fort Lauderdale or Nassau. Boat transfers to and from the airstrip are included in resort rates and take less than 10 minutes.

Please follow The Life on Twitter and Facebook.

When renowned architect Frank Lloyd Wright began designing what is now known as the Massaro house on Petra Island, he told the owner of Fallingwater, another one of his iconic homes, "When I finish the house on the island, it will surpass your Fallingwater."

But in his lifetime, Wright would never see the house built. Instead, the original plans and designs were taken up by Joe Massaro and architect Thomas Heinz, a fact that caused some grumblings among Wright fans and purists in the architecture world.

Joe Massaro addressed the controversy with The Guardian back in 2006, saying "To me, that's ridiculous. It's like, if you found a symphony by Beethoven, you wouldn't play it?"

The heart-shaped island is a 15-minute helicopter ride north of New York City. It was completed in 2008 with a 5,000-square-foot main residence and a 1,200-square-foot guest cottage. The entire 11-acre property is now available for sale for a cool $19.9 million, according to a report by AHAlife.

This is the heart-shaped private island designed by Frank Lloyd Wright located in Lake Mahopac in New York state.

Source: Google Maps

Petra Island is 11-acres and includes a guest cottage and main house, which you can see on the left.

Source: AHAlife

The house is surrounded by 200-year-old beech trees, and was built based on incomplete Frank Lloyd Wright plans.

Source: AHAlife

Please follow The Life on Twitter and Facebook.

Ten miles from Key West and 100 miles from Havana, Cuba sits the newly listed island Ballast Key.

The remote, 24-acre island even includes a beach-side mansion with eight bedrooms.

The 4,000-square-foothome has amazing views of the ocean as well as enough space to land a helicopter or boat when you're traveling to or from one of the other Florida Keys.

It's currently listed for $15.8 million through Realtor.com.

Ballast Key is a part of the Florida Keys.

Source: Realtor.com

It's just 10 miles west of Key West and 100 miles from Havana, Cuba.

Source: Realtor.com

The two-story home is on the southern end of the island, and gets plenty of sun throughout the day.

Source: Realtor.com

Please follow The Life on Twitter and Facebook.

Skorpios, a private island off the coast of Greece that for decades belonged to Greek shipping billionaire Aristotle Onassis, has been sold to an anonymous Russian billionaire for $153 million, Erin Burnett at CNN reports.

The island, which Onassis bought in 1962 for $15,000, was made famous as the location of Onassis' wedding to former First Lady Jackie Kennedy in 1968.

The island was sold by Athina Onassis Roussel, Onassis's granddaughter and only surviving heir, according to The Daily Mail.

She had reportedly struck a deal to sell the island to the Emir of Qatar, but the sale fell through when she refused to come down from the initial $260 million price, The Telegraph reported last month. The Emir bought a group of six nearby islands for a reported $11 million instead.

There's no word on which Russian billionaire picked up the island. It's located in the Ionian Sea and is heavily forested, with sandy beaches.

An aerial shot and a photo of the dock at Skorpios are below:

SEE ALSO: The Private Island Escapes Of The Rich And Famous

Please follow The Life on Twitter and Facebook.

Join the conversation about this story »

It seems like everyone is talking about private islands these days.

It's rumored that Jay-Z is looking for a private island getaway for wife Beyonce and baby Blue Ivy, and Skorpios — the most famous private island in Greece — just sold to an anonymous Russian billionaire for $153 million.

But you don't need to buy a private island to enjoy the feeling of being completely secluded.

Luxury Retreats, a luxury villa vacation company with more than 2,000 properties, has half a dozen private islands for rent. They aren't cheap, but they are ideal for a true getaway.

MUSHA CAY is David Copperfield's private island resort in the Bahamas. It has rentals that start at $37,500 per night and go up to $52,000 during peak season.

Source: Luxury Retreats

The island can accommodate 24 guests. They can either stay in the 10,000-square-foot home at the top of the hill, or in a thatched-roof beach house on the outskirts of the island.

Source: Luxury Retreats

From handcrafted mahogany terrace to massage tables and a steam room, this island truly has it all.

Source: Luxury Retreats

Please follow The Life on Twitter and Facebook.

Much as I love the image that accompanies the famed Musha Cay, the price tag of nearly $38,000 per night is a bit too steep for my budget.

But Musha Cay, currently owned by David Copperfield, got me dreaming about ribbons of sand and an island of my own, even just for a night or two.

I figured there had to be a few islands on earth where one could own the place without rubbing shoulders with the Joneses without a too hefty price tag, and thankfully there are.

While these islands aren’t necessarily cheap, they’re all under $500 a night. Could the word “value” sound any sweeter?

French Louie Caye, Belize

Situated in a plum spot behind the Belize Barrier Reef, French Louie Caye is about a two-hour plane ride from most East Coast American cities. The two acre island gives you a coral sand beach, mangrove ecology and a place to call home. A 4 day/3 night package is $1,300 for two people and includes a cabana or tent, all meals catered to taste (alcohol not included), transportation from Placencia Village, snorkel gear, and kayaks. And yes, you can stay additional nights at a per diem.

Exotic weekend getaway, anyone?

Eagle Lodge, Private Islands of Georgia

Eagle Lodge, a 10 minute boat ride on the Darien River, is affordable luxury at its best. There are various packages starting at $475 per night during weekdays for a relaxing stay at this lodge on Eagle Island, which is a rustic Darien River-facing home that comfortably sleeps 12.  The Private Islands offer extra amenities for packages like the Honeymoon & Anniversary (wine or champagne), and Girls/Guys vacation packages among many others. Rates are slightly higher on the weekends. There’s no shortage of outdoor activities here, which include boating, crabbing, kayaking, fishing, birding and coastal cruises. Be sure to bring your own food and beverages because there’s no store nearby.

Michagamme River, Michigan

If you love fishing and bird watching, Michagamme might be just the ticket. For $650-$995 per week you can enjoy your own rustic cabin on your own private island. Although the cabin itself was built in the 1800’s there are phone lines, electricity and running water. An idyllic Jon boat, pontoon with electric motor, canoe, aluminum boat and a paddle boat for two are all provided for you during your stay.

Nanuku Levu Island, Fiji

How about spending the day, weekend or week alone on your own private Fiji Island? The shores and reefs of Fiji’s Nanuku Levu Island is home to some unique wildlife including  the Hawkesbill and Leatherback Turtles which return yearly to lay their eggs; and giant clams, Tuna and  Trevally. At $500 per day you can rent one of the two basic bures (classic Fiji style homes) on this 10 acre island.  Each rental home is situated just steps from the sea, each with varying accommodations.  A snorkel, kayak and hand-line fishing gear along with a local guide and housekeeper are provided during your stay. Also available are diving opportunities, fishing rods and spear guns, a private cook, special food and beverage items and even catering services for special occasions.

Little Deadman’s Cay, Bahamas

This private 9.5 acre island is lush and graced with just one three bedroom beachfront home that can accommodate up to six adults and two children. All staff is located just two miles away on Long Island. The island has a main beach and two small coves, and it is within walking distance of an undeveloped peninsula 12 miles long with a continuous, pebble-free beach.  Apart from swimming and snorkeling, guests can dive into two Olympic size swimming pools created by natural channels. Amenities include a large library of books and games, arts and crafts supplies for the creative, snorkeling and fishing. At only $1,975 per week Little Deadman’s Cay is a bit of a paradise for a song.

- Reported by Jay Dee

SEE ALSO: Suddenly Everyone Is Buying Private Islands

Join the conversation about this story »

Rumor has it that Angelina Jolie may have just bought Brad Pitt Petra Island, a heart-shaped island off the coast of New York that has been languishing on the real estate market for the past five years.

The unconfirmed sale, which The Daily Mail believes could be in honor of Pitt's upcoming 50th birthday in December, includes a home that was designed by renowned architect Frank Lloyd Wright.

Pitt is known to be a big architecture buff (and a fan of Frank Lloyd Wright), so the $12.2 million purchase wouldn't be too surprising for the movie star. The sale would even be somewhat of a deal, considering that a little over a year ago the home and island were listed for $19.9 million.

The heart-shaped property is just a 15-minute helicopter ride north of New York City. It was completed in 2008 with a 5,000-square-foot main residence and a 1,200-square-foot guest cottage. Even if hasn't been purchased by Jolie, it's still worth taking a look around.

This is the heart-shaped private island designed by Frank Lloyd Wright located in Lake Mahopac in New York state.

Source: Google Maps

Petra Island is 11 acres and includes a guest cottage and main house, which you can see on the left.

Source: AHAlife

The house is surrounded by 200-year-old beech trees, and was built based on incomplete Frank Lloyd Wright plans.

Source: AHAlife

A gorgeous private island owned by Seattle-based telecommunications billionaire Craig McCaw is on the market for a jaw-dropping $75 million. 

With such luxurious amenities as a private harbor, spa, and Jack Nicklaus-designed golf course, it's an amazing private retreat fit for a billionaire.

Though the island has a history of manufacturing dating back to the early 1900s, McCaw's J.I. Properties first purchased the island for $19 million in 1994.

James Island is located just off the southeast corner of Vancouver Island, in British Columbia, Canada.

The island is a total of 780 acres, with wooded land, private docks, and even an 18-hole golf course.

The course was designed by legendary golfer Jack Nicklaus.

For the more adventurous of the 1%, finding your beach can sometimes mean buying your own. 

There's an entire culture surrounding the purchase and management of private islands. Calling themselves "isolamaniacs," these people tend to be independent, intrepid travelers who aren't afraid of a challenge.

Tech billionaires like Larry Ellison and Richard Branson have plopped down millions for their own slice of paradise in Hawaii and the British Virgin Islands, respectively. 

But you don't necessarily have to be a billionaire to buy an island. Nearly a thousand islands come onto the market each year, and they vary greatly in terms of size and price — ranging from isles that cost $200,000 and measure less than an acre in Ontario to 117-acre islands that will set you back $8.5 million in the Bahamas. 

RELATED: 16 islands you can buy right now>>

Still, scooping up an island isn't something just anyone can do.

You need some extra cash, the ability to travel to exotic locations, and plenty of time to invest in a project. A healthy sense of adventure is a must. 

Got all those things? Here's how you could go about adding an island to your collection.

Picking a region

Any broker worth his salt will tell you that location should be your number one consideration.

Consider what matters most to you: Do long flights bother you? Do you want an island you can visit year round, or are you looking for a summer retreat?  Would you rather be close to the mainland or somewhere more remote? What kind of outdoor activities do you enjoy? Is the local language important to you? Do you want a sunrise or a sunset? 

"In British Columbia, for example, normal people might want an island just off the coast because it’s so crowded on the mainland," Chris Krolow, CEO of online marketplace Private Islands Inc. and host of HGTV's "Island Hunters" show, said to Business Insider. "Most of our clients do have more money than others, but not all of them are super wealthy. You have to make sure the island can do what you want it to do."

Islands can be sold in two different ways. A freehold island, which is much more common in the Caribbean, North America, and Europe, can be bought outright. In Asia and the South Pacific, however, it's more common to buy an island on a leasehold basis, which means that you're purchasing the rights to own it for a set amount of time, usually between 30 and 99 years. 

Leasehold islands are generally more moderately priced than those sold on a freehold basis, so they could be a great option if you've got your heart set on Asia.

"Fiji is an amazing place to buy," Krolow said. "It's really up and coming." 

These days, low-lying islands in the Bahamas and Belize are especially popular among the 1%.

Getting there

Buying some of the most beautiful islands on the market could require traveling long distances. You'll most likely need your own boat or helicopter to get there from the mainland. 

Guests to Branson's island, for example, can charter his 105-foot catamaran, "Necker Belle." Larry Ellison's "Musashi" yacht has been spotted in Hawaii multiple times, presumably making trips back and forth to Lanai, the island he paid $300 million to own 98% of in 2012. 

Krolow says he gets hundreds of inquiries each week, and one of the ways he narrows down the field is to ask seemingly interested buyers what kind of boat they have. 

"If they're asking questions about things like water depth, we know they're being serious," he said. "How are you going to get there without a boat?"

You also have to know if the island you're interested in could accommodate your vessel of choice, or if you'll need to do some dredging work before you can build a dock. 

Accessing the listings

Krolow's site has more than 500 islands listed, but he says there are maybe a hundred that you won't be able to find online.

"There are some owners who don’t want to publicly market their islands," he said. "Agents have access to islands that maybe no one else does."

John Estephan is a Belize-based realtor who now specializes in selling private islands. He's perhaps best known for selling Blackadore Caye to Leonardio DiCaprio for $1.75 million in 2005.

Estephan likes to take prospective clients out on his boat for the day. He charges about $200 for fuel.  

"We spend the whole day out at sea, so people can get a feel of what they can do with an island," Estephan said to Business Insider. "It truly is a lot of fun, but most people who invest in real estate in Belize have thoroughly done their research and know what they’re looking for."

Financing the purchase

Once you've decided on your island paradise, you should be prepared to pay in cash.

"You might be able to get a bank loan — usually about 60% if you can get one — in areas where the mainland has a lot of development, but banks don't typically finance private islands," Krolow said. "Banks don’t like to lend money because they have no idea how to appraise an island. If you have a business on the island, like a resort, you could go off its value, but an undeveloped island is a completeley different game."

If you're not planning to move to the island full-time, adding a rental property could alleviate some of the financial burden. 

"Even Branson rents out Necker Island," Krolow said.

Developing it 

Most islands will require some sort of construction work.

There are general infrastructure concerns — solar panels, backup generators, propane refrigerators, mobile communications — and then are more complicated projects. 

You might need to clear part of the island to make a beach, for example. Or you might need to dredge the harbor so that it can accommodate your boat.

"If you're going to develop the island, you'll need more money," Estephan said. "If you don't have the capital, you're better off buying a condo."

Generally you should allow for at least an additional $200,000 to develop an island in the Bahamas or Belize. 

But Krolow says that the typical island buyer is independent and looking for this kind of adventure. In fact, he says, islands that are already fully developed tend to be the most difficult to sell.

Microsoft cofounder Paul Allen, for example, spent nine years trying to sell his 292-acre island in the San Juans of Washington. Dubbed Allan Island, it was initially listed for $25 million in 2005 but eventually sold for only $8 million in 2013.

A caretaker's log cabin already stood on the island, and Allen initially wanted to build a vacation home there. He decided he preferred a 387-acre peninsula on nearby Lopez Island. 

"Most clients want a project, not just a real estate investment," Krolow said. "The island market tends to attract people with that kind of entrepreneurial personality."

Some people who buy islands are hoping to develop them into a resort or other tourist venture. This is especially common in the Bahamas, where islands tend to be low-lying and large. 

Before you build, make sure you're clear on the legal guidelines in your area and whether any part of your island is protected because of ecological concerns.

Krolow, for example, owns a small heart-shaped island in Fiji that has a protected turtle sanctuary on one side. He's decided to turn it into an ultra-private resort that can only be occupied by one couple at a time.

"We'll do everything by helicopter, and we'll only build a villa on the opposite side of the island," he said.

Your relationship with the local population should also be a top concern. If you're not going to be spending all of your time on the island, you might need to hire a caretaker.

Krolow cites one example of an island owner in Nicaragua, where it's common to find old colonial homes guarded by a caretaker. 

"This person didn't think they needed to have one, but when they left and came back they found that people had taken everything, from the walls of the house to the picnic table out front," he said. "You have to consider, realistically, how much time you can spend there. Are the locals comfortable with you?"

READ THIS NEXT: 16 islands you can buy right now

Join the conversation about this story »

NOW WATCH: How Richard Branson gets fresh water on his private island

For many people, buying a private island hideaway is the ultimate dream.

Microsoft cofounder Paul Allen, Oracle cofounder Larry Ellison, and Virgin Group chairman Richard Branson have them.

But you don't necessarily have to be a billionaire to buy an island. Nearly a thousand islands come onto the market each year, and they vary greatly in terms of size and price. 

With the help of island marketplace Private Islands Inc., we've found a few that you can buy right now.

Jewel Caye, a two-acre island in Belize, is on the market for $3.15 million. It comes with two houses (one at each end of the island), a duplex for guests, and a wide pier set up with a dining room and bar.

See the listing »

Over in the South Pacific, uninhabited Macuata Island will set you back $2.85 million. It's being sold on a freehold basis, which mean that the whole thing can be yours outright.

See the listing »

For only $400,000 you can buy the quarter-acre Isla Paloma on the northern side of Panama. It comes with a two-bedroom house, and, according to the listing, "no snakes or spiders."

See the listing »

Richard Branson's 74-acre Necker Island is well-known for being a paradise where celebrities and entrepreneurs can escape to party and unwind far from the public eye.

But it's somewhat less known that the billionaire founder of the Virgin Group also owns a second Caribbean retreat, Moskito Island, about a mile away from Necker. 

Branson bought Moskito Island in 2007 for a reported purchase price of $10 million.

The island is currently home to a population of ring-tailed lemurs that Branson imported from zoos in Canada, South Africa, and Sweden. Branson has also moved a number of Necker's endangered iguanas over to Moskito. 

The Virgin Group is in the early stages of developing the island. The construction team has finished installing basic infrastructure — electricity, plumbing, etc. — and a three-villa compound for the Branson family, which a Virgin spokesperson referred to as the "Headland Estate." 

The island also has nine private lots, all of which will be developed into villas. All nine of the lots have been sold to unnamed buyers, and construction on the first villa will begin this year, the Virgin spokesperson said.

Facilities include a pool area and a clubhouse filled with teak decorations. According to Forbes, there will eventually be large tennis courts with a two-story viewing pavilion.

The pool area fronts the beach.

And there's plenty of lush greenery all around.

The island hasn't officially opened for business yet, but it looks like some lucky travelers have gotten a sneak peek.

SEE ALSO: How Richard Branson likes to prank guests on his private island

Join the conversation about this story »

NOW WATCH: Richard Branson Describes The Early Moment That Changed His Career Forever

Laucala Island, a private island located in Fiji, offers an 18-hole championship golf course that sees less than 150 tee-offs per year, promising privacy and exclusivity.

Designed by David McLay Kidd, the par-72 golf course is surrounded by volcanic mountains and clings to a sheer cliff dropping into the Pacific Ocean.

Tees and greens were planted with the hybrid Bermuda grass, Novatek, which provides smooth putting surfaces year-round.

Fairways are seeded with Zoysia Japonica, suited to the warm tropical climate of Fiji.

From three different tees and elevations adjusting the course length from 6,245m down to 5,627m and 4,614m, the 18 holes create challenges for the most advanced golfers while offering mercy and fun for beginners.

Signature holes include the par-five 12th hole with a green extending to the beach, which means wet feet at high tide.

Golfers can enjoy privacy with adequately staggered tee times. Upon special request, guests can also book out the course and Club House for special occasions, business trips or group activities.

Guests can also choose to buy the entire island for uninterrupted access to the golf course and all activities for the duration of their stay.

Golfing is part of the island’s daily rates so there are no cart or green fees. Furthermore, a golfing professional is on hand should guests need lessons or guidance, while caddies, buggies and clubs are all available in the Club House.

The Club House also features a cocktail bar, changing facilities and practice facility.

Set in 3,500 exclusive acres on its own 12 square km island in the Fiji archipelago in the South Pacific.

Laucala Island is an island in the Fiji archipelago in the South Pacific, offering an all-inclusive resort with 24 tropical pool villas, five restaurants and bars and other leisure facilities. It is accessible by its own airport and is a 50-minute private-jet journey from Nadi International airport.

The price for the buyout of Laucala Island, which can accommodate up to 72 persons in all tropical pool villas is US$150,000++ a night.

SEE ALSO: The secrets to playing 5 of America’s most exclusive golf courses

DON'T FORGET: Follow Business Insider's Lifestyle section on Facebook!

Join the conversation about this story »

NOW WATCH: A famous surfer is trying to revolutionize the sport of golf with a new gadget

Considering the fact that New York City townhouses go for tens of millions of dollars, and luxury condos are climbing into the hundred million range, $11 million for an entire private island and mansion seems like quite the bargain.

Tavern Island is a 3.5-acre piece of land located in the Long Island Sound near Rowayton, Connecticut, overlooking NYC.

According to the Daily Mail, in the 1950s and '60s, theater impresario and lyricist Billy Rose owned the island and hosted lavish parties for the likes of Marilyn Monroe, Maureen O’Sullivan, and Barbra Streisand.

In addition to these epic bragging rights, the new owner of the island will gain a six-bedroom English Colonial mansion dating to 1900, private beach, swimming pool, and a docking area and boat for access the mainland.

Tavern Island was settled in 1651 by the colonial English, making it through the British invasion of Norwalk, CT in the Revolutionary War. It later became a key landmark for harbor pilots, guiding their vessels to land and serving as a spot for captains and crews to enjoy a celebratory drink, hence the name Tavern Island.

The property still has an antique canon that is pointed out to sea.

The 6,100-square-foot main house was constructed in 1900 of native stone and other local materials that were carried to the island over frozen waters by oxcart, according to Private Islands Magazine.

The three-story house boasts six bedrooms, two offices, a gym, and a steam room. The stone carries through to the interior, adorning fireplaces and certain walls. All of the rooms have spectacular views.

The property offers a two-bedroom cottage, which originally served as a home for the harbor pilot and was later rented by writer Lillian Hellman.

Additionally, there’s a two-bedroom boat house with game room and workshop, a one-bedroom tea house with a meeting room (pictured above), and a large three-car garage.

But of course it’s the meticulously landscaped grounds and outdoor perks like a fire pit, private beach, and 25 x 75-foot swimming pool that make this island truly one-of-a-kind.

To get to the mainland, a boat at a private dock shuttles passengers.

The current owners have lived on Tavern Island for the past 30 years and went to great lengths to preserve the historic compound as well as update it with modern conveniences like city water and electric, an on-site generator, and an 8,000-gallon fuel oil tank.

And since the island is just an hour drive to Midtown, this seems like the perfect alternative to the Hamptons.

Considering the entire island is one tenth the price of Manhattan’s One57 penthouse, we want to know your thoughts on the value.

SEE ALSO: This secluded Maine estate is a steal at $9.5 million

FOLLOW US: Business Insider is on Twitter

Join the conversation about this story »

If you're planning a tropical getaway with a large group, it may make sense to find a beach house to rent. 

If you can afford the upgrade, however, a private island makes for an infinitely more luxurious vacation. 

Our friends at vacation rental site HomeAway helped us curate a list of five private islands you can rent right now.

From a Bahamian island where you can dine on white sandy beaches to a cottage for two in the Virgin Islands, these islands beat an ordinary beach house any day. 

SEE ALSO: Here's the $11 million private island 'Shark Tank' star Barbara Corcoran is rumored to be buying

FOLLOW US: Business Insider is on Instagram

Renting at $124,000 a night, Calivigny Island in Grenada has 25 suites and cottages that can accommodate up to 30 people.

Click here for the listing »

French-inspired furnishings fill the elaborate residences, and each of the 15 bedrooms is equipped with a king-sized bed.

Click here for the listing »

There's plenty of living space, like this room with a hot tub, plus an air-conditioned gym and a wine cellar.

Click here for the listing »

NOW WATCH: New aerial footage shows aftermath of explosion in China

In 2006, world-famous illusionist David Copperfield reportedly spent $50 million on a private island called Musha Cay in the southern Bahamas.

After five years and $40 million worth of remodeling work, Copperfield completed what he calls the "most magical vacation destination in the world." He also acquired 10 additional islands nearby, completing an archipelago now known as the Islands of Copperfield Bay.

Sergey Brin married now ex-wife Anne Wojcicki on Musha Cay, and Oprah Winfrey, Bill Gates, and Johnny Depp have all vacationed there.

Musha Cay can also be booked by anyone through HomeAwayfor a whopping $57,000 a night.

With a slew of amenities, including an outdoor theater, a private speedboat, and beach-side daybeds, Musha Cay accommodates those seeking both relaxation and adventure. 

SEE ALSO: 25 photos of luxurious private islands you can rent for your next vacation

FOLLOW US: Business Insider is on Instagram

Welcome to 700 acres of pure paradise in the Exuma Cay islands, south of Nassau in the Bahamas.

There are five separate homes situated around Musha Cay, which can accommodate up to 24 guests in total.

The listing describes the architectural style as English colonial with a tropical flair. High ceilings and mahogany wood terraces are common features.

NOW WATCH: This drummer created a whole song using only the sound of coins

Yacht design has gotten pretty extravagant in recent years, but nothing compares to Kokomo Ailand.

More mobile island than yacht, Kokomo is a floating, semi-submersed vessel with a level of luxury that rivals a four-star resort. According to renderings, the "private floating habitat" features multiple decks and amenities, a sky-high penthouse suite, and a beach club.

The company behind it, Migaloo Private Submarines, hasn't received any orders yet, but it claims Kokomo can be built to specification immediately with existing technology. According to a representative, "the price depends strongly on the client's wishes."

Keep scrolling to see the renderings for this insane new billionaire toy.

SEE ALSO: Feast your eyes on what could be the world's most expensive mega yacht

DON'T FORGET: Follow Business Insider's lifestyle page on Facebook!

Part massive yacht, part private island, Kokomo Ailand has all the trappings of a luxury resort.

The owner's penthouse sits 260 feet above sea level with two elevators, a glass-bottomed Jacuzzi, a private beach club, and ocean views.

Eight engines allow the mammoth platform to chug along at speeds up to 8 knots, or about 9 mph.

NOW WATCH: The man behind @GSElevator explains why women don't get promoted on Wall Street