Paul Allen, co-founder of Microsoft and owner of NFL team 'Seattle Seahawks' has reportedly sold Allan Island, a private isle located southwest of Washington, for $8 million, according to several news reports.
Allen purchased the island back in 1992. He first planned on building a vacation home there. However, he dropped the plans after purchasing a nearby island in 1996. The islet first hit the listing market with a $25 million price tag in 2005. Failing to sell over the years, it was last publicly listed for $13.5 million in 2011, reports Realtor.com.
Considering its sale price, the island sold for a lot less than what it initially asked. But what took it so long to sell?
Apparently, Allen wanted to ensure that the buyer would maintain the property's integrity. The buyer reportedly plans on building 10 to 12 homes on the 292 acre island.
"It was important to the seller what the buyer was going to do to the island. We had some pretty wild buyers looking at it," Wally Gudgell of Windmere Real Estate, who assisted Allen in the sale, told NDTV.
The islet is an underdeveloped property. It only has a small landing strip, a network of walking strips and a small log cabin. It has immense development potential which the buyer plans on taking full advantage of.
While Paul Allen just sold off 'Allan Island' (named after a famous navy hero), he recently purchased a mansion in Atherton, California for $27 million.
The 60-year-old Allen was recently named the wealthiest bachelor by Wealth-X, a global wealth intelligence and prospecting company with an estimated net worth of 15.3 billion. He also owns 'Octopus', one of the largest Yachts of the world which has been called 'a Floating City' in itself.
Check the Yacht out, here.
