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.
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.
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.
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.
