Private islands are certainly not scarce and there are hundreds around the world available for sale and rent.
They offer an exotic getaway and a form of escapism and may even be transformed into luxurious resorts to be shared with others.
A Singaporean businessmen has recently purchased Waterhouse Island, a private island located off the north-east coast of Tasmania for A$5.5 million (S$5.48 million).
The new owner has revealed initial plans to use this 287ha island as a private holiday getaway.
Tasmania's Waterhouse Island is just one of the several islands around the world that have been acquired by wealthy men and women.
Here are five other islands which were sold in the last decade:
Slipper Island, New Zealand (2015)
In 2015, Slipper Island, a privately owned island located 4km off the coast of New Zealand's North Island, was sold to a wealthy Chinese "housewife" for NZ$7.5 million.
The buyer, Ms Wendy Weimei Wu, reportedly bought this 217 ha island as a gift for her daughter, Ms Vivienne Zhuo.
According to Daily Mail Online, the Needham family, who owned Slipper Island for 45 years, were divided by this sale.
Skorpios Island, Greece (2013)
Ms Ekaterina Rybolovleva, 24, daughter of Russian billionaire Dmitry Rybolovlev, bought a Greek island named Skorpios in 2013.
This island, sold at a reported price of £100 million, also served as the wedding venue of Greek shipping magnate Aristotle Onassis and Jacqueline Kennedy, the widow of late American president John F. Kennedy, in 1968.
Besides the island of Skorpios, a representative of Mr Rybolovlev's family investment office has revealed that Ms Rybolovleva also purchased the nearby island of Sparti, Daily Mail Online reported.
Lanai Island, Hawaii (2012)
American billionaire Lawrence J. Ellison, who co-founded software and programming company Oracle, purchased 98 per cent of the Hawaiian island of Lanai in 2012.
The island came with a price tag of US$500 million, according to Business Insider. The remaining 2 per cent of Lanai is owned by the state of Hawaii.
Once deemed as a worldwide top supplier of pineapples which produced 75 per cent of the world's pineapples, this Hawaiian Island was given the nickname "Pineapple Island".
The 35,612ha island is home to two Four Seasons resorts - Four Seasons Resort Lanai at Manele Bay and Four Seasons Resort Lanai the Lodge at Koele - which both came as part of the overall sale.
Moskito Island, British Virgin Islands (2007)
Moskito Island, part of the British Virgin Islands, was purchased by Sir Richard Branson in 2007 for £6.5 million.
This 50ha island is just 3.2km away from Necker Island, an island also owned by the English business magnate.
The exotic Moskito Island now features a beautiful eco-resort developed by the tycoon, with 11 bedrooms that can house 22 guests, according to Forbes.
Laucala Island, Fiji (2003)
In 2003, the Austrian co-founder of the Red Bull energy drink, Mr Dietrich Mateschitz, acquired Fiji's Laucala Island for US$10 million.
The 1,416ha island was previously owned by Mr Malcolm Forbes, owner and publisher of Forbes magazine. Mr Forbes was buried at that very island when he died in 1990.
Laucala Island features a resort with a golf course, a farm with chickens, pigs, cattle and quails, a herb garden, a nursery and several hydroponic greenhouses, according to The Telegraph. These facilities are all in line with Mr Mateschitz's goal of making the entire island self-sufficient.
Sources: ABC News, Daily Mail Online, Business Insider, Bloomberg, Forbes, The Telegraph