Paul Allen sells private island, now $8 million richer

Paul Allen sells private island, now $8 million richer

Microsoft co-founder Paul Allen has done much with his billions of dollars since he left the company, including running a tech TV station and purchasing two of the largest yachts in the world. He also purchased his very own island back in 1992, with plans to build his dream home on the 292 acre deserted piece of land. However, those plans just never seemed to materialize.

The only manmade structures on Allan Island (named for the discoverer of the land, not for Paul Allen) are a boat dock and a caretaker's cabin. Allen gave up on his plans in 2005, putting real estate on the market for $25 million. Now, eight years, and several price drops later, the land has been sold for $8 million. The new owner, whose name has not been disclosed, plans to develop the island, building 10-12 homes upon it.

Allan Island is located off the coast of Anacortes, Washington, residing in the San Juan chain. It's accessible by boat or seaplane, making it all the more secluded. According to the newspaper report, the new owner is from the Seattle area.