An uninhabited, private island, wedged in Florida’s Intracoastal Waterway, could be yours for only $459,000!

Sound too good to be true? That’s what many Michigan residents think as news sources have picked up the story of the bizarre property sale down in Florida. But the sale of the island isn’t what has people turning their heads, it’s how the land owner is going about making the sale.

As reported by the Orlando Sentinel, the seller of the island acquired the land after a previous owner defaulted on property taxes. Now, the new owner has posted the deeds to the property on eBay after he realized that he couldn’t afford to build on the land.

All the pictures and descriptions tout the land as being the perfect getaway and for far less than the typical $1 million for other private properties in the area. But even with enticing lines like this, the auction closed this month with zero bids, leaving some critics to say that perhaps this wasn’t the best way to make a real estate transaction.

According to the eBay listing, the three-acre property is a “prime waterside plot, with no neighbors” which seems like an exotic getaway if you ignore the fact that there is no electricity access on the island and its highest point sits only five feet above sea level. Although the current owner insists in his eBay listing that the “land is ready for development,” many real estate law experts are quick to point out that this does not mean land owners can build or develop right away. Permission from local governments must be obtained first, and property owners must realize that zoning laws may prevent them from using a piece of land they may have just purchased.

Like with purchasing property, selling property should be taken seriously as well. Although it may cost a little money to hire someone to help you buy or sell your real estate, it’s worth it in the end to have a valid transaction without any regrets attached.

Source: The Daily News UK, “Looking for the ultimate getaway? Private Florida island with no neighbors and tranquil waterfront views on sale on eBay for just $460,000,” Daily Mail Reporter, Jan. 12, 2013