Mystery buyer snaps up barren island beside iconic landmark for $25m…but won’t be able to build on it for bizarre reason
A MYSTERY buyer has snapped up a barren island just beside an iconic US landmark for a whopping $25 million – but won’t be able to do anything with it.
Red Rock in San Francisco Bay is a six-acre private island with no running water or power but boasts incredible views of the city.
The only private island in the Bay has finally come off the market after nearly a year in a quiet transaction.
Red Rock Island appears to only be a suitable home for birds due to no electricity or running water – and can only be accessed via helicopter or boat.
The lack of necessities on the island are linked to the fact no owner has managed to build on it due to a bizarre reason.
Some past plans for the island included a casino, a 20-story hotel and even a yacht club – but none ever went through.
Red Rock falls under jurisdiction of three counties.
Each county has zoned it for different uses – residential, industrial and general.
This means when owners attempt to navigate regulations of even one local body it could prove to be incredibly difficult – evident through its past.
Now it has finally been purchased after being on the market for nearly a year, but it’s unclear what the mystery buyer plans to do with it.
The massive purchase was made anonymously – leaving many questions unanswered on what the future of the island will look like.
Chris Lim, the listing agent, told RealDeal: “It will be a lengthy process with close of escrow not happening until next year.”
He says he gave “numerous” tours of Red Rock while it was on sale to local, national and international potential buyers.
Lim explained how some prospective purchasers had a “vision for development” but others “recognised the unique opportunity to conserve the island in its current natural state.”
The San Francisco island’s current owner Brock Durning inherited the incredible asset from his real-estate dad, Mack.
But he says he put it up for sale to help fund care for his elderly mum.
The island has changed hands a fair few times, presumably due to the inability to build on it.
Red Rock was bizarrely first put to use by Russian fur traders in the 19th century and for mining manganese.
This mineral is what creates the orange tone on the rock.
Durning’s dad owned the island with David Glickman who was a local attorney and gem dealer, purchasing it for $49,500 in 1964.
Despite the asking price being an eye-watering $25 million, the island boasts unbelievable views of the city that only a small number of people will have seen.