It already has planning permission granted for a luxury hotel.
A six-acre island just 600 yards off the coast of Plymouth has been put up for sale.
Drake’s Island was named after Sir Francis Drake, the English privateer who used Plymouth as his home port during the 16th century.
The former fortification still has 18th-century cannons in position – which are included in the sale – along with shell shafts and underground gunpowder stores from when it was used as a military barracks.
It takes less than 10 minutes to reach by boat from Plymouth port, and boasts its own private beach.
Current owner Morgan Phillips bought the island in 2019 for £6m and has worked on securing consent for a 43-bed hotel.
Mr Phillips regularly gives guided tours of the island to groups, and told Sky News: “It has over 2,000 years of history.
“The first recorded building is 1135,” he added. “It was its nuclear deterrent of its day, that’s probably why the Spanish armada never came here!”
The local businessman shared his vision for Plymouth as a tourist destination of the future, and added that whoever decided to buy Drake’s Island would have a responsibility to maintain its historic and cultural appeal.
“Plymouth is trying to become a destination – it’s getting there, it’s a long way forward with that.
“What we really need is the island to be taken forward and someone who has got the budget to be able to do that.”
While the island has no fixed guide price at the moment, renovation costs are estimated at around £25m.
Local property firm Carter Jonas is leading the sale, and a spokesperson for the company said outlined the plans for a luxury hotel on the six-acre plot.
“The proposals include for these [outbuildings] to be converted into bedrooms and one of the things the owner has been thinking about is using this as a wedding venue where the guests would stay there and potentially put a restaurant, café at the end.
“It’s one of those opportunities where with some vision you could really create something special,” they said.
If you’re interested in becoming the proud owner of an historic British island, you might want to hold off on making an enquiry until you read the following revelation.
According to reports, there are 15 resident ghosts currently watching over the island – all former military men who lost their lives while serving at the former defence post.
“If you believe the mediums who come out here… they’re all British squaddies,” Mr Phillips explained.
“They are here to protect us. That’s what they did when they were alive and that’s what they’re still doing!
“I’ve seen enough to say stuff happens here that I can’t explain. But all of it is really nice,” he insisted.
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One X user joked that they were interested it somebody could assist with the downpayment. @kejamieson_wrote: “I reckon I can muster about £300k if anyone wants to help with the rest!”
One user from the Netherlands wrote: “Wow.. would be great to own your own island wouldn’t it.. I imagine they would not like a Dutch guy buying this strategically placed armed fortress overlooking the passage to a major English navy port.”
Another commented: “Hmm…22milion required to turn it into a spa complex..naaaa.”
One other joked: “It’s is a cursed island I tell yeee,” while another added: “Start the crowdfunder.”
