Island property sale may set a record

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The owner of a holiday island off Norway’s southeast coast has put it up for sale for NOK 60 million (USD 7.3 million). Never has a vacation property been priced so high, but the seller claims it’s justified.

Newspaper Dagens Næringsliv (DN) reported that Pål Terje Gabrielsen bought the island, which covers 103 mål (around 25 acres)  for NOK 10 million in 2006 and has since upgraded its house, hooked it up to electricity, water and sewage and renovated the island’s “beach house” as well.

“It was quite primitive here for many years,” Gabrielsen, who made his own fortune when he sold himself out of an optician business in 2008. He and his family live in Røyken and he said they would prefer to spend their holiday time in the mountains. “That’s why we’re giving up this pearl,” he told DN.

He claims he’s invested at least NOK 15 million in the property, located near the exclusive holiday destination of Hankø, about a 90-minute drive south of Oslo, since buying the island. Brokers said that if anyone meets his price, it will set a record for being Norway’s most expensive recreational property by the sea. staff