Largest private island in the bahamas sold for "only" $17m

The largest private island in the Bahamas was sold off this month for a bargain price... of $17 million.

Innocence Island offered it all: a spotless beach, a swimming pool, a home with its own runway, endless trees. The asking price? A typically ostentatious $55 million.

After failing to attract a wealthy buyer in 2011, though, its owner received some tragic news last year: he was terminally ill. He decided to sell up to leave his family cash rather than land, and so the dream slice of paradise went under the hammer this month.

While the auctioneer, Frank Trunzo, told CNN that the island would probably fetch $20 million to $25 million, the bidding did not quite as planned.

The auction opened at $8 million but was over in as many minutes after the 53rd bidder snapped it up for $17 million - less than one-third of the amount previously paid for it.

"I would say the island is worth about $30 million, considering the size and what some of the other islands in the area are going for," comments Chris Krolow, host of HGTV's Island Hunters. "$17 million is definitely a steal."