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American Spends £1.2BILLION for 25-year Lease On Tropical island In The Philippines

A mystery buyer with enough money to spend no less than £1.2 Billion  for a 25 year lease on a paradise island called Fuga in the northern Philippines.

American Spends £1.2BILLION for 25-year Lease On Tropical island In The Philippines

Fuga Island is an island in the municipality of Aparri, Cagayan. Fuga is part of the Babuyan Archipelago, the second-northernmost island group of the Philippines. The highest peak is Mount Nanguringan in the northeast, with an elevation of 191 meters.

The island still retains a traditional culture, a manifestation of which is the annual construction of a small straw imitation boat that is floated out to sea. The tradition began in 1656 when the island was almost invaded by British ships, prompting islanders to make a similar replica of a boat, thus preventing the island’s annexation by Great Britain.

American Spends £1.2BILLION for 25-year Lease On Tropical island In The Philippines

Currently, Fuga Island is owned by Fuga Island Holdings. It was formerly owned by the Dominican Order under the encomienda system during the Spanish colonial period eventually returned to the Filipinos after the signing of The Treaty of Paris. Former owners were Sycip Family, Alfonso Lim, Tan Yu and now Fuga Island Holdings of the Serafica Family.

The only information to emerge today about the identity of this ultra rich buyer is that he, or she, is American.

H/T: DailyMail

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Written by Barbie Perez

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