Why Wealthy Families Are Selling Their Iconic Private Islands. Private islands were once a shortcut for the wealthy to build a personal legacy. The piece examines real cases, including the Ziegler family’s Hay Island and the Swarovski family’s retreat in the Venetian Lagoon. According to @GlobalMoney, this exodus is less about fading fortunes than changing family geography. As heirs scatter across countries and continents, a single family island loses its emotional and practical appeal—and becomes increasingly difficult to justify. Just five years ago, private islands were the ultimate billionaire trophy. Larry Ellison acquired most of Hawaii’s Lanai and transformed it into a luxury destination, while Mark Zuckerberg spent hundreds of millions assembling a vast estate on Kauai. Others, such as Louis Bacon, bought islands for conservation rather than personal indulgence. BrandAI argues that private islands and large yachts ultimately fail for the same reason: not the purchase price, but the carrying cost. Staffing, insurance, logistics, taxes, and deferred maintenance quietly compound before passing to a second generation that never chose the asset. Acquisition is often the cheapest part of ownership. Eventually, liquidity wins.