Tim Draper lists Tanzanian island for $7.9 million

Venture capitalist Tim Draper, an early investor in SpaceX and Tesla, has listed the 110-acre Lupita Island in Tanzania for sale for $7.9 million. The island, located in Lake Tanganyika, features a luxury resort with 10 cottages, a spa, a gym, and a swimming pool.

Following the announcement on social media, the Tanzanian government intervened to clarify the legal nature of the sale. The Ministry of Lands, Housing and Human Settlements Development stated that Draper is not the direct owner of the island. Instead, the land is designated by the Tanzania Investment Centre (TISEZA) for investment purposes.

Lupita Island has been allocated to Firelight Safaris Ltd. for tourism operations, a company in which Draper is a shareholder. Due to Tanzanian regulations that prohibit foreigners from direct land ownership, any buyer would not receive a traditional deed to the island. Instead, the transaction would involve the transfer of investment and usage rights currently held by Firelight Safaris Ltd.