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2 clusters · 5 sources · 5 days · First seen · Last updated

Sale of Lupita Island in Tanzania

Overview

American venture capitalist Tim Draper has listed Lupita Island, a 110-acre property in Tanzania’s Lake Tanganyika, for sale at a personal valuation of $7.9 million. The property includes a luxury resort with guest cottages, a spa, and various recreational facilities.

Following the announcement, the Tanzanian Ministry of Lands, Housing and Human Settlements Development clarified the legal status of the property. Officials stated that Draper is not the direct owner of the island, as Tanzanian regulations prohibit foreigners from direct land ownership. Instead, the land is designated for investment purposes through the Tanzania Investment Centre. The sale would involve the transfer of investment and usage rights held by Firelight Safaris Ltd., a company in which Draper is a shareholder, rather than a traditional land deed.

Entities

Tim Draper · Firelight Safaris Ltd. · Lake Tanganyika · Lupita Island · Tanzania Investment Centre

Timeline

  1. 8 days ago

    [INTERNATIONAL] 2 sources
    Tim Draper lists Tanzanian island for $7.9 million

    Venture capitalist Tim Draper is selling the 110-acre Lupita Island in Tanzania for $7.9 million, though officials clarify buyers will receive usage rights rather than direct land ownership.

  2. 12 days ago

    [BUSINESS] 3 sources
    Tim Draper lists 110-acre Tanzanian island for $7.9 million

    Billionaire Tim Draper is selling Lupita Island, a 110-acre luxury resort in Tanzania's Lake Tanganyika, for $7.9 million due to infrequent family use.

Sources

africa.businessinsider.com · businesselitesafrica.com · dunya.com · fakti.bg · yenicaggazetesi.com.tr