Last month’s Robb Report has announced that timber magnate Tim Blixseth will accept $75 million for his 5 acre Caribbean island of Emerald Cay, or swap it for a Gulfstream Jet or a luxury New York apartment.

Blixseth bought the island half-finished about three years ago, and then completed the construction.

He originally planned on using the island as part of his Yellowstone Club World luxury residence club, but the club recently filed for bankruptcy.

The 30,000-square-foot house on Emerald Cay is off Providenciales, the most populated island in the chain, and has nine bedrooms, a gym, a guest house and a “floating” tennis court

There is also a man-made sandy beach and several docks to accommodate Mr Blixseth’s collection of private yachts.

The property – which boasts stunning views of Chalk Sound National Park – is connected to the mainland by a retractable bridge which swivels round to keep unwanted visitors at bay.

The palatial villa is being sold by Provo-based Lucayan Realty.