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"Treasure Island" for sale for $5million in San Francisco Bay

A private island in San Francisco Bay, which is rumoured to have once been a burial site for pirate treasure, has had a huge price reduction and is now for sale for $5million.

Red Rock Island is the bay’s only private island and offers stunning views of San Francisco. Only accessible by boat or helicopter the six-acre island was first put on the market for $22million in 2012.

The island has been nicknamed Treasure Island and Golden Rock after rumours that it was used as a hiding place for pirate treasure. However, there are no records of any treasure being discovered.

In the early half of the 19th century Russian hunters are thought to have used the island as a base from which to trap otters. The only long time inhabitant of the island was Selim Woodworth who built a cabin and lived there from 1851 to 1856.

In 1964, the island, which sits on the boundary of three counties, was bought by Mendel Glickman for less than $50,000. He reportedly had plans to transform it into a vacation spot and wanted to build a casino and multi-storey hotel. After Glickman’s death the island was passed on to his son David and was later taken on by his business associate, Mack Durning.

The official listing for the site on Private Islands Online says it is rare “to find something so truly unique in the world”.

“Set out into the sparkling waters of San Francisco Bay, Red Rock Island is a property like no other,” the listing reads.

The islands $5 million price tag also includes rights to its minerals, which it is hoped might attract more potential buyers.

“The island has a myriad of possibilities for tourism development, preservation as a natural sanctuary, mineral extraction site, or just as your highly unique personal retreat,” the listing adds.

The island could act as stop-off point for private yachts or luxury yacht charters in San Francisco. As well as its famous tourist sites,  San Francisco has several Michelin-star restaurants and there are plenty of outdoor pursuits away from your yacht to enjoy.

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