Key Takeaways
- Billionaire investor Tim Draper listed his investment in Tanzania’s Lupita Island resort for $7.9 million, saying he had already received multiple offers.
- Tanzanian officials say Draper can sell his stake in Firelight Safaris and the resort’s assets, but the state owns the 110-acre island itself.
- Draper has helped develop the Lake Tanganyika retreat since 2004, adding 10 cottages, a private beach, a spa, bars, and other luxury amenities.
Billionaire investor Tim Draper tried to put a private island on the market, but Tanzania says he left out one crucial detail: He does not own it. Draper is seeking $7.9 million for his investment in Lupita Island, a luxury resort on Lake Tanganyika, but the Tanzanian government says the land itself belongs to the state and cannot be included in any sale.
“I am selling my island in Lake Tanganyika, Tanzania,” Draper wrote on X, according to Business Insider. “Gorgeous place, but we don’t use it enough.” The billionaire invited interested buyers to contact him directly and said he had already received multiple offers.
But Tanzanian authorities quickly made clear that Draper can sell his stake in the resort—but not Lupita Island.
The Ministry of Lands, Housing and Human Settlements Development said the 110-acre property is owned by the Tanzania Investment and Special Economic Zones Authority.
Firelight Safaris Limited, a company in which Draper holds a stake, holds investment rights that allow it to develop and operate tourism facilities on the island. Any buyer would therefore acquire Draper’s business interest and related resort assets, not ownership of the land beneath them.
That is a sharp distinction for an investor who built his reputation—and his estimated $2.3 billion fortune—by spotting valuable assets before nearly everyone else. Draper founded venture capital firm Draper Fisher Jurvetson in 1985 and made early bets on Hotmail, Skype, Baidu, Tesla, and SpaceX.
In 2014, he also spent roughly $19 million on nearly 30,000 bitcoins seized from the Silk Road marketplace and auctioned by the U.S. Marshals Service. Bitcoin was trading around $600 at the time; the holding later became worth billions.
Draper has been involved with Lupita Island since 2004, helping to develop it into an exclusive retreat with 10 cottages, a private beach, a swimming pool, a spa, a gym, a game room, and several bars. The resort has employed more than 30 staff members and offered private butler service, as well as kayaking, snorkeling, fishing, and lake excursions.
Getting there can require international flights, a charter plane, ground transportation, and a boat transfer. Lake Tanganyika, shared by Tanzania, Burundi, Zambia, and the Democratic Republic of Congo, is the world’s second-largest freshwater lake by volume.
