Archive · 13 Aug 2026
Billionaire Turns Dying Scottish Island Into $135 Million Revival
A very rich man named Wace bought a small island in Scotland called Tanera.
The island was not doing well, so he decided to fix it instead of keeping it as a fancy private vacation spot.
Workers repaired over 50 old houses and other buildings that had fallen apart.
They planted more than 100,000 trees and restored eight ponds full of native plants and clean water.
They also brought back old skills like weaving special cloth called Tanera tweed and fixing historic fishing boats.
The island now has a pub, a cinema, a gym, a sauna and a cookhouse for people to share.
More than 1,300 nurses, police officers and soldiers have come to stay there to rest.
The project gave almost 8,000 acres of land on the mainland to a local community group to look after.
The whole project has cost about £100 million, which is around $135 million.
Wace wanted to help the island and its community come back to life.
Billionaire Wace bought the Scottish island of Tanera, saying he felt it was 'dying' when he returned.
The effort grew from a £1.7 million ($2.2 million) purchase into a roughly £100 million ($135 million) regeneration project.
More than 50 buildings, about 4.5 miles of roads and paths, and over 100,000 trees have been restored or created.
Restoration work included eight ponds, around 28 acres of farmland, two herring luggers and a loom producing Tanera tweed.
In 2024, nearly 8,000 acres of mainland land were gifted to the Coigach Community Development Company, and the Summer Isles Hotel is due to reopen in 2027.
- Who
- Wace, a billionaire who bought the island and has led its regeneration.
- What
- A roughly £100 million regeneration of Tanera, restoring its historic buildings, landscape, traditional crafts and community facilities.
- When
- Work has continued since the purchase; Tanera was transferred to a charitable trust in 2020, mainland land was gifted in 2024, and the Summer Isles Hotel is expected to reopen in 2027.
- Where
- Tanera (Tanera Mòr) island and nearby mainland areas in the Scottish Highlands, Scotland.
- Why
- Wace felt the island was 'dying' and chose to restore it rather than develop it as a private luxury retreat.
- Island involved
- Tanera (Tanera Mòr), Scottish Highlands, Scotland
- Purchase price
- £1.7 million (reported as $2.2 million)
- Total project investment
- Roughly £100 million (reported as $135 million)
- Buildings restored
- More than 50
- Trees planted
- More than 100,000
- Roads and paths created
- About 4.5 miles
- Freshwater pond habitat
- About 1.5 million litres across 8 restored ponds
- Mainland land gifted (2024)
- Nearly 8,000 acres to the Coigach Community Development Company