Ulva Island, which is located in Scotland, was bought out by its own inhabitants, the number of which does not exceed 5 people, RIA Novosti news agency reports on Friday.
The transaction cost was about 4.4 million pounds. Earlier, the island of approximately 2,000 hectares belonged to one person — Jamie Howard, who is the island’s sixth local resident. The buyer is a small local organization consisting of the remaining five people.
Such a large amount of money local residents received from the Land Fund of Scotland, which financed the deal with the aim of “promoting social and economic development” of Ulva. Part of the necessary funds was provided by other state and commercial institutions.