Largest privately-owned island sold for $17 million

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NASSAU, Bahamas, (CNN) -- The largest privately-owned island in the Bahamas has sold at auction for $17 million.

It's still less than the $55 million asking price.

What does $17 million get you?

It gets you an island that is 681 acres, and comes with a private airstrip with its own airport code, a 5,000 square foot home, and much much more.

The island has only known four owners in its history which underscores how incredibly rare the opportunity is.

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"The seller of this island is very similar to clients that we represent with other properties that we sell across the US as well as around the globe. So, these are clients who own properties that are very unique. They're one of a kind, and they're difficult to value. So when it comes to selling a property like this you can't really place a price tag on it," said Laura Brady, President of Concierge Auctions. "That was a strong sale. We feel as thought we flushed out the market. We knew where we really had to be. We exceeded that, and in terms of what we accomplished we're really satisfied."

Innocence Island's owner, who is terminally ill, was given permission by his doctors to attend the auction. The founder of Concierge Auctions says the owner was pleased with the outcome.