Ted Turner bought 4,680-acre island to stop development; sold it for $4.9m

American media mogul Ted Turner has completed the sale of St Phillips Island, a pristine 4,680-acre barrier island off the coast of South Carolina, to the state government for a small part of its market value. The deal transfers ownership of the untouched coastal island to the South Carolina Department of Parks, Recreation and Tourism for $4.9 million. The purchase price is about one-third of the property’s appraised market value of $14.9 million. This means the remaining value represents a large charitable contribution to the public. The land is near Beaufort and just south of Saint Helena Island. It will now become part of the state park system. Under the agreement, the state plans to protect its sensitive ecosystems while allowing limited public access, educational programmes and eco-tourism opportunities.Preserving a pristine islandTurner bought St Phillips Island in 1979 to protect it from commercial development.