Many would like to vacation on a tropical island—true aficionados like to buy them. From celebrities to CEOs, people often purchase private islands for their tranquility and privacy. But they also ...

Owning a private island usually sounds like the kind of luxury reserved for billionaires and celebrities. Most people assume the price would be far beyond what a typical home costs.

There might be no better place to live out one's Gatsby fantasies than Salutation Island, a 46-acre private island off Long Island's North Shore that recently hit the market for $125 million. Scroll ...