Morgan Phillips, who owns the 6.4-acre island in Plymouth Sound, has decided to sell up and is asking for offers.
The historic and fortified island has planning permission for a 43-bed hotel to be built on it, but it is being marketed as having "many potential alternative uses".
Mr Phillips, managing director of Plymouth Sound Properties Ltd, bought the island in 2019 and has opened it up for visits, performances and even filming. Just 18 months ago, he said he was looking to build two hotels, plus a museum, heritage and wellbeing centre on the island, and work with partners on environmental and marine projects.
In 2020, he put the cost of the overall development of the island at £17m to £22m, including the undisclosed cost of buying the island, which had a guide price of £6m.
The freehold has now been put on the market, with Ali Rana, head of national investment at commercial property marketer Carter Jonas, saying: "Morgan has taken it as far as he can and it is time for someone else to progress the future of the island."
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