Cut-price paradise: Media magnate Ted Turner agrees to sell $24m private island to South Carolina for just $5m so it can become a state park for future generations to enjoy

  • Turner has owned the 4,682-acre barrier island outside Beaufort since 1979 and listed it in 2014 for $24million
  • St Phillips Island is the largest privately held, undeveloped barrier island left on the coast?
  • Currently the island is only accessible via boat at a landing four miles from the oceanfront main house and beach
  • Because of an agreement Turner signed with The Nature Conservancy, no more than 10 more houses are allowed to be developed on the island
  • The request to buy the property had been submitted to the Joint Bond Review Committee, which will meet on December 5

Media magnate Ted Turner has agreed to sell an island to South Carolina to help a popular, but eroding state park.

The Post and Courier reported on Thursday that the state Department of Parks, Recreation and Tourism asked state legislators to pay $5million for St Phillips Island, located near Hunting Island State Park.

Turner has owned the 4,682-acre barrier island outside Beaufort since 1979 and listed it in 2014 for $24million.

St Phillips Island is rare in that it is possibly the largest privately held, undeveloped barrier island left on the coast with an ocean-facing beach which is about a half-mile long.?

Media magnate Ted Turner has agreed to sell a private island on which he has a house (pictured) to South Carolina to help a popular, but eroding state park

Media magnate Ted Turner has agreed to sell a private island on which he has a house (pictured) to South Carolina to help a popular, but eroding state park

?

South Carolina's Department of Parks, Recreation and Tourism asked state legislators to pay $5million for St. Phillips Island, located near Hunting Island State Park. Inside the home above

South Carolina's Department of Parks, Recreation and Tourism asked state legislators to pay $5million for St. Phillips Island, located near Hunting Island State Park. Inside the home above

Turner has owned the 4,682-acre barrier island outside Beaufort since 1979 and listed it in 2014 for $24million

Turner has owned the 4,682-acre barrier island outside Beaufort since 1979 and listed it in 2014 for $24million

The property that Turner owns has been valued at $15million. A woodland walk on the island is seen above

The property that Turner owns has been valued at $15million. A woodland walk on the island is seen above

Turner (pictured, December 2013), who has championed land preservation, said that he hopes future generations will be able to enjoy the island's environment

Turner (pictured, December 2013), who has championed land preservation, said that he hopes future generations will be able to enjoy the island's environment

Turner, who has championed land preservation, said that he hopes future generations will be able to enjoy the island's environment.

'It's been a place to spend time with my family and friends observing, interacting with nature and appreciating the raw beauty that exists today,' he said in a statement provided to The Post and Courier.

'We are thrilled. It's not often such a great opportunity is presented to the state of South Carolina,' said Duane Parrish, state parks department director.

St Phillips Island is rare in that it is possibly the largest privately held, undeveloped barrier island left on the coast with an ocean-facing beach is about a half-mile long

St Phillips Island is rare in that it is possibly the largest privately held, undeveloped barrier island left on the coast with an ocean-facing beach is about a half-mile long

Currently the island is only accessible via boat at a landing four miles from the oceanfront main house and beach.

Currently the island is only accessible via boat at a landing four miles from the oceanfront main house and beach.

Because of an agreement Turner signed with The Nature Conservancy, no more than 10 more houses are allowed to be developed?

Because of an agreement Turner signed with The Nature Conservancy, no more than 10 more houses are allowed to be developed?

The request to buy the property from Turner has been submitted to the Joint Bond Review Committee, which will meet on December 5

The request to buy the property from Turner has been submitted to the Joint Bond Review Committee, which will meet on December 5

Hunting Island State Park suffered significant damage from Hurricane Matthew and then Tropical Storm Irma this year

Hunting Island State Park suffered significant damage from Hurricane Matthew and then Tropical Storm Irma this year

Currently the island is only accessible via boat at a landing four miles from the oceanfront main house and beach.?

Because of an agreement Turner signed with The Nature Conservancy, no more than 10 more houses are allowed to be developed?

The request to buy the property had been submitted to the Joint Bond Review Committee, which will meet on December 5.

Hunting Island State Park suffered significant damage from Hurricane Matthew and then Tropical Storm Irma this year.

It is eroding 10 times faster than much of South Carolina's developed coast, according to the Coastal Science & Engineering consulting firm.

Eight separate beach renourishment projects on Hunting Island during the past 38 years added nearly 5.5 million cubic yards of sand. Still, the shoreline is hundreds of feet landward of where it was in 1960.?

Ted Turner began workorking for his father's company, Turner Advertising and became president and CEO in 1963. He later renamed the company the Turner Broadcasting Company.

He is best known as founder of the Cable News Network, or CNN, the first 24-hours news channel.

As of February 2017, Turner's net worth was estimated to be at $2.3billion.

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