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Land at ‘Gates to the Arctic’ could be yours for £258,000,000

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The land is almost ten times the size of Gibraltar and comes with a hefty price tag (Picture: AFP via Getty Images)

A plot of land halfway between Norway and the Arctic is for sale but it comes at a cost – £258million to be exact.

It is the last privately owned land on the Svalbard archipelago in Norway and sits at the heart of the Norwegian wilderness.

The land is called Søre Fagerfjord and is almost ten times the size of Gibraltar at 15,000 acres.

Global real estate agent Knight Frank is marketing the plot and said it is a ‘unique environmental, philanthropic and conservation opportunity’.

The brochure says the land has strategic importance because it is ‘essentially the gates to the Arctic’.

The land is located at Wedel Jarlsberg in Western Svalbard and all other properties on Svalbard are owned or controlled by Norway or Russia. 

Will Matthews from the estate agent told Euronews: ‘This is a once-in-a-lifetime opportunity to acquire land on one of the world-famous Svalbard islands.

‘We are currently speaking with a collection of ultra-high-net-worth individuals from across the globe who each have a passion for conservation and philanthropy.

The land has glaciers as well as other land features like mountains and fjords (Picture: AFP via Getty Images)
Svalbard is home to around 3,000 people (Picture: Getty Images/imageBROKER RF)
The land is in the middle of the Norwegian wilderness (Picture: AFP via Getty Images)

‘We are working hard to find the next custodians of this beautiful land, with the means to take action against the wider environmental factors at play, protecting the diverse flora and fauna that call these 14,800 acres of land home.’

‘The sellers will sell to the highest bidder,’ Per Kyllingstad, a lawyer representing the sellers told Bloomberg.

So what’s the appeal for a rich person to buy a piece of land in Svalbard?

Well if you are ok with the cold weather Svalbard is one of the world’s northernmost inhabited areas.

The nine islands are home to around 3,000 people, has its own university, and is famous for the Svalbard Global Seed Vault.

Around 60% of the land up for sale is covered in glaciers, and also features lots of fjords and mountains.

The area is also home to an array of wildlife including seabirds, polar bears, reindeer, Arctic fox and marine mammals.

But the sale comes as Svalbard experiences higher temperatures, resulting in less sea ice, higher temperatures, and more rain.

While the islands have relied on the coal industry, people from across the world are visiting Svalbard as tourists more often.

It is not the first time property has sold in Svalbard because in 2014 another privately owned property, holding coal mining land in the region, got an offer from a Chinese buyer but the Norwegian state moved in to buy it up. 

Get in touch with our news team by emailing us at webnews@metro.co.uk.

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