JOURNAL ARTICLE

For $323 Million, Last Private Land in Arctic Archipelago Can Be Yours.

  • Published In: Bloomberg.com, 2024. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Rappaport, Sarah 3 of 3

Abstract

A Manhattan-sized piece of land in the High Arctic is up for sale for €300 million ($323 million), making it the last privately held plot in the nine-island Norwegian archipelago of Svalbard. The sale comes as the Arctic experiences the effects of climate change, with warmer temperatures and less sea ice. The land is being marketed globally by Knight Frank LLP and could be used for environmental conservation or tourism. However, buyers must adhere to the terms of the 1920 Svalbard Treaty, which recognizes Norway's sovereignty and prohibits military use. [Extracted from the article]

Additional Information

  • Source:Bloomberg.com. 2024/05, pN.PAG
  • Document Type:Article
  • Subject Area:Law
  • Publication Date:2024
  • Accession Number:177185743
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