When billionaire hedge fund manager Ian Wace bought Tanera Mòr in Scotland's remote Summer Isles in 2017, the 800-acre island had little resemblance to the thriving community it had once been. Its historic buildings had fallen into disrepair, its population had dwindled and much of the land had become overgrown. Wace paid about £1.7 million for the island, equivalent to roughly $2.2 million at the time, but instead of turning it into a private luxury retreat, he began a vast regeneration project. The initiative has since involved around £100 million, or about $135 million, and includes restoring buildings, planting more than 100,000 trees, reviving traditional crafts, rebuilding farmland and creating new communal spaces. The project is also designed to support the wider Scottish Highlands community. Work has also created opportunities for local workers, businesses and craftspeople, linking the island's revival with long-term regional economic renewal.
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