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The Economic Times
The Economic Times
National

Billionaire Ian Wace bought a $2.2 million Scottish island in 2017. Now, his $135 million Tanera Mòr revival has restored 50+ buildings, planted 100,000 trees and rebuilt a lost community

In 2017, when billionaire hedge fund manager Ian Wace bought Tanera Mòr in Scotland's remote Summer Isles, the 800-acre island was very different. Historic buildings had fallen into disrepair, the population had dwindled and large parts of the landscape had become overgrown.

Wace paid around £1.7 million, or $2.2 million at that time, for the island. But instead of transforming it into a private billionaire retreat, he took a unusual step. He embarked on a huge regeneration project that has now grown to around £100 million ($135 million).

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