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(un)Real Estate

An island has just been sold, it consists of 6000 acres, a castle, a mine and the right to subdivide and sell ocean-view lots.  The price, a mere $26,500.   Cheap?  Maybe if it existed in the real world but this island is the most expensive piece of unreal estate yet to be sold - it exists only as part of the computer game Project Entropia.

I must admit to still being surprised by stories like this but I cannot imagine that I will think so in another few years, even less that my sons should not think this all perfectly normal.  My prediction: within two years expect to see a bitter divorce battle fought over who gets the house - the virtual house.  And within four years expect a bitter divorce battle fought over who gets the kids.

Thanks to David at Cronaca for the link.

Posted by Alex Tabarrok on December 16, 2004 at 07:15 AM in Economics | Permalink

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» Virtual island sells for (real) $26,500 in cyber assets from RealBlog: Real Estate News and Information
New Scientist - Virtual island sells for $26,500 in cyber assets The island consists of 6000 acres and includes a castle, a mine and fantastic beasts to hunt. "The owner has complete mining and hunting taxation rights and can also allocate parcels of... [Read More]

Tracked on Dec 16, 2004 7:27:58 PM

» Friday, December 17, 2004 from Log: David Chess
One final link: from Marginal Revolution, a story about a really expensive piece of virtual real estate. Most noteworthy because, although the virtual real estate was sold in virtual money, that virtual money is apparently easily converted into real mo... [Read More]

Tracked on Dec 17, 2004 10:08:33 PM

» Virtual Worlds from Vox Clamantis
The Washington Post had an article on monetary transactions in online video games in Saturday's paper. The author, Mike Musgrave, will be answering questions online and it should be interesting. You can check here later in the day. The article [Read More]

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