A SCOTTISH island has had its asking price slashed by £500,000 after failing to attract a buyer in a year.
With its commanding position in the middle of a loch, King’s Island could be fit for royalty.
But King’s Island, translated from the Gaelic Eilean Righ, failed to find somebody willing to pay £3 million.
It has now been re-advertised at £2.5 million.
The isle off the Argyll coastline within Loch Craignish was put on the market by a top City trader in June last year.
It has been owned since 1999 by former Goldman Sachs market trader, Christian Siva-Jothy, who once enjoyed almost mythical status among the City’s financial community.
That all came to an end in 2011, when he closed down the $200 million business he began after leaving Goldman Sachs and made a stunning confession about his ability to play the market.
Mr Siva-Jothy wrote to investors in his firm SemperMacro: ‘In this business, you are only as good as your last few trades.
‘Mine have not been very good. Whether I have lost my edge or simply need a break after 23 years, I am not sure. I certainly hope it’s the latter.’
Mr Siva-Jothy’s financial misfortune may explain his sale of King’s Island, which is being handled by the Edinburgh office of estate agents, Knight Frank.
Certainly, prospective purchasers would need to be wealthy - with the island now carrying a £2.5 million price tag.
There have been at least half-a-dozen viewings over the past 12 months but no acceptable offers.
“Even in good times it is a restricted market. It is what is called a discretionary purchase,” a spokesman for Knight Frank has said.
“There has been interest from overseas. These things can take time.”
King’s Island’s description suggests it may also provide a remote hide-out for a wannabe James Bond.
As well as a four-bedroomed principal house, the 238-acre island comes complete with a giant 500sq metre helicopter hangar, two slipways and a jetty.
King’s Island has had a number of colourful owners over the years. In the 1930s, it was home to Sir Reginald Johnston, the retired tutor to the last Chinese Emperor, Puyi.
Sir Reginald built a Buddhist temple on the island and flew the Manchukuoan flag in the Chinese-style gardens.
It later passed into the hands of a retired Indian Army officer, Lord Wilfred Brown and James Waldegrave, the Viscount Chewton.