Scots island price slashed after lack of interest

Eilean Righ has had its price slashed. Picture: geograph.co.uk

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.