Green Island is one of five islands in Poole Harbour

Only a select few will be able to afford the £2.5m price tag for Green Island in Poole Harbour, Dorset.

The 45-acre piece of prime real estate is on the doorstep of the Sandbanks district - named the fourth most expensive place to live in the world.

England footballer Jamie Redknapp and his pop singer wife Louise are among the wealthy residents.

Scandinavian-style house

Richard Brooks, from Lane Fox, who is one agent handling the sale, said: "We think £2.5m is a realistic price but the sky is the limit if we get two wealthy people who want it.

"This sort of property does not come on the market very often and Green Island was the last one to go on sale in 1987."

The island, originally part of land belonging to Milton Abbey, has planning permission to replace a bungalow with a 2,000 sq ft three-bedroom house. It also has a Scandinavian A-frame house.

Back in 1987 it was sold for £500,000.

House prices on the two-mile Sandbanks peninsula, overlooking Britain's oldest cross-channel port, are reported to be higher than in Singapore, New York or Paris.

In 2000, properties there cost £689 per sq ft - more expensive than New York's Fifth Avenue at £627.

A site of special scientific interest, the land also has deer roaming but no rats or snakes, a spokesman said.

The current owner Jo Davies and her family have been using the area to run holidays for disabled and disadvantaged people.