American venture capitalist and bitcoin investor Tim Draper’s plan to sell his luxury resort investment in Tanzania for $7.9 million is attracting a wave of unusual offers, including gold mines, houses and cattle.
- Tim Draper is seeking to sell his luxury resort investment in Tanzania for $7.9 million, sparking unconventional offers including gold mines, houses, and cattle.
- Tanzania’s government clarified that Draper does not own Lupita Island but holds a transferable investment interest through Firelight Safaris Ltd.
- The property sale involves the resort’s buildings and operating rights, not actual ownership of the land, which is state-owned and managed by TISEZA.
- The government questioned how the land was previously acquired and clarified all transfers must comply with local laws.
The development comes weeks after Tanzania’s government clarified that Draper does not own Lupita Island, where the resort is located, but holds an investment interest that can be transferred under the country’s laws.
Draper announced the sale on August 28, saying his family no longer used the 110-acre property enough to justify keeping it. He put the asking price at $7.9 million or the best offer and invited prospective buyers to contact him directly.
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Business Insider Africa earlier reported that the deal had faced queries from the Tanzanian government, which disputed the ownership of the land involved. The Tanzanian government said the land was state-owned and raised concerns over how it had been acquired and transferred.
According to The Citizen, the listing has since generated significant interest, with some potential buyers proposing to exchange the resort for gold mines, houses and cattle. One offer reportedly involved paying $1 upfront and settling the balance later.
The unusual proposals have added a new twist to a sale that initially attracted attention after Tanzania’s government challenged the description of the property as Draper’s “island.”
![Tanzania's government clarified that Draper does not own Lupita Island but holds a transferable investment interest through Firelight Safaris Ltd.. [Photo by VCG/VCG via Getty Images]](https://ocdn.eu/pulscms/MDA_/4ac091bb0b5fc5c19c56207973d37fe9.jpg)
What buyers are actually bidding for
Tanzania’s Ministry of Lands said Lupita Island, located in Lake Tanganyika’s Rukwa Region, is public land held by the Tanzania Investment and Special Economic Zones Authority (TISEZA).
Firelight Safaris Ltd., in which Draper is a shareholder, holds a Derivative Right allowing it to develop and operate a tourist hotel on the island.
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The government said the investment can be transferred to another investor provided the transaction follows Tanzanian laws and procedures.
The $7.9 million deal therefore concerns the resort development, buildings and other improvements, alongside the applicable investment and operating rights, rather than ownership of the land itself, The Citizen reported.
The resort, which opened in 2008 after an estimated $6 million development investment, features 10 thatched-roof cottages, a spa, gym, swimming pool, games room, bars and a 46-foot boat.
It remains unclear whether Draper will accept one of the unconventional proposals or a conventional cash offer. Any transfer will ultimately have to comply with Tanzania’s land and investment regulations.
