Dar es Salaam. American venture capitalist and bitcoin investor Tim Draper has received unusual offers, including gold mines, houses and cattle, after listing his luxury resort on Tanzania’s Lupita Island for $7.9 million.
Draper announced the sale on X on August 28, saying his family no longer used the 110-acre property enough to justify retaining it.
“Gorgeous place, but we don't use it enough. $7.9 million or best offer,” he wrote.
Speaking to the New York Post, Draper said the listing had attracted significant interest, including proposals to exchange the property for gold mines, houses and cattle, as well as an offer of $1 with a promise to pay the remainder later.
The resort has been a long-term investment for Draper, who conceived the project after a trip to the Caribbean and later visited Tanzania on a family safari.
He worked with safari operators Tom and Belinda Lithgow to identify the then-uninhabited Lupita Island. Construction began in 2004 and the resort opened in 2008. Draper has said the development cost about $6 million.
The proposed sale has also prompted clarification over ownership of the island under Tanzanian law.
The Ministry of Lands said Lupita Island is public land held by the Tanzania Investment and Special Economic Zones Authority (Tiseza). Foreign investors do not acquire direct ownership of land but can obtain rights to develop and use it.
Firelight Safaris Limited, in which Draper is a shareholder, holds a Derivative Right allowing it to develop and operate the resort. Such rights can run for up to 99 years and may be renewed.
Draper acknowledged the distinction, saying the sale concerned the buildings and other improvements on government land held under a lease.
The transaction therefore involves the resort’s buildings, other tenant improvements and applicable development and operating rights, rather than ownership of the island itself.
Lupita Island, located in Lake Tanganyika in Rukwa Region, covers about 110 acres and is accessible by boat.
The resort has 10 thatched-roof cottages, some featuring open-air baths and private plunge pools. Other facilities include a spa, gym, swimming pool, games room, bars and a 46-foot boat.
Draper is better known for investments in technology and digital assets. Through Draper Associates and the Draper Venture Network, he has backed companies including Hotmail, Skype, Baidu, Tesla, SpaceX, Coinbase and Robinhood.
He also bought 29,656 bitcoins seized from the Silk Road marketplace in 2014.
It remains unclear whether Draper will accept a cash offer or one of the alternative proposals. Any transaction involving the resort will have to comply with Tanzania’s land and investment laws.
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