Checking out this new real estate listing makes me want to go hit up the boss for a raise! Wouldn't it be cool to own a private island? It's not too often that they go up for sale around here. In fact, this one is now on the market for the first time in 65 years!

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Crab Island, a 10 minute boat ride from the mainland and just off the coast of Freeport, is now listed on Trulia by Real Estate Agent Karen Reiche of LandVest Inc. Here's a fun fact about the island - it was previously owned by Admiral Peary's daughter. He's the guy who discovered the North Pole!

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The island is well vegetated, with walking paths throughout the property. As for the house on the island, they only provide aerial photos, so we can't really tell how nice it is. It's modestly described as a "camp" with two bedrooms, and a large fireplace.

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Now, let's talk about the asking price. What do you think a one acre private island should go for? Millions of dollars? Try UNDER one million - $950,000 to be exact. With 20% down, your mortgage payment would be just under $5,000 a month. If that sounds just a bit out of your price range, consider this - get a group of friends to go in on it, then everyone gets it for a month out of the year! And then let ME have it for a month a year, for giving you the idea. Sound good??

Photos courtesy of Trulia/Karen Reiche, LandVest Inc.