most_expensive_freehold_island_Interested in buying an island this Christmas and don’t want to settle for anythingless then the best! Then, get ready to free millions for owning the most expensive freehold island in the world, Vatu Vara island in Fiji. The island is nicknamed Hat Island due to its unusual shape and it is said to be one of the last four freehold islands to come on to the market in Fiji. The two-mile-wide island is for sale for an asking price of $75 million.