Jeffrey Epstein's 'Paedophile Island' to be turned into luxury resort after selling for $60m

Jeffery Epstein’s private island in the Caribbean has been sold, with plans to turn it into a luxury resort.

Nicknamed ‘Paedophile Island’, the former home of the convicted sex offender will now be turned into a 25-room luxury resort by a billionaire financier.

Unsurprisingly though, the infamous island went for less than half of its asking price.

Epstein bought the 75-acre Caribbean estate back in 1998 for $7.95 million (£5m).

Spanning over two islands off the coast of St Thomas, it had a mansion, two accompanying guest houses, a swimming pool and a helipad.

Officially called Little St James, the luxury island was the site of many of Epistein’s many crimes including the trafficking, grooming and rape of underaged girls, according to prosecutors.

Shockingly, he would also host many high-profile guests at the lavish property - which allegedly included Prince Andrew.

Despite this, the island was still thought to be worth a staggering $45 million (£35.7m) prior to Epstein’s death in 2019.

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After he committed suicide in prison, the island was at the centre of a civil dispute with the Virgin Islands government.

Though a settlement was eventually reached, the value of the Caribbean getaway reduced dramatically, with the island recently being sold for $60 million (£47.6m)

Despite the property’s reputation and the multiple conspiracies surrounding it, new owner Stephen Deckoff is hoping to turn it into a luxury resort.

Having founded the investment firm Black Diamond Capital Management, Mr Deckoff has said that he plans to build a 25-room retreat on one of the islands.

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"I've been proud to call the U.S. Virgin Islands home for more than a decade and am tremendously pleased to be able to bring the area a world-class destination befitting its natural grace and beauty," he revealed to SD Investments.

Expected to open in 2025, the new resort is currently being developed by a group of architects and engineers who will incorporate local culure.

"There is simply no place in the world as special as the U.S. Virgin Islands and I am humbled by the opportunity to share its splendor with visitors in a manner that will provide economic benefits to the region while respecting its culture, history and natural beauty,” said Mr Deckoff, adding: “I very much look forward to working with the U.S. Virgin Islands to make this dream a reality."