Europe's richest woman, Liliane Bettencourt sold off her private island in the Seychelles.
The 89-year-old L'Oreal heiress gave the island to Save Our Seas Foundation, a Geneva-based nonprofit organization that plans to turn the land into a nature reserve.
Save Our Seas said in a statement that it agreed to manage the island famous turtle breeding, BBC reported.
"(We will) undertake all what is necessary to protect this unique piece of land in the world and to preserve the environmental legacy of this exceptional group of islands in the Seychelles," the organization said.
There is no official confirmation on the transaction amount but reports are doing its rounds that the deal was struck for $60 million to $94 million. Forbes contacted the authorities for the exact amount, but they are yet to comment on that.
News of the change in ownership came into the spotlight this week when Seychelles government called a press conference to discuss the future of the island under Save Our Seas Foundation.
Much controversy is already surrounding the huge transaction. As part of the sale, Bettencourt has agreed to split over $8 million in unpaid taxes.
As per reports, this is the same amount that she reportedly never paid to the Seychelles government, at the time of her 1997 purchase.
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