From a dying island to 100,000 trees: How a billionaire turned his $2.2 million Scottish buy into a $135 million revival
The revival has gone beyond restoring the island, with new jobs, traditional crafts, public-service retreats and projects across the wider Highlands.
- Aug 13, 2026,
- Updated Aug 13, 2026 10:00 AM IST
A Scottish island bought by billionaire hedge fund manager Ian Wace for about $2.2 million is now at the centre of a roughly $135 million regeneration project, the Times of India reported. Since buying Tanera Mòr in 2017, Wace has funded the restoration of its buildings, farmland and natural habitats while trying to revive the community that once thrived there, according to a report by Times of India.
Tanera Mòr is the largest of Scotland's Summer Isles, located off the country's north-west coast near the Coigach peninsula. Wace had first seen the island advertised for sale in 2013, before eventually buying it for about £1.7 million.
When he returned to Tanera, Wace felt it was "dying". Instead of developing it as a private luxury retreat, he chose to restore its historic buildings and landscape and rebuild parts of its community.
The project has since grown into a roughly £100 million regeneration effort covering infrastructure, environmental restoration, employment and community initiatives.
More than 50 buildings restored
More than 50 buildings have been restored, including historic cottages and other structures that had fallen into disrepair. The project has also created roughly 4.5 miles of roads and new paths to reconnect parts of the island.
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Tanera's natural landscape has undergone a major transformation too. More than 100,000 trees have been planted, while eight ponds have been restored with hundreds of native aquatic plants, creating around 1.5 million litres of freshwater pond habitat.
About 28 acres of historic agricultural land have also been reclaimed, alongside the restoration of orchards and pastures.
Bringing back traditional skills
The project is also reviving crafts linked to the region's history. Two historic herring luggers, the Clan Gordon and St Vincent, were restored, with local boatyards contributing around 16,000 hours of skilled work.
A restored loom is being used to produce Tanera tweed, while workshops offer activities including sailmaking, breadmaking, art, writing, flower arranging and land management.
A community beyond the island
Tanera has developed shared facilities including a pub, chapel, art studio, cinema, gym, sauna and communal cookhouse. A former quarry has also been converted into an operational centre with offices, accommodation and workshops.
The island says more than 1,300 public-service workers from professions including the NHS, police and armed forces have taken part in restorative stays.
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The project is also creating jobs in the wider Highlands. Tanera says more than 60% of its full-time workforce comes from the Scottish Highlands, while around 150 people can be working and staying on the island at a given time.
The revival expands to the mainland
The project has now moved beyond Tanera Mòr. In 2024, almost 8,000 acres of mainland land were gifted to the Coigach Community Development Company. Restoration work is also underway at Achnahaird Farm, while the historic Summer Isles Hotel is being refurbished and is expected to reopen in 2027.
In 2020, Tanera was transferred into a charitable trust. What started as a £1.7 million island purchase has since become a roughly £100 million effort to restore its environment, heritage, economy and community.
A Scottish island bought by billionaire hedge fund manager Ian Wace for about $2.2 million is now at the centre of a roughly $135 million regeneration project, the Times of India reported. Since buying Tanera Mòr in 2017, Wace has funded the restoration of its buildings, farmland and natural habitats while trying to revive the community that once thrived there, according to a report by Times of India.
Tanera Mòr is the largest of Scotland's Summer Isles, located off the country's north-west coast near the Coigach peninsula. Wace had first seen the island advertised for sale in 2013, before eventually buying it for about £1.7 million.
When he returned to Tanera, Wace felt it was "dying". Instead of developing it as a private luxury retreat, he chose to restore its historic buildings and landscape and rebuild parts of its community.
The project has since grown into a roughly £100 million regeneration effort covering infrastructure, environmental restoration, employment and community initiatives.
More than 50 buildings restored
More than 50 buildings have been restored, including historic cottages and other structures that had fallen into disrepair. The project has also created roughly 4.5 miles of roads and new paths to reconnect parts of the island.
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Tanera's natural landscape has undergone a major transformation too. More than 100,000 trees have been planted, while eight ponds have been restored with hundreds of native aquatic plants, creating around 1.5 million litres of freshwater pond habitat.
About 28 acres of historic agricultural land have also been reclaimed, alongside the restoration of orchards and pastures.
Bringing back traditional skills
The project is also reviving crafts linked to the region's history. Two historic herring luggers, the Clan Gordon and St Vincent, were restored, with local boatyards contributing around 16,000 hours of skilled work.
A restored loom is being used to produce Tanera tweed, while workshops offer activities including sailmaking, breadmaking, art, writing, flower arranging and land management.
A community beyond the island
Tanera has developed shared facilities including a pub, chapel, art studio, cinema, gym, sauna and communal cookhouse. A former quarry has also been converted into an operational centre with offices, accommodation and workshops.
The island says more than 1,300 public-service workers from professions including the NHS, police and armed forces have taken part in restorative stays.
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The project is also creating jobs in the wider Highlands. Tanera says more than 60% of its full-time workforce comes from the Scottish Highlands, while around 150 people can be working and staying on the island at a given time.
The revival expands to the mainland
The project has now moved beyond Tanera Mòr. In 2024, almost 8,000 acres of mainland land were gifted to the Coigach Community Development Company. Restoration work is also underway at Achnahaird Farm, while the historic Summer Isles Hotel is being refurbished and is expected to reopen in 2027.
In 2020, Tanera was transferred into a charitable trust. What started as a £1.7 million island purchase has since become a roughly £100 million effort to restore its environment, heritage, economy and community.