He spent $135 million to save a dying island. The results are impressive.

British billionaire Ian Wace has undertaken an ambitious and costly project to revitalize the Scottish island of Tanera Mòr, transforming it from a near-abandoned state into a thriving community and natural haven. Wace acquired the island, the largest in the Summer Isles archipelago off Scotland's northwest coast, in 2017 for approximately $2.2 million.

Upon purchase, Tanera Mòr was in a state of decline, with many historic buildings dilapidated and its population dwindling. Once a significant center for the herring industry, the island's economy had faltered over time, leading to emigration. Wace's vision extended beyond mere acquisition; he embarked on a massive revitalization effort, investing around $135 million to date.

The project's scope is extensive. Over 50 buildings have been restored, including historic homes. Approximately 7 kilometers of roads and new pathways have been created. Significant emphasis has been placed on ecological restoration, with over 100,000 trees planted, hundreds of native aquatic plants introduced, eight ponds created, and over 11 hectares of former farmland reclaimed. Efforts are also underway to revive traditional crafts, including the restoration of two historic herring boats and a loom for tweed production. Workshops on various skills, from sail making to bread baking, are also offered.

Tanera Mòr now features communal spaces like a pub, chapel, cinema, and gym, accommodating up to 150 people. The project prioritizes local employment, with over 60% of staff from the Scottish Highlands. It also runs a regeneration program for public sector workers, including healthcare professionals and military personnel, having hosted over 1,300 individuals. In 2020, the island was transferred to a charitable foundation, and the project expanded to the nearby Coigach region, with local organizations receiving over 3,000 hectares of mainland land.