Tanzania tells US Tesla investor Tim Draper he does not own island he wants to sell
Tanzania has told US investor Tim Draper that he does not own the land on Lupita Island in Lake Tanganyika, after the billionaire announced plans to sell his interest in the property for $7.9 million (about Ksh1.02 billion). Draper, a venture capitalist who has invested in companies including Tesla and SpaceX, announced on August 28, […]
The United States' venture capitalist Tim Draper announced his intention to sell his interest in Lupita Island, an island in Lake Tanganyika, Tanzania, for $7.9 million. However, Tanzania's Ministry of Lands, Housing and Human Settlements Development has clarified that Draper does not own the land on which the island is located.
According to the ministry, Lupita Island is among areas designated for investment under Tanzania Investment and Special Economic Zones Authority (TISEZA), and the island is leased to Firelight Safaris Ltd. The ministry stated that TISEZA, the legal owner of the land, issued a derivative right to Firelight Safaris Ltd for use as a tourist hotel.
Therefore, Firelight Safaris Ltd, rather than Draper, holds the investment and rights to the property. This means any transaction involving Draper's investment would not constitute a private sale of the island's land, but rather a transfer of Firelight Safaris Ltd's investment to another investor, provided it follows Tanzanian laws and procedures.
The distinction is crucial as Draper's public statement described the sale as his island, while the Tanzanian government asserts that the underlying land remains under TISEZA's ownership.
Written by urgent.news from People Daily Kenya's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
