Billionaire Ian Wace invests $135 million to revive Scotland's Tanera Mòr island

In 2017, billionaire hedge-fund manager Ian Wace purchased Tanera Mòr, the largest of Scotland's Summer Isles, for roughly £1.7 million. Viewing the decaying island as a chance for renewal, he initiated a regeneration programme now valued at about £100 million, encompassing restoration of more than 50 historic buildings and the construction of 4.5 miles of new roads and pathways. The ecological component has seen the planting of over 100,000 trees, the establishment of eight ponds with native aquatic plants, and the reclamation of 28 acres of historic farmland.

Traditional Scottish skills are being re-introduced, including the refurbishment of two historic herring luggers and the operation of a loom producing Tanera tweed. Communal amenities such as a former quarry-turned operations centre, a pub, chapel, art studio, cinema, gym, sauna and a central cookhouse now support a growing community of workers and visitors, including more than 1,300 NHS, police and armed-forces personnel who have taken restorative stays. The project also aims to create lasting jobs for Highland residents, with over 60 % of the full-time workforce drawn from the region, and has expanded to nearby mainland land and properties through a charitable trust established in 2020.