US billionaire and venture capitalist Tim Draper has put his interest in Lupita Island, a luxury resort on Tanzania’s Lake Tanganyika, up for sale for $7.9 million or the best offer. Draper announced the sale on August 28, saying he and his family no longer use the property enough. He reportedly told Forbes that he had already received several offers. However, Tanzania’s Ministry of Lands, Housing and Human Settlements Development has clarified that Draper does not own the island’s underlying land. The ministry said the land remains under the ownership of the Tanzania Investment and Special Economic Zones Authority (TISEZA). According to the government, Firelight Safaris Ltd, in which Draper is a shareholder, holds a derivative right to use the land for a tourist hotel. The company can transfer its investment to another investor, but any such transaction must comply with Tanzanian law. Lupita Island covers about 110 acres and operates as an exclusive resort featuring cottages, a swimming pool, spa, gym, private beach and various water activities on Lake Tanganyika. Draper became involved with the property in 2004 and helped develop it into a luxury retreat. The development has therefore raised questions over what exactly is being offered for $7.9 million: the island’s land itself, or Draper’s investment interest and the resort business operating on state-owned land.