You can buy a third of a Hawaiian island for $260 million - but there's a catch

One-third of the island of Molokai - the fifth-largest island in Hawaii - is up for sale for $260 million.

The property, called Molokai Ranch, encompasses 55,575 acres of the island. Mark Zuckerberg had reportedly considered purchasing it back in 2015, before he ultimately settled on a 750-acre property on the North Shore of Kauai.

The land doesn't come without restrictions, however. Its current owner, investment holding company GL Ltd., has run into numerous issues with the island's 7,000 locals while attempting to build various projects there since the 1990s, reports Bloomberg. Many objected to what they saw as overdevelopment of their homeland, and in response, GL shut down the ranch in 2008.

"Residents of Molokai don't like to be bullied," Alan Arakawa, the mayor of the city and county of Maui, said.

Ultimately, GL said it hopes the buyer has a "new vision" for the property. Scott Carvill and Vicki Yu of Carvill Sotheby's International Realty have the listing. See its stunning coastline and land, below.