Austrian buys unique East German Baltic island with 999-member plan

An Austrian businessman has purchased a unique former East German island in the Baltic Sea for €60,000 and plans to involve 999 people in its future development. The 700-square-meter artificial island, Ostervilm, was formerly a naval degaussing station. Oliver Pesendorfer, founder of modular home company McCube, bought the island in early June without visiting it. He initially planned an event location but authorities raised concerns about the site's location in a biosphere reserve. He now intends to establish a cooperative where 999 people can buy shares at €999 each. The island's renovation is expected to cost €1.5 million, with structural concerns remaining about the platform's supporting tree trunks and deteriorating concrete. A pier for boats is planned, though construction timelines and usage rules remain undecided.