We’ve all dreamed of owning our own private island, but for some reason no one wants to take over this piece of paradise.

We’ve all dreamed of owning our own private island, but for some reason no one wants to take over this piece of paradise.

Gina Rinehart has pulled out of buying a resort on Queensland’s idyllic Great Keppel Island for $50million.

According The AustralianGKI Investments, which is owned by billionaire mining tycoon Ms Rinehart, pulled out without citing a specific reason.

However, industry insiders say a number of factors may have led Australia’s richest woman to opt out of buying the resort, which has been on and off the market for more than 10 years.

“It’s a truly beautiful part of the world, but vast island developments haven’t worked out,” a source told News Corp.

“They also have a bad track record with cyclones and all that. Let’s face it, there will only ever be one Hamilton Island and no one has the guts to try to make another.

“We hope we can make it better than it’s ever been, with a world-class year-round beach club, sand bars, shops and more experiences around a marina-inspired marina. hit like Puerto Banus,” she said. “We envision a year-round swimmable beach club and underwater bar that can bring the benefits of overseas tourism to Australia.”