CA Man Buys Island For Less Than The Price Of A House In His Native Laguna Beach

Business & Tech

CA Man Buys Island For Less Than The Price Of A House In His Native Laguna Beach "It's less than the price of a new car."

LAGUNA BEACH, CA — A California native has opted to pass on purchasing a house in his hometown of Laguna Beach in favor of buying an entire island in Finland at a much more affordable price than a typical SoCal residence, according to reports.

Oliver Russell, 24, is half-American and half-Finnish, according to Business Insider , which reported Russell was raised in Laguna Beach but grew up summering in Finland, which is home to over 178,000 islands.

The one Russell acquired is more than 2.5 acres and completely secluded, without electricity, plumbing or any structures, although Russell has plans to add a cabin and sauna, according to information Russell posted about the cabin on TikTok. Russell is chronicling the island's progress on social media and has more than 500,000 followers across TikTok, Instagram and Youtube.

Russell, who plans to tackle the projects with girlfriend Helena Tomaszewska, offered just over $30,000 for the island, several thousand dollars under the asking price for the property three hours from Helsinki, and his offer was accepted in March, Business Insider reported.

"For land, especially coming from California, you cannot buy anything for that price," he told the publication. "It's less than the price of a new car."

The average home in Laguna Beach is valued at just under $2.9 million, according to Zillow.

Russell was able to afford the island after receiving a settlement related to injuries he suffered in a traffic crash, which he used to buy a condominium in 2020 in Colorado that he sold in 2022, making $80,000, Business Insider reported, noting Russell also had success with tech investing.