The price for San Francisco Bay’s only private island has plummeted to $5 million (£3.3 million).

Red Rock Island had been asking for $9 million – itself a reduction from the original $22 million listing in 2012.

There’s currently not a lot on the storied island’s six-acre expanse of rock, sand and vegetation, sited close to the Richmond-San Rafael Bridge. But potential buyers have several options.

Listing agent Private Islands Online says: ‘The island has a myriad of possibilities for tourism development, preservation as a natural sanctuary, mineral extraction site, or just as your highly unique personal retreat.’

Past owners include architect Frank Lloyd Wright’s son Mendel Glickman. The only person to ever live on the island was Selim Woodworth, son of American poet Samuel Woodworth.

According to SFGate, the first written mention of the island was in 1812 when Russian hunters used it as a base to kill sea otters. In San Francisco folklore, Red Rock Island was also a burial place for pirate’s treasure.