When you imagine the upper crust buying or selling an island, you might assume there would be more in the price negotiations than a few measly grand.

But an island off the coast of Tasmania passed in at auction on Saturday, with both the prospective buyers and the vendor stuck haggling over just $5000.

Ninth Island, the namesake of the popular Tasmanian wine brand, was up for grabs in the board room of Fletchers’ Canterbury office – more than 380 kilometres away from the island’s location in Bass Strait.

The 1.3 kilometres long and 550 meters wide piece of land covers 160,390 square metres, and is nestled just 11 kilometres from the north-eastern coast of Tasmania. It was marketed heavily to Chinese buyers, with a price tag of around $1 million.

Without water or power, the island offers only a fisherman’s shed and a population penguins and muttonbirds. Small boats can reach the island, but the easiest way to access the land is via helicopter.

Around 12 people watched the board room auction unfold on Saturday morning, with two bidders throwing their hat in the ring for the island.

After an opening bid of $990,000 made on the vendor’s behalf by auctioneer Mark Fletcher, the auction lumbered along at a slow pace with one phone bidder from Queensland and one young man bidding on behalf of his friend in China.

The two traded seven bids between them and pushed the price up to $1.19 million, but it wasn’t enough for the owner, who was looking for a reserve of $1,196,000.

The bidder in China was told the property could be his for just $5000 more, but he bowed out via text message to leave the exclusive right to negotiate for the property with the buyer in Brisbane.

Fletchers agent Jack Lim said while the prospective new owner did not say why he was interested in buying an island, he guessed it may have been for “ecotourism purposes”.

One potential buyer wanted to know if the property came with the Ninth Island vineyard, famous for its pinot noir drop, but Fletcher explained the eponymous label was only inspired by a view of the island.

Lim is continuing negotiations with the parties, but Ninth Island is still officially for the taking for anyone in the market for a little piece of Australia.