Italy wants to buy back a Mediterranean island owned by New Zealand businessman Michael Harte, who bought it just two months ago.
The 47-year-old paid $4.8 million at auction last month for the pristine Budelli Island - an Italian national park considered to be one of the most beautiful islands in the Mediterranean.
Budelli is part of the La Maddalena island group which lies between Sardinia and Corsica and is renowned for its "pink'' beach at the southeastern part of the island.
Mr Harte, the chief information officer for Australia's Commonwealth Bank, said he liked the idea of being involved with a conservation project in Europe.
But Italy's Senate has now passed a special dispensation which would allow the state to buy back the island, The Guardian reported.