A small private island near southeastern Australia is up for grabs with features like a penguin colony, rugged sandstone and a ex-con history.

Picnic Island, located 500 metres from Tasamania's shoreline, was originally a hub for the whaling and sealing industries during the 1800s. During off-season, the landowner would make convicts dig out sandstone. The most recent owner, a property developer in Queensland, bought Picnic Island for $65,000 in 2005 reports The Sydney Morning Herald.

The only stipulation is that camping-style accommodations are the only type of development allowed on the island so that its bird colonies would not be disturbed.

The island's other selling points include a nesting ground for short-tailed shearwaters (a species of seabird) as well as an abundant supply of abalone, oysters and mussels. The island is expected to fetch somewhere between $500,000 and $1 million.