Accessible via private barge, Ram Island is a 10-minute trip from Pontypool on the state's East Coast.

Many Tasmanian islands are offered only on leasehold contracts, which allow ownership for a set period.

Ram Island is one of just 11 privately-owned islands on Tasmania's coastline, meaning its new buyer will have full ownership of the land.

Gravel roads connect the 26-hectare island, which was empty until two and a half years ago.

Its owners, who have had the land for more than 20 years, built a modern-four bedroom home that looks out towards the Tasman from a huge wraparound deck.

The island is fully self-sufficient, boasting 250,000 litres of water storage, backed-up solar power, and a huge garage and machinery shed.

Jenkins and Co. Property's Phillipa Jenkins said the property had attracted "incredible" interest as a holiday home, and had also prompted enquiries from investors with plans to further develop the island.

Ms Jenkins said the home had been difficult to price.

"There have been islands around Australia that have sold from anywhere to $6 million to $10 million.

"I'd imagine it's probably going to have to be somewhere there given the infrastructure on this island is phenomenal - it's 100 per cent self-sufficient," she said.

The island has roots back to 1824, when it was owned by the Pyke family.

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Mr Pyke, a baker, would receive shipments of flour from Hobart and take woodfired bread up to Swansea for distribution.

A cemetery where 13 of the family were buried occupies a quarter acre of the island, while the waterside remains of historic machinery offer further insight into its past.

Nowadays, the only machinery needed is the barge that comes with the island.

"You own a strip of land on the mainland, that's like your driveway," Ms Jenkins said.

"It comes down from Pontypool and down at the end of the driveway is your barge sitting in the water ready to take you across."