Win the $810 Million Payout and You Can Easily Afford this Island

$810 million.

It's the 3rd highest jackpot in Mega Millions history.  The cash option payout would be approximately a little north of $470 million. We all know the odds of winning are microscopic.  To be exact, the odds of winning the big payoff are 1 in 302.5 million.

Let's put that number in perspective.  Let's invite every person in Texas to stand in a mammoth open field in West Texas.  That's about 29 million people in this huge hypothetical pasture. Now, let's also invite every person in the United States to this field, with the exception of Florida and Tennessee. That adds up to about 302 million people.  Now, let's randomly select one person.  That about sums up your chances of winning.

But, that minuscule chance is still bigger than the chances of winning when buying no ticket at all.  And sooner or later, someone is going to win this Mega Millions jackpot.

So, let's go ahead and daydream.  What would you do with that kind of money?  I would hope that your church and a number of charities would be on your list of major contributions. If you are looking to splurge, I have an idea.

There is an island in the Bahamas that has just come up for sale.  It's nicknamed 'Little Ragged Island' and it's 721 acres of beautiful beaches surrounded by crystal blue water.  The price tag is around $14.5 million.  In fact, it's up for auction right now, with no reserve. You could purchase the island to have as your very own private escape, or you could target this as a long-term investment and develop the island into a paradise getaway for the affluent.

After pocketing the Mega Millions cash option of $470 million, you would still have plenty of money after the $14.5 million purchase price to put a few hotels, resorts, and a golf course on your island.

Thanks to TopTenRealEstateDeals.com, let's take a look at this island in the Bahamas that could be yours if you are that 1 out of 302 million. Photos are courtesy of Sotheby's Concierge Auctions.