The World is made up of 300 manmade islands.

Nakheel has sold the island of Greece in its manmade archipelago The World, it announced today.

A spokesperson for the Dubai-based developer told ArabianBusiness.com the island was sold on Tuesday for $15.5 million, but would not reveal details of the buyer.

However, the spokesperson could confirm the owner is not notorious US rocker Tommy Lee, who said in May he wanted to buy the island for ex-wife and former Baywatch star Pamela Anderson.

The buyer is also not UK budget airline entrepreneur Stelios Haji-Ioannou or Greek shipping magnate Theodore Angelopoulos, both of which have been linked with the island.

The spokesperson said there had been a minor bidding war over the island, but did not reveal how many parties were involved.

The $15.5 million paid for Greece is at the low end of the scale for one of The World’s islands.

Prices range from $15 million to $50 million, but the total cost of developing an island is much higher as owners are expected to provide all the necessary infrastructure.

Around 40% of the 300 islands that make up The World have been sold so far.

The spokesperson said all of the islands that make up the US and Canada have been bought. Most of Europe has also been bought, although no one has yet to buy France.

So far this year Nakheel has sold 21 islands, including Kazakhstan and Moscow, the spokesman said.

Some of the islands represent countries, while others represent cities.

Each year Nakheel invites 50 people, made up of mainly celebrities, business elite and royalty to come and view The World, and then if they are interested buy into the project. The next invitations are expected to be sent out in November.

Reclamation work is set to be completed in 2008, at which point the islands will be handed over to developers.