Sep 07, 2015 06:00 AM EDT

NEWS FLASH! Red Rock Island In San Francisco Bay Up For Grabs For $5 Million

Red Rock Island, a privately owned property by a lawyer residing in Thailand and located in the famous San Francisco Bay, is up for grabs for a discounted price of $5 million.

There's a catch though, according to Yahoo, the 5.5-acre property is just a massive dome-like rock with scanty trees and grass and nothing more. Red Rock Island was acclaimed to have a possibility of gas reserves and was already on the market property listing three years ago for a whooping price of $22 million. But, Newser detailed the price dropped down to $9 million when residents of San Francisco were poised to challenge the drilling. Presently, it plunged down to $5 million dollar slightly higher than the iconic "Flintstones House" in Hillsborough which sells for $4.2 million.

Related: Iconic 'Flintstones House' In Hillsborough Fetches $4.2 Million; Want To Take A Look Inside? [WATCH VIDEO]

The real estate agent who handles the deal, Steven Higbee, told ABC News it's in a weird limbo at the moment. "It's been dormant for probably three years."

The island would offer majestic views of San Francisco's skyline to the new owner, including exclusivity and privacy plus great fishing opportunities. If you're interested, you would have the rights to the island's sand, vegetation, rock and minerals, as per SFGate.

Daily Mail has uncovered that according to legend, Red Rock Island was previously a burial ground for pirate's treasure — though nothing has been recovered so far nor there were confirmed reports. Russian hunters in the early 19th century trapped otters on the island, which has on its northside a private beach that faces Richmond Bridge.

The land was purchased by the son of architect Frank Lloyd Wright, Mendel Glickman, for less than $50,000 in 1964. Glickman had a vision of transforming Red Rock Island into a tourist vacation getaway as well as unearthing its gas reserves. Unfortunately, it was not realized and when he died, his son David, a lawyer, acquired the property which was later passed on to Mack Durning, his business associate.

Higbee said, "The Durning sons are the owners of record, and they do want to sell it."

He added that the price is "fair enough" and that the most the new owner would do is to build a structure on it, "whether it's a weekend place or a permanent place."

Probably the best reason that somebody would acquire Red Rock Island for $5 million would be its "bragging right," ended Higbee, as per San Jose Mercury News.

We'll see if somebody indeed would be interested in the property in the days ahead.

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