Russian tycoon Dmitry Rybolovlev is building a 120 million euro VIP resort on his private island of Skorpios, western Greece, previously owned by shipping magnate Aristotle Onassis.
In 2013, the Russian businessman bought the island where he plans to build 20 to 22 villas, each covering 500 to 1,200 square meters.
Greece's joint ministerial committee on investments gave the green light for the project on Thursday.
Visitors at the villas will be charged between 10,000 to 30,000 euros per day, according to Greek press reports.
About 20 private Greek islands are currently up for sale but few have managed to draw investors, due to high costs, taxes and red tape.
Aristotle Onassis purchased the barren isle for less than $20,000 in 1963 and then added utilities, a forest and built a compound that includes three residences and a helicopter pad. He married former First Lady Jacqueline Kennedy there in 1968.
After Onassis' death in 1975, the private island was eventually passed on to Athina Onassis, his granddaughter and sole living heir. She is said to have spent little time on Skorpios before selling it to the Russian magnate for about $150 million.