San Francisco, CA (WFN) -- Paying $1,500 for a 16-acre island is a steal, but would you pay that much for a virtual island?

That's the going rate in the virtual reality world called Second Life which has some internet geeks paying not so virtual prices.

In the digital world, people can build their own property and purchases are based on a virtual currency called Linden dollars -- which can be purchased on third party websites for 200 Linden dollars for every one U.S. dollar.

Second Life CEO Philip Rosedale says most people spend their time and money in the digital world playing and having fun -- but other users make a profit buying virtual land and reselling it to other users.

The virtual land is ideal in Rosedale's opinion because, "real estate is so valuable because they're not making any more of it."

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