Jay-Z set to Purchase a Private Island for $3million

*Jay-Z is reportedly in the market for his own private island.

The 31-year-old rapper is looking for a secluded spot he can call home with wife Beyoncé Knowles and their one-year-old daughter, Blue Ivy.

According to UK newspaper The Sun, he plans to splash out $3 million on his own piece of land in the North Abaco district of The Bahamas.

Virgin boss Sir Richard Branson, who famously owns Necker Island in the British Virgin Islands, is said to be his inspiration.

‘Jay’s been looking for a private island for the family. He’s getting it partly to mark their fifth wedding anniversary but also, with Bey back in the spotlight, it’s getting impossible for them to do normal things such as go to the beach with Blue,’ a source said.

‘A private island means they’ll be able to have quality time with minimum staff and security.’

Beyoncé and Jay-Z married in April 2008 and since then their stars have risen to meteoric heights.

Jay is preparing for a summer tour with Justin Timberlake in North America while his superstar wife is launching her own world tour later this year.

The couple were mobbed on a trip to Cuba just last week as they celebrated their fifth anniversary in Havana.