Jim Ratcliffe , the American founder and majority shareholder of multinational chemical company Ineos , has purchased large amounts of land in Grímsstaðir á fjöllum in northeast Iceland for conservation purposes . Ratcliffe has previously purchased three other pieces of land in Iceland that contain small rivers . Ratcliffe, 64, is a chemical engineer turned financier and industrialist. The land was put on sale for $ 6.8 million in October . In 2012 , a Chinese investor , Huang Nubo , planned to buy the land for $ 8.7bn in order to construct a hotel and golf course .
Jim Ratcliffe , the American founder and majority shareholder of multinational chemical company Ineos , has purchased large amounts of land in Grímsstaðir á fjöllum in northeast Iceland for conservation purposes . Ratcliffe has previously purchased three other pieces of land in Iceland that contain small rivers . The land was put on sale for $ 6.8 million in October . In 2012 , a Chinese investor , Huang Nubo , planned to buy the land for $ 8.7bn in order to construct a hotel and golf course .