An idyllic island off Ireland’s West Coast is for sale – with its value cut by more than half thanks to the recession.

Inish Turk Beg, one of a myriad of islands in Clew Bay off Mayo, is on the market for just short of $4million.

That’s less than half the $11million businessman Nadim Sadek spent transforming the island into his dream hideaway from the pressures of the world.

Sadek was one of Ireland’s “Secret Millonaires” last year , taking part in a top rated TV program of that name.

The Irish Times reports that Inish Turk Beg has been put up for sale by receivers to Sadek’s business.

The paper says the sale of the island is being conducted jointly by Knight Frank and Sherry FitzGerald in association with Christie’s International Real Estate.

An Irish-Egyptian businessman, Sadek bought the island 10 years ago with the dream of turning it into his very own haven after selling his successful international market research business.

Over the years, he invested over $11million turning the island into a very special residential retreat, according to the report.

Local legend has it that previous visitors to the island include St Patrick.

The Beatles also bought one of the nearby islands at the height of their powers.

Translated as ‘the little island of the wild boar’, Inish Turk Beg covers some 65 acres deep inside the mouth of the bay and is a five-minute power-boat ride from the shore.

The report says that Sadek transformed it into a sanctuary where people could hide away and immerse themselves in a calming atmosphere.

Over a period of five years, Sadek brought his plan to reality. He also formed a trad music band, developed a rarefied single malt whiskey, organised painting and other artistic sessions, and established a stud for Connemara ponies near the mainland jetty.

Sadek is now believed to be living in London and the island business is in receivership.

The Irish Times reports that there are five houses on the island including a magnificent main residence as well as reception and craft centres, a pier, a separate floating jetty, an all-weather football/basketball complex, facilities for a home cinema, a gym and games complex, a large indoor heated swimming pool, and an outdoor sound system.

The main residence is an imaginatively designed contemporary two-storey house with six bedrooms, a number of spacious reception rooms, and a music hall.

The manager’s house – the original cottage of the island – is a spacious two-storey structure with three bedrooms and three reception rooms, overlooking the original pier.

Inish Turk Beg has a helicopter pad and is 65km from Knock Airport and about five miles from Westport, which was recently voted in The Irish Times as the best place to live in Ireland.