CNN —The last piece of privately-owned land in the Arctic archipelago Svalbard is up for sale for a cool 300 million euros ($324 million). The Arctic is of increasing geopolitical importance as climate change melts sea ice. The land is governed by the Svalbard Treaty. Knight FrankAn eventual buyer will in fact acquire Aktieselskabet Kulspids, a privately owned Norwegian limited company which owns the land. The purchaser will have to come from one of the 46 nations that have ratified the Svalbard Treaty, which established Norwegian sovereignty over the archipelago.

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Persons: Knight Frank, Knight Frank “, Wedel, Kyllingstad, ”, Jonathan Webb, Zeiler Floyd Zadkovich, Webb Organizations: CNN, “ Locations: Svalbard, Norway, Longyearbyen, Norwegian, Oslo, Svalbard Treaty, China