Little Ragged Island in the Bahamas is the sort of beach paradise that would drive a location scout batty. Neither little nor ragged, it's 700 acres of pristine, white beaches, saltwater ponds, coconut palms and azure ocean stretching as far as the eye can see. Little Ragged Island also hap­pens to be up for sale - for $20 million.

Folks wanting to make it a personal vacation paradise, however, have their work cut out for them. The uninhabited island lacks even a wooden shack. There is no running water, no electricity and, of course, no telephone.

That's part of the allure, explains Farhad Vladi, owner of Vladi Private Islands and the broker who sells most of the world's private islands. "You can't enlarge or change the island around, you can't substi­tute the trees, but with money you can build houses at any time."

"We are seeing an ever-increasing demand for is­lands," says John Christie, a broker in the Bahamas. "They are becoming quite a status symbol."

Not surprisingly, industry types with a love for total solitude and the budget to build their retreats from scratch are snapping up islands all over the world, using as their model Marlon Brando, who fa­mously bought the secluded Tahitian island of Teti'aroa after filming "Mutiny on the Bounty"(1962). Johnny Depp just bought the $3.5 million Little Hall's Pond Cay, a 35-acre island in the Caribbean with a modest cottage, tiki hut and miles of natural coral reefs. Mel Gibson bought the °a"15­uiillion, 5,400-acre Fijian island of Mago, which boasts a copra plantation, a village of 40 residents and a herd of goats. Palm Pictures' Chris Blackwell has owned Rooster Cay in the Bahamas since 1983. Both Ted Turner and the Disney family bought Stateside: St. Phyllis Island in South Carolina and Echo Island in Washington state, respectively. For anyone wanting a taste of the private life, Richard Branson's villa-cov­ered Necker Island in the British Virgin Islands occa­sionally rents for $15,000 a day.

Vladi and his cohorts keep their client lists locked away, but rumors abound of celebs checking out the market-. Hugh Grant is "considering" half of an island in the Cote d'Azur (for $50 million); Clint Eastwood is rumored to be buying an island in Croatia.

"Entertainment people appreciate that they con­trol the island, with no influence from third parties," Vladi points out. "You can be sure no one is building in front of your house:'

There are roughly 10,000 to 12,000 "desirable" is­lands in the world, but only 100 to 200 are up for sale at any time, ranging in price from $50,000 to tens of millions. Of course, what you get for your money de­pends on where your island is and what's been built on it already. In New Zealand, $3.8 million will buy d'Urville Island, 4,441 acres of rolling, green hills

(plus sheep, a wool shed, farming equipment and a modest cottage). In the Bahamas - the trendiest is­landm-the same sum will buy two mere acres of Caribe Bay, which is barely big enough for its three well -appointed guest cottages, pool and strip of sandy beach.

Although many of the islands of Europe and America already have homes on them (or, for some one feeling spendy, a castle or two), the majority of the more exotic islands are undeveloped. [t costs a minimum of S1(1U.00(1 to make a "raw" island habit­able with a generator or a solar-panel system for elec­tricitv (assuming you don't just run an undersea Cable from the mainland), a well for running water and a satellite phone: air-conditioning, a desalination plant and hot water will double that expense. You could, as one Spanish island owner did, spend $3(1 million in­stalling five swimming pools (in case you don't feel like swimming in the ocean). It you Want your own golf course, like one tycoon did, the sky's the limit on what you'll have to spend.

Of Course, you may i1ot want to build: One of Vladi's customers just spent $11 million on six islands that surrounded one he already owned, with no plans to develop them. He simply wanted "to make sure he is guaranteed peace and tranquility through his life" (i.e., make sure he wouldn't have any neighbors).

As for transportation: Sure, you can build an airstrip for your private jet if your island is big enough (or, like another of Vladi's clients, buy a neighboring island for that unattractive tarmac), but most people travel via helicopter or boat. Annual is­land maintenance runs about S5O.000, "with $ 3,000 a month going to a caretaker. (Caretaker Magazine of­fers tips on how to manage the hired help.)

Caretakers aside, almost all islands come inhabi­tan-free. (Vladi has only sold onec with residents-it was a logistical nightmare -and he will never do it

again.) There will, however be plenty of flora and fauna. And, since many islands are protected by environmental laws, owners have to be careful not to build that mansion oil a protected bird sanctuary.

For owners experiencing problems building up their fantasy island, there's a fall­back Vladi will happily supply clients with his Island Survival Kit, a Gucci tote contain­ing a tent, fishing rod, hammock, Swiss Army knife, compass and a copy of "Robin­son Crusoe."