No its not a water park. It's a sovereign principality (micronation), and according to FoxNews, it's for sale. The "island" was originally built by the British Navy 6 miles off the English coast during WWII. After the war, it was abandoned in international waters. During the 1960s, an entrepreneur moved in and claimed sovereignty - much to chagrin of the British government. Read more of the fascinating history at the official Sealand website and at Wikipedia.
How cool is that? So if anyone wants to loan me a few hundred million dollars, I'd be much obliged ;-)
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