Located on Australia’s Sunshine coast on Noose River, the heart-shaped island is available for hire at a rate of $8,000 (£4,900) per night.
Boasting 25 acres, the island offers luxurious accommodation for up to 22 guests, and features an array of amenities including a full sized tennis court and pavillion, a spa, a theatre, a two-storey open aired Balinese wantilan, a 500,000 litre lagoon pool, office facilities and an expansive indoor bar.
The interior decors on the island include giant sculptures, volcanic boulder bathtubs and antiques.
Until now the island has been a private retreat only for guests of the owners, Richard Branson and Brett Godfrey, founders of Virgin Australia.
Speaking about the decision to open its doors to the public, Mr Branson said: “When neither Brett nor myself are visiting Makepeace, we will make the island and its facilities available for others to enjoy the tranquility of what is a very special place.”
To mark the move, Mr Branson has also launched a new website for the island, www.makepeaceisland.com.