It has been reported that reality TV star Kim Kardashian and musician Kanye West are buying a private island in Australia to build a theme park upon specifically for their daughter North West.

The married couple, particularly Mrs. West is rumored to want to build a theme park on the island and name the island "Kardashian Isle", although reports remain unconfirmed.

Since Kardashian is currently in Australia promoting her new fragrance line, talks regarding her purchasing the island there have spread, especially when the manager who's selling the island revealed that a "high-profile person" has been negotiating with him.

"I can clearly say that I am in negotiations with an overseas party. The overseas party is a high profile person but I cannot name names. I can't confirm whether it's Kanye West or Kim Kardashian or President Obama," Coldwell Banker's Richard Vanhoff reportedly said.

The island is said to be 9.41 hectares in total. The island includes tropical gardens, a four-bedroom mansion, a jetty and a helipad. Not only that, the place according to many is magical since guests will be able to see The Great Barrier Reef as it is situated off the coast of Queensland.

The island, called the Turtle island, with all its perks reportedly costs $5 Million. Reports claim that it is really possible that the buyers are Hollywood celebrity married couple Kardashian and West. However, there are several other high-profile individuals who have reportedly inquired about the property.

Hollywood actress Julia Roberts, politician Clive Palmer, and businessman Geoffrey Edelsten, have allegedly looked into the private island since 2013. Australia's New Idea magazine first reported about Kardashian's interest in the island, but so far the 34-year-old's representatives haven't confirmed or denied the rumors.