You may have dreamed about owning your own island, but the $100 million price may not be quite within your budget.  How about $4.6 million? That's not so bad, right? Well if you have the money, a floating island can be yours soon.

An Austrian-based company is working on a prototype of a project called ORSOS Islands. It isn't an actual island, but it is more like a luxury yacht. The floating island has more than 10,000 square feet of living space which holds rooms for up to 12 people and four staff members, the Huffington Post reports.

The luxurious floating island also has facilities like a large sun deck with palm trees for sun bathers and a Jacuzzi for water lovers, and an outdoor grilling area to cook up some burgers and steaks.

The yacht is not only fancy, but it is environmentally friendly. It makes use of a wind energy system, solar panels and there are plans to incorporate the low temperatures of seawater into the air-conditioning system, The Telegraph reports.

The Orsos Islands website also shows that the yacht can come with an kitchen and bar, an indoor area complete with an aquarium and a skylight, and a lower deck entertainment area for a home theater, karaoke and dancing.

 "Orsos Islands should reach ... people with an awareness of modern life and a feeling of responsibility towards the environment, founder Gábor Orsós told Rex Features.

The founder, Gábor Orsós, is using his expertise in travel and real estate to create the floating island and offer it at a relatively low price.

"In the beginning, my goal was to create an exclusive, high-quality hotel chain based on floating platforms," he told Rex Features. "With the progress of the project it became clear that the attractive and unusual concept of Orsos Islands should not be limited to only a selected group of people."

Orsos hopes to make the island  available to the public by 2013, The Telegraph reports.