Millionaire's Pacific artificial island project fails

Michael Oliver, a Lithuanian-born American millionaire, built an artificial island on the Minerva Reefs in 1972 to create the Republic of Minerva, a tax-free sovereign state.

The Republic of Minerva was constructed by dredging sand onto the reefs, which were located between New Zealand, Fiji, and Tonga.

The founders raised a flag, issued coins and stamps, and drafted a constitution promoting minimal government and no taxation.

The project collapsed when Tonga claimed the territory and international recognition was not granted.

The Republic of Minerva disappeared before becoming a nation, ending one of history's most ambitious attempts to create a country from scratch.