The Russian businessman planning to revive the Romanov Empire says he is moving to Kiribati.
Anton Bakov has told the news site znak.com that he was in the process of selling 19 plots of land near his home town of Yekaterinburg.
Mr Bakov, who has already spent several weeks in Kiribati this year, said he would be divesting himself of a total of about 3000 hectares.
His project to lease three uninhabited Kiribati atolls to launch a so-called alternative Russia was turned down by the Kiribati government last month.
However, Mr Bakov said he had resubmitted his investment proposal which includes an upfront payment of more than $US100 million to the Kiribati government.
He has said the President Taneti Maamau remains an ardent supporter of the project, which is reportedly due to be discussed in the Kiribati parliament next month.