Two months after, Italy wants to buyback the pristine Budelli Island it has sold to New Zealand Businessman Michael Harte for $4.8 million at an auction.

Will Mr. Harte, Commonwealth Bank's chief information officer, be obliged to sell back the island which he legitimately purchased? At the time of the auction, Italy had no money to buy the island from its private owners in Milan. Thus this was a successful auction to Mr. Harte.

However, albeit legitimate and legal, the Italian people fought to regain what they say must remain in their fold. Alfonso Pecoraro Scanio, a former environment minister, worked to collect 85,000 signatures in a petition protesting the sale of the island.

Harte said he has no plans to transform the island into a commercial hub and would ensure to maintain its pristine conditions.

"There are so many parts of the world that are being exploited that there's few opportunities to take a practical and deliberate step to help protect some of these very fragile environments,'' NZ Herald quoted the Commonwealth Bank employee as saying.

According to the NZ Herald, Budelli Island is an Italian national park considered as one of the most beautiful islands in the Mediterranean. It is part of the La Maddalena island group, between Sardinia and Corsica. It is known for its "pink'' beach at the southeastern part of the island.

Luna Voce, Miss Italy 2013, models in the national costume contest for Miss Universe 2013 at Vegas Mall in Moscow November 3, 2013. The Miss Universe pageant will be held at Crocus City Hall in Moscow on November 9. REUTERS/Darren Decker/Miss Universe Organization L.P., LLLP/Handout via Reuters

The Italian Senate Budget Committee has passed an amendment, allowing the state to repossess the island. The federal government now has until Jan. 8, 2014 to push the reclaiming of Budelli based on its original asking price.

Harte would eventually be reimbursed, according to the Italian newspaper La Stampa.

"The island of Budelli could finally return to public ownership ... to our immense satisfaction," a statement from a group of MPs from SEL, a left-wing party, who had pushed for the island to be reclaimed, said.