Peter Thiel's floating ocean city
Peter Thiel's floating ocean city

PayPal co-founder Peter Thiel has spent more than $1 million to create a floating city in the middle of the ocean.

Thiel donated $1.25 million to the Seasteading Institute, a non-profit that works to create places that "will give people the opportunity to peacefully test new ideas about how to live together." The project remains in the works.

By Erin Kim @CNNMoneyTech - Last updated June 22 2012: 5:16 AM ET
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