If you have ever been a renter, you know the value of finding good, low-rent property, especially when you can be confident the rent won’t increase any time soon.

Perhaps the best testimony to such an arrangement could come from the Seigneur of Sark, who cornered the market in low-rent property.

The island of Sark, located in the southwestern English Channel, off the coast of Normandy, France, was settled in 1565. Queen Elizabeth I saw the island as a strategic outpost to guard against pirates and any future expansion attempts by France. Seigneur Herlier de Carteret, a nobleman from the neighboring island of Jersey accepted the Queen’s request to settle the island. In exchange, he was given the island as a fiefdom, directly responsible to the crown.

The rent was established at £1.79 ($2.27 / €2.12). It has not been changed since 1565.

With Sark’s area consisting of slightly more than 2 square miles, that comes out to 0.18 cents per acre.

Read more fun facts about royalty.

Read more fun facts about geography.