A former City stockbroking star is selling his Argyll island retreat for £3 million following financially turbulent times.

Christian Siva-Jothy, who used to head Goldman Sachs, has owned Eilean Righ, or King's Island, in Loch Craignish, close to Ardfern, since 2005.

He bought the island for less than £500,000 after leaving the bank, where he was co-head of proprietary currency trading and lauded for his high-risk and successful stockmarket dealings.

Mr Siva-Jothy has since transformed the accommodation on the island with one local recalling fondly his presence in the area.

Lindsay Johnston, of Ardfern, who runs loch and sea cruises in the area, said: "When he did the house up, he used local labour and that winter the whole village was humming – everyone had money.

"The island is a beautiful place and the house is now immaculate with a mains power cable in place. I have always had my eye on it myself to buy but the price is a bit high for me.

"The owner comes up every other weekend on his helicopter, often with his family. He is a very private person and keeps himself to himself."

Mr Johnston's grandfather, Sir Reginald Fleming John, owned the island in the 1930s and built a Buddhist temple on the land after returning from working in China as a tutor to the last emperor, Puyi.

Eilean Righ sits over more than 200 acres with private beaches and sea fishing key draws of the island. The £3m price tag includes a fully furnished four-bedroom house, a three-bedroom farmhouse and a helicopter hangar plus a boat house, two slipways, two moorings and a jetty.

Ran Morgan, of Knight Frank, said: "It is a very beautiful and sheltered island in an area which is the yachtsman's haven of Scotland. This particular piece of coast is about the most attractive you can get in the country.

"The island is completely private and the properties are in absolutely tip-top order. Both are done to an extremely high standard – they are almost over engineered. Here you can have the ultimate getaway but live a very modern life."

Mr Morgan said he did not believe the recession would hamper interest in the island.

He added: "In the high end of the market you have got appeal nationally, as in south of the Border, and internationally. The property has just been advertised and the phones have been very busy today.

"The owner absolutely loves the place. He doesn't have to sell it but he has chosen to put it on the market at this time."

Mr Siva-Jothy left Goldman Sachs to set up a $200m hedge fund which shut down last year after a number of poor trades.

In his letter to investors, he said: "In this business you are only as good as your last few trades. Mine have not been very good. Whether I have lost my edge or simply need a break after 23 years I am not sure, but I certainly hope it is the latter.

"After considerable deliberation over the last few months, combined with poor performance, I feel I have little choice but to return assets to you.

"I continue to believe another crisis lies ahead, most likely of greater magnitude than we have seen."

Mr Siva-Jothy made his name on seemingly high-risk trades he made in the immediate wake of the first strike on the World Trade Centre in 2001.

Meanwhile, TV presenter Mariella Frostrup has put her farmhouse home near Barr, Ayrshire, on the market for £450,000, seven years after she reportedly bought it for £115,000 and spent around £150,000 converting and refurbishing it.