In 1778, Captain James Cook sailed into Turnagain Arm and Chickaloon Bay, both within the now well-known Anchorage Harbour. During this voyage, ship ledgers indicate he sailed past two islands, the first of which he named Fire Island, the second he named Burnt Island. Burnt Island, aside from now having a private retreat cabin built tucked within its trees, remains unspoiled, totally private, undeveloped, and pretty much the same as it was in 1778. It has been owned by only one person since it was discovered.

Burnt Island is located about seven miles west of Anchorage, on the south side of Turnagain Arm. By helicopter, it is a 12-15 minute ride from Anchorage. Burnt Island is a seven acre island, on which is a singular private five acre parcel of land owned by an Alaskan homesteader. The US government owns the other two acre parcel, which cannot be accessed other than by water.

The entire island is surrounded by national forests, and is approximately 450 ft from the shoreline of the Chugach National Forest. Access to the island by land is restricted to the owner and family, as the road passes through government property.

The view from the top of the island is breathtaking. Besides the Alaska Range, Mt Mckinley, the tallest peak on the North American continent, Mt Susitna, Mt Illiamna, Mt Spurr and Mt Foraker are all in view. It is both a nature lover's paradise, and a sportsman's haven. The area is also known for abundant wildlife.

A small cabin was built on the island in 1968. This two-story hand-built cottage has been a private vacation refuge for its owner for nearly four decades. Built on the eastern side of the island, nearest the closest land, about 450 ft from the shoreline, it is a short walk up to the crest of the island, which is solid granite slab, able to host a variety of housing or lodge options.

There are no zoning or building restrictions and new owner(s) can build an island top, lodge, or they can rehab the existing cottage. No well has yet been drilled on the island, although the passing of the deed will include full water rights. The island is reachable by boat, hovercraft, helicopter, and at low tide, one can even walk across on a specially built path. While propane currently heats the cottage, there is a major gas pipeline running past the island, should the new owner wish to provide gas fed electricity for a larger home.