The world’s most famous private island is getting a major facelift into a luxury resort for the rich and famous, after the green light by the Greek government.

Greece’s Ministers of Environment and Energy, Shipping and Island Culture, Tourism, and the Deputy Minister of Development and Investment all signed off on a Russian billionaire’s plan to transform Skorpios– once owned by Aristotle Onassis– into a super-luxury €165 million luxury agritourism resort.

The official statement was published in the Greek Government Gazette in full detail.

The owner and developer of the project is Russian businessman Dmitry Rybolovlev. Under the development plan, existing buildings on the island will be upgraded, new construction units including a helipad and sports facilities will be added, and the island’s ports will be expanded.

According to plans that were presented to the government for consideration, the complex will consist of two clusters of guest accommodations with accompanying facilities, while the island’s new identity as a cutting edge destination will be bolstered by wellness amenities, sports facilities in the center of the island, an Olympic-standard horse riding center, a farm as well as new harbor infrastructure, to allow for the mooring of a limited number of super yachts.

To preserve its lush, green environment, building on the island will not exceed a total coverage of 10%.

Situated near Lefkada in the Ionian Sea, the islet of Skorpios was the site of one of the most publicized weddings of the 20th century, that of Aristotle Onassis and widowed U.S. First Lady Jackie Kennedy in 1968.

Onassis’s daughter Christina inherited the islet at her father’s death and rarely visited. She, in turn, passed Skorpios to her daughter Athina Onassis Roussel when she died prematurely.

Rybolovlev bought the island for an estimated 124 million euros.