SWANSEA, Mass. (WPRI) — Pleasure Island, formerly known as Shady Island, now has a new owner.

The Swansea property was recently purchased by billionaire Ernie Boch Jr.

Boch Jr. tells 12 News that, while he’s unsure what the future holds for the island, he doesn’t plan on keeping the name.

He also won’t be hosting any events on the property, including weddings.

The only thing he’s sure about is that he will be a good neighbor and resident.

Boch Jr. said his first line of business will be to fix the wooden bridge at the entrance.

The property also needs a lot of work. Boch Jr. said landscaping and cleaning of the island began Tuesday.