Four lots:
1.3 acre lot for $75,000; 
1.7 acre lot for $90,000;
2.0 acre lot for $110,000 REDUCED to $99,900 (which as an open-air deck on it);
5.74 acre lot (which has a "one of a kind" hobbit house cabin on it) for $240,000.   

All 10.74 acres (already subdivided) for $485,000

The 5.74 acre parcel could be further subdivided since minimum lot size on this end of Long Island is 1.0 acre.

The only other comparable property for sale is a 1.5 acre lot on Middle Island listed for $79,000.  Long Island has an advantage over Middle Island in that, when Middle Island was platted, a 20 foot wide public access easement was imposed by the State of Alaska immediately above the high water mark throughout the subdivision.  Therefore, on Middle Island, you have no right to prevent neighbors (or any member of the public) from wandering up and down the beach in front of your lot. That's not the case on Long Island. That Middle Island lot, also, is east facing where all of these Long Island lots are south facing (receiving the maximum amount of sunlight available) or, in the case of the 5.74 acre lot with the cabin on it, have shorelines that face both south and north.

The drawing shows all of the lots.  The Island View Subdivision photo only shows the smallest of three lots.  The 5.74 acre lot (the on with the cabin on it) is just in the foreground in that picture from the three smaller lots.