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By Holly Hubbard Preston International Herald Tribune 

- Mr Peter Stokos came to Nicaragua nearly eight years ago from the United States with a suitcase full of dollars. He was intent on buying a handful of islands off the country's largely uninhabited eastern coast.

He got his islands - seven of them, complete with white-sand beaches and coconut trees - about five kilometers (three miles) offshore. He purchased them from a group of local families who had held continuous title on the land.

Since then, Peter has been working with eco-tourism operators in the United States and Europe, hosting small groups of American and European tourists. With the stabilization of Nicaragua's economy and political scene, Peter is feeling pressure to bring in larger groups of up to 20, but to do that, he needs to sink more money into his properties.

For that reason, he wants to sell a few slices of his paradise.

''I am overinvested and I need to raise capital,'' he said.

He recently sold one of his islands, a 2.5-acre (one-hectare) property, to an American stock broker and his wife for an undisclosed sum.

He has four other properties up for sale. Crawl Key, the most developed property, is on the market for $390,000. The five-acre island comes with a three-room lodge, water desalination system, electrical generator and two piers.

Lime Key, a 9.5-acre island, is on the market at $290,000. It comes with a one-room cabin and pier. Baboon Key, the largest and most expensive of the properties, has 15 acres flush with wild grapes, white mangroves and palm trees - but no baboons. It is listed for $494,000

Finally, there is Vincent Key, a 1.2-acre, postcard-perfect tropical island, complete with palm trees and white-sand beach, listed for $105,000

As soon as two of the four islands sell, Peter would pull the others off the market. Prospective buyers can take a 90-minute chartered boat ride to the cays from the port of Bluefields.

Prospective buyers who want to try before they buy are welcome. Details on yearly leasing options are available on his Web site, along with a host of other useful details regarding transportation, geography and investment guidelines.

For those who choose to lease first, Peter said he would pay all taxes - roughly 1 percent of total property value - as well as caretakers  fees.

Fees put toward leasing can be deducted from overall sales price should a prospective buyer opt for that route. Peter said he would help finance buyers at a rate of 7 to 9 percent, depending on the amount they put down.

Peter said he has no intention of giving up his foothold in these islands.

''I looked at a lot of islands, from Belize, Grenada, French Polynesia,'' he said. ''The Nicaragua islands have a lot of benefits. You do not get too many zoning or investment restrictions and the prices are great.''

A report by the U.S. State Department said Nicaragua had ''made significant progress in opening to foreign investment.'' The document also points out some of the potential drawbacks, including a claim that bribes are sometimes requested in legal dealings. An embassy official in Managua said this week that the report was current.