[citation needed] In 1904 Henry Huntington became a partner with William Collins in the Newport Beach Company.

[citation needed] Parkinson, a former conductor on the Pacific Electric, made his fortune from land investments when oil was discovered near Bakersfield.

Parkinson spent more than a quarter-million dollars dredging the harbor and using the fill to raise the isle more than ten feet above the high tide line.

[2] The new development was one of the first master planned communities in California and was conceived to resemble a European resort.

[4] As part of the Mediterranean-theme the development was built with streets named after many Mediterranean cities, including Barcelona, Genoa, Nice and Ithaca.

The island plays a big part in the annual Newport Christmas Boat Parade.