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Well, Chavez gave it back, and it's going to be a nature preserve, specifically preserving two bald eagles. That's not the only good thing about the return of the island to U.S. ownership, though. The island is a part of Pennsauken Township, NJ, and, according to their web site, the pirate Blackbeard parked his pirate ship there whenever he wanted to hang out in Philadelphia. Consequently, we think a few acres for a piracy museum isn't too much to ask.
http://phillyist.com/2009/04/24/hugo_chavez_donates_island_to_new_j.php