Peter Thiel has had a dream of a libertarian utopia in the middle of the ocean. Now it looks like that dream may have finally sunk.

Thiel is a billionaire investor and Trump transition team member. In 2008, he launched a mission to develop a floating city, called a seastead, that would operate independently from existing nations.

Radio New Zealand is reporting that the French Polynesian government has not renewed its agreement to help the Seasteading Institute build a permanent and politically autonomous settlement off the coast of the South Pacific islands. The Seasteading Institute is a group created in Silicon Valley.

More videos