How an Imaginary Island Stayed on Maps for Five Centuries
hyperallergic.com
hyperallergic.com
I suppose it has been debunked, but it still seems apropos... http://stanleyrumm.com/?p=12
“Port Talbot [in Wales] is a steel town, where everything is covered with gray iron ore dust. Even the beach is completely littered with dust, its just black. The sun was setting, and it was quite beautiful. The contrast was extraordinary, I had this image of a guy sitting there on this dingy beach with a portable radio, tuning in these strange Latin escapist songs like ‘Brazil’. The music transported him somehow and made his world less gray.”
Terry Gilliam
Porcupine Bank goes all the way up to 200 meters deep. Seems very doable for a very determined multi-billionaire. 200 meters of rubble is not that hard to stack.
The main problem is that there are a couple people drilling for oil around there and I suppose they'd object to being in someone's territorial waters.
OTOH, negotiating protection and sovereignty in exchange for very lax law about oil exploration could make an independent country viable.
How tragic the island of Hi Brazil would be born out of such dirty interests...