Some say the lonely dwelling was built by a billionaire who planned to move to the remote island in the event of a zombie apocalypse.
Others have suggested that it used to be the home of a religious hermit.
And one, now debunked, popular theory was that the Icelandic government had gifted the home on the island of Elliðaey, to the south of Iceland, to singer Bjork.
In this world of AI, some people even refuse to believe that the building actually exists and think it was photoshopped onto the landscape before the pictures were published online.
Now the only human visitors to Elliðaey, part of the Vestmannaeyjar archipelago, are tourists, but it was inhabited about 300 years ago.
Five families lived there and they sustained themselves by fishing, hunting puffins and raising cattle.
But by the 1930s, the last residents had left the island, and no one has lived there since.
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And sadly for anyone who is a fan of myths and legends, the reality surrounding the house on the island is far less sensational than the theories people have come up with.
It was built by the Elliðaey Hunting Association as a base to hunt puffins which feast on the fish in the sea surrounding the island below.
Being on a remote island, the building does not have electricity, running water or indoor plumbing.
But Daily Mirror reports that it has a sauna which is fed by a natural rainwater collection system.
The island is listed as a nature reserve and protected area.
Tour companies offer day trips to Elliðaey for tourists who want to explore its natural environment.