Sandra Bullock, the actress, has sold two homes on Georgia's Tybee Island

The properties were purchased for a total of $4,175,000. Celia Dunn Sotheby's International Realty's Rachel Umbreit and Ruthie Lynah-Whitlow represented the seller. She paid little around $1.5 million for the island compound in 2001. Her investment had already yielded a profit. Before she chose to sell the house, it was offered as a holiday rental for as much as $1,400 per night.

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With a one-year moratorium, Tybee Island prohibits new short-term vacation rentals

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Changes in flood insurance rates are in the works for Tybee