The island of Budelli is one of an archipelago off the northern coast of Sardinia, and after a New Zealand businessman backed out of buying it, the schoolchildren decided it would make the ideal place for their youth paradise.
"If the government doesn't have that kind of money, we'll find it ourselves," the schoolchildren told La Stampa, explaining that they intend to raise the required 3 million euros ($3.3 million) via a crowdfunding project.
They have worked out that they can reach their target if every schoolchild and student in Italy donates just 50 euro cents, and are also trying to use social networks to raise the attention of children in other countries who also might be interested in the paradise island.
"Our message is this: if all Italian students donate 50 cents, we could put together the 3 million euro needed to win the next auction. So that we avoid this heritage site becoming a stranger's private property," they told the newspaper.
The schoolchildren from the province of Biella, Piedmont, who are raising the 3 million euros to buy the paradise youth island.
The children have already earned top marks from their teacher for their endeavour, La Stampa reported.
"At the root of this ambitious project is the awareness that if you engage in something with determination, no objective is too high. It's a good lesson for young people," Professor Paschetto said.