Fancy one of Scotland's most venerable aristocratic titles? There is no need for any Scottish name or residency, just £1m in cash.

The barony of MacDonald of the Isle of Skye is up for sale on the internet, complete with an estate and ruined castle. However, it is the prestige that the 800-year-old title bestows, rather than its accoutrements, that you would pay for.

Scottish titles are usually associated with land, and the previous record, £250,000 for the earldom of Arran, came with several thousand acres.

But the firm auctioning the MacDonald title, Baronytitles.com, hopes the name alone will fetch the asking price.

"The title is unique," said Brian Hamilton of Baronytitles.com. "The historical provenance and name are impeccable. Ask anyone anywhere in the world to think of a Scottish name, and the chances are they will come up with the name MacDonald. But I think the truth is, we simply do not know how much it is worth; no one does."

The present holder, Sir Iain Noble, wants to raise cash for business ventures, including a distillery, on Skye. He acquired the title by accident.

In the 1970s the MacDonald family sold off much of its land on southern Skye to pay death duties. Sir Iain, a merchant banker, believed he was buying a hotel and 23,000 acres, but, thanks to a lawyer's mistake, other land and titles were included in the deal.

The MacDonald estates were compensated when the error came to light in the 1980s, but the sum was far less than £1m.

The present Lord Macdonald and chief of the Clan Donald - known as Godfrey - runs Kinloch Lodge hotel on Skye with his wife, the cookery writer Claire Macdonald. He said Sir Iain had told him of the sale in advance.

"I think everyone is rather amazed at the price. But such is life," he said. "It would be nice if the title went to a member of Clan Donald.

"At the very least, I hope the buyer will use the name and title in the best interests of the name of our great clan and of Skye."