David Copperfield is doing all right for himself these days.

Leading up to this 50th birthday Saturday, the illusionist bought a $50 million cluster of private islands in the Bahamas, where he says he has discovered the Fountain of Youth.

Four tiny islands in the Exuma chain of the southern Bahamas include Musha Cay, a resort that rents for about $25,000 a day to the likes of Bill Gates and Oprah Winfrey.

"It's a private island that was chartered out... rented all at once to one party (up to 24) at a time. It was set up to do that," Copperfield explains. "If you had all the money in the world and could pick any place to go, that's the place."

The illusionist began negotiations five years ago, but the purchase stalled. "When the owner found out it was me, things changed a little bit and it went into litigation," he explains.

"It's very, very expensive to run. You have to fly in or boat in everything," he adds. That may explain why Copperfield pounded out four shows a day at the MGM Grand last Christmas season.

The sale closed over the summer, just in time to start generating last month's news bites that Copperfield discovered the elusive Fountain of Youth on an undeveloped island next to the resort.

That's completely in line with the ballyhoo that comes with his profession, and Copperfield is the world's foremost collector of magical memorabilia and promotional posters.

But on the phone last week, he soft-pedaled the claims about magical waters. "It's right now in kind of a protection and research phase. I really want to get my act together to find out what it can and can't do."

He chuckles when asked if this is an awfully convenient discovery for a man turning 50. "I guess that question could have been asked if I found it 10 years from now. Or 10 years ago."

The magician is the anchor tenant of the MGM's Hollywood Theatre. The 740-seat room is one of the few places on the property still sporting the chintzy design of the original 1993 casino.

That fuels speculation the theater will someday be gutted and converted into a customized David Copperfield Experience. Indeed, few names outside Cirque du Soleil would seem to offer MGM Mirage a safer investment on the scale of $200 million.

"I just never did it," he says. "Never say never. You never know... Stand by."

He says his current work at the MGM is "almost off the record for me, like playing clubs. You see very little David Copperfield advertising when I'm here. People know where to find me and it's really comfortable."

For the short term, he plans "to spend half the year here and the other half in a retreat" on his islands, "to do my experimentation and relaxation.

"I think it's a pretty good plan."

Mike Weatherford's entertainment column appears Thursdays and Sundays. Contact him at 383-0288 or e-mail him at mweatherford@reviewjournal.com.