The Principality of Freedonia was a micronation based on libertarian principles. It was supposedly established as a "hypothetical project" by a group of U.S. teenagers in 1992, before becoming a new country project in 1997 and attempting to purchase territory. It was headed by a Texas university student named John Kyle, who uses the title Prince John I.
Read more about Principality Of Freedonia: Awdal Incident, Coinage, Current Status