As per here, according to the BBC online it has only recently been discovered that Sandy Island does not exist:
The supposedly sizeable strip of land, named Sandy Island on Google maps, was positioned midway between Australia and French-governed New Caledonia.
But when scientists from the University of Sydney went to the area, they found only the blue ocean of the Coral Sea.
The phantom island has featured in publications for at least a decade.
Until 1968 the tri-peaked Aegean Island of Trigon was shown on plenty of maps, too. Had been since roughly 1500 BCE. Click here for more on Aegean Trigon.
Note also: There’s a phantom freighter in “Nuclear Dragons”, a mini-novel due out in 2013 from Phantacea Publications.