The isle/town of Magincia/New Magincia has been completely abandoned on Oceania Classic.
The reason behind this is a technical one; as we are using a modern version of the Classic Client which uses the modern map files for Britannia/Felucca, the town of Old Magincia does not exist in the game as it has already been destroyed, turned to rubble, then rebuilt as New Magincia.
In the early stages of development the Dev Team thought long and hard about what to do with Magincia. It is important to us that Oceania Classic looks and feels like "Classic" UO as much as possible. After seeing the name "New Magincia" in the Public Moongate list then traveling to the island and being reminded of how different New Magincia looks compared to Old Magincia, the decision was made to abandon Magincia and replace it in the Public Moongate list with another town/island, Ocllo.
Ocllo was chosen to replace Magincia in the Public Moongate list as Ocllo Island is located immediately south of the Isle of Magincia. Ocllo is also uniquely Britannian/Feluccan - it does not exist in modern UO's facet of Trammel at all.
Covering the Isle of Magincia with water, effectively removing it from the game by "sinking it" under the ocean, was considered, but ultimately we have decided to leave the island intact, as the island itself is part of the original landmass, even if the town on the island is not how it originally was. We may use the island for something special later on, so we have turned off house placement there for now until we decide what to do with it long term.
Explorers wishing to visit the Isle of Magincia may still do so by boat but would be wise to remember that there are no vendors or healers left on the island and that the Magincia Moongate has been removed. Unconfirmed reports also suggest that since being abandoned the island has been completely overrun by vicious Pirates...
Council of Mages Stronghold
The Council of Mages Faction once had their "stronghold" in the Magincia Parliament building. It wasn't much of a base compared to what the other three Factions have as it was, so the abandonment of Magincia gave us the perfect opportunity to relocate CoM to a more suitable location. We do not consider the structure floating in the weird star-field in the ocean off the southern tip of Verity Isle (Moonglow) to be a suitable replacement, however we have made use of that to provide a "Mages Only" link to CoM's new stronghold in the underground city of Wind (the main entrance to Wind can now be used by anyone). Read more about the changes to Factions.