We introduce a path to a possibly new class of magnetic materials whose properties are determined entirely by the presence of a low concentration of specific point defects. Using model Hamiltonian and ab initio band structure methods we demonstrate that even large band gap nonmagnetic materials as simple as CaO with a small concentration of Ca vacancies can exhibit extraordinary properties. We show that such defects will initially bind the introduced charge carriers at neighboring sites and depending on the internal symmetry of the clusters so formed, will exhibit "local" magnetic moments which for concentrations as low as 3% transform this nonmagnetic insulator into a half-metallic ferromagnet.