A 26-acre private island that includes a membership to the Ocean Reef Club is for sale at what is said to be a record asking price for the Florida Keys of $95 million.
Russell Post, a broker and president of Ocean Sotheby’s International Realty, said the island, known as Pumpkin Key, is “one of the finest trophy properties, perhaps globally.”
He said the price tag is the highest ever in the Keys. The island also includes a membership and a home at the gated community of Ocean Reef Club with more than 100 feet of dockage.
Post said this is what makes the property so desirable. It has all the privacy of the island, but not so much that society cannot be reached by a quick four-minute boat ride to the club or 10-minute helicopter flight to South Beach.
Post said the island is “fairly self-sufficient” and has electricity, water and fiber-optic wireless connection throughout the property and marina. The island has a dockmaster office and a 20-slip marina. It has 13 bayfront lots but only two are currently used for the one main house with vaulted, wood-beam ceilings and three bedrooms and two caretaker cottages. Buyers will have options with what to do with the property. A video on the Realtor’s website has examples of what could be added. It shows the island with a computer-rendered golf course and more homes built on its lots.
There is also a private beach, two tennis courts, which can be converted into a helipad, and an in-ground swimming pool. A purchase will also allow access to the landing strip at Ocean Reef for private jets. Footage of Pumpkin Key shows roads around its perimeter and across the center.
An article from February on Realtor.com lists Pumpkin Key, which is under the address 10 Cannon Point, Key Largo, as the third most expensive property in the state. It is topped by a 28,000-foot mansion in Palm Beach listed at $110 million and a property in Palm Beach County’s Manalapan that is known as Gemini, listed at $115 million.
Post said the island’s current owners are a family who wish to remain anonymous. They purchased the island in the early 1970s. Back then it was uninhabited and had no development, only trees. Over time, the family was able to obtain permits to develop the property and install electricity and plumbing.
For years, the entire family spent their winters on the island, but after the parents passed away several years ago, the children have decided to part with the island. Post is a long-time member and former president of the Ocean Reef Club. He said he has been to Pumpkin Key many times and described just how remarkable it is.