$95 Million Florida Keys Property Under Contract After 7 Years

The Florida Keys luxury real estate market is booming. With wealthy buyers pouring into South Florida markets, it is no wonder that the Florida Keys has seen an uptick in popularity of luxury properties. The latest, and possibly greatest, development in this market is the most expensive property in all of the Florida Keys finally going under contract. Listed back in October of 2015, 10 Cannon Point on Pumpkin Key has been updated on the MLS to contingent - meaning that an offer for purchase has been accepted by the seller and the parties are awaiting the clearing of contingencies for the closing process to begin.?

The listing price on the property, which easily made it the most expensive listing on the Florida Keys MLS, was a mind-boggling $95 million. Yes, you read that right, $95 MILLION! Surely a home cannot be worth $95 million, right?! That’s because the listing is not just for a home. It is for an entire private island! Pumpkin Key is a large, 26-acre island offshore in Key Largo. It comes with a beautiful 5,000 square foot home, two caretaker cottages, and a marina master’s apartment already built. Previous owners also constructed a helipad for easy access to the mainland, top of the line tennis courts, golf cart paths, and a stunning 20-slip marina that is able to house the largest of yachts. The rest of the island is dense, tropical foliage that completes the perfect secluded, peaceful vibe that one would expect from owning your own island.?

Technically speaking, the island is made up of 12 individual, undeveloped lots, ranging in size from 1 acre to 1.5 acres a piece. The buyer of the island, then, is truly buying unlimited opportunities with the purchase of the island.? Potential abounds with everything from developing the lots and building waterfront mansions to sell, to building a compound for the family of the buyer to enjoy, to the creation of an exclusive club within the larger Ocean Reef Club. Pumpkin Key is a part of Ocean Reef Club, and as such, residents can enjoy the spectacular perks that come with membership into this exclusive and highly coveted community.

It takes a special property to be named the most expensive property in the Florida Keys, and Pumpkin Key does not disappoint! While the future of what will be done with the island is unclear, what is clear is that the new owner has a world of opportunity at their feet and an investment potential that is unmatched!