Owning a private island fosters a certain fantasy. Whether the draw is anonymity, power, or being surrounded by turquoise waters, the perks of getting away from it all can be coupled with challenges. Many islands are quite difficult to reach and can prove impossible to develop.
While the 26-acre Pumpkin Key is remote, it is easy to access. Past owners have installed water and power lines from nearby Key Largo, just 10 minutes east by boat. The three-bedroom, 5,000-square-foot main home; two neighboring caretaker’s cottages; and a dock master’s apartment are move-in ready. But it is Pumpkin Key’s potential that merits the price tag of $110 million.
The island has been zoned for 12 bayfront homes on 1.5-acre lots. Residents seeking solitude can fly directly from Miami in 10 minutes by helicopter and land on existing tennis courts in the center of the island. Or, they can pull their megayachts into the 20-slip marina. Fishing and lobster hunting holes surround the island, and North America’s only living barrier reef is 3 miles offshore. When island fever sets in, an excursion to Ocean Reef—a private club in Key Largo—is only a 10-minute boat ride; an existing agreement with the club allows owners to access the sprawling 25,000-acre community, complete with golf courses, restaurants, shops, a medical center, a private airstrip, and a 175-slip marina. (Inquiries: Russell Post, Sotheby’s International Realty, 305.451.8199; sothebysrealty.com)