Somebody purchased a non-public island within the Florida Keys for $ 11 million

A private island that sold for $ 11 million this month in the Florida Keys, one of the highest closing costs for an island sale in the archipelago.

The transaction is a monument to the trend of high-end buyers from other states coming to the Keys this year to own a piece of paradise, local real estate agents say.

“They’re the ones who don’t even look at the zeros,” said Islamorada real estate agent Patti Stanley.

Stanley is no stranger to the island private market. In 2017, she represented the sale of a 40-acre island in Florida Bay off Lower Matecumbe Key named Parmelee Key for $ 13.8 million. She now represents the seller of a 16 acre island connected to Upper Matecumbe Key by a 2,000 foot bridge called Terra’s Key. The price is $ 13 million.

The 3.6-acre Palm Island, which was sold this month, is on the ocean side on the 1740 Overseas Highway, accessible via a small bridge from the town of Marathon in Middle Keys.

Agent Pierre Bellion with Ocean Sotheby’s represented the seller, a man named Brian Foley from Simsbury, Conn. Bellion refused to say who bought the island.

Bellion also said he is seeing more ultra-rich people looking to home in the Keys. He said Palm Island has many attractions, but he said a particular selling point is the deep-water jetty that can accommodate multiple vessels and even large boats over 30 meters in length.

The keys can be surrounded by water, but most of it is shallow. Bellion said there is a demand for properties that larger ships can dock.

“We’ve all noticed that these big yachts have been moored around the Keys all summer,” Bellion said on Wednesday. “We get dozens of high-end rental inquiries every week, and yes, we’re selling more high-end properties than ever before.”

Foley bought Palm Island in July 2001 for $ 4.3 million, according to Monroe County’s real estate appraiser.

The sale is the highest of several newer Florida Keys private islands. One called Thomson Island off Key West in April 2019 for $ 8 million. Another, Craig Cay off Lower Matecumbe Key in Islamorada, sold for $ 8.6 million in late summer 2020.

As it is, there are three houses on the property, Bellion said – a main house with two bedrooms and two bathrooms. A guest house with four bedrooms and four bathrooms. And a one bedroom, one bathroom cottage.

However, the island is divided into six different lots and divided into six houses with the village of Islamorada.

“We had three written bids and four other buyers on hand in the event the contract failed,” said Bellion.

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