Many of us have a dream of buying an island instead of just living on one (which is pretty good, anyway), but to do so takes a small fortune. Or maybe a really big one.
That's what it will take to buy Pumpkin Key, a 26-acre island off the Ocean Reef Club in North Key Largo but part of Ocean Reef. Russell Post Sotheby's International Realty just listed it for $110 million. That's $37,399 per square foot.
The last time Pumpkin Key was assessed, the figure was $7.11 million, said James Gale, a GIS technician with the Monroe County Property Appraiser's Office.
"Anyone can put a price tag on anything," he said.
The asking price apparently isn't only for the 5,000-square-foot, three-bedroom main house; the marina; the dockmaster's apartment; two cottages for caretakers; a separate three-bedroom home at the exclusive Ocean Reef Club; and tennis courts -- surrounded by nothing but foliage -- directly in the middle of Pumpkin Key that double as a helicopter pad.
It appears development potential is also a large factor.
Pumpkin Key has 16 separate lots, but just two are built upon, meaning there are 14 to be had. A Russell Post Sotheby's image shows they would be cut in just about even sizes, with most on the water but some on dry lots.
The Wall Street Journal reported that Pumpkin Key was bought in 1973 by George A. Barry III, who made a fortune running a company that manufactured tools. His wife Jane is from the Morton Salt family. But Gale said his records show the last time it was purchased was in 1985, for $810,000.
It appears there wasn't so much a sale as a company created, Terra Cotta Realty Inc., to take over the property.
Terra Cotta's incorporation papers show Thomas Hayward Jr. and George A. Berry IV are principals in it. Berry apparently is the son of George III, who died in 2010, and Hayward is the chairman of TC Industries, the tool manufacturing company Berry ran.