The Real Deal Miami

Private Islands in the Bahamas challenge Miami’s luxury home dominance

August 01, 2012 04:30PM

Mush Cay

The Hamptons and Miami are both famous for attracting the vacation-bound rich and famous, but a small archipelago in the Bahamas is giving them a run for their money.  According to the Hollywood Reporter, the Exumas, a stretch of approximately 360 small cays in the middle of the Bahamas, have become a hotbed of high-priced private island sales over the last few years.

In 2009, actor Tyler Perry spent $6.4 million for 20-acres on White Bay Cay and it is believed that Nicholas Cage recently listed Leaf Cay for $7 million – only after discovering that an endangered rock iguana would prevent development on the island. Celebrity magician David Copperfield has spent $50 million in the area, purchasing a total of 11-Bahamian islands. Copperfield spends 10 weeks per year in the area, driving him to spend an additional $35 million renovating his 10,000-square-foot vacation home on Musha Cay.

But those numbers cannot compare to the $100 million and $500 million buys the area has seen from the Shia Imam Aga Khan IV and billionaire Larry Ellison. Other residents of private islands in the area include singers Faith Hill and Tim McGraw, billionaire John Malone and Fry’s Electronics founders John and Randy Fry. [Hollywood Reporter]Christopher Cameron