The Real Deal Miami

Mysterious offshore trust buys Fisher Island debt

The trust, based on the island of Jersey, is the lead plaintiff in a foreclosure suit
August 27, 2013 01:40PM


Fisher Island in Miami Beach

As if a dispute over property connected to an alleged murder in Russia weren’t trouble enough, several sites slated for development on the ultra-rich Fisher Island are also mired in foreclosure suits, with the lead plaintiff an offshore trust fund concealing the identity of its owners.

FI Properties, based on the island of Jersey, recently purchased a senior note on a $76.8 million mortgage on Fisher that is in foreclosure, the Daily Business Review reported.

An affiliate of AIG filed a foreclosure lawsuit in December against Fisher Island Holdings over about 18 acres of mostly undeveloped land on the island, which boasts one of the most exclusive zip codes in the U.S.

The mortgage is for properties including 6.7 acres at 70 Fisher Island Dr. that were being developed as residential units; 3.6 acres at 6400 Fisher Island Dr. including a 4,351-square-foot building; 8.2 acres at 66 Fisher Island Dr., at the terminal where the ferry lands; 12,572 square feet at 168 MacArthur Causeway, where the ferry takes off; and a 5,468-square-foot single-family home at 6921 Valencia Drive, the Review said. [Daily Business Review]Emily Schmall