The Real Deal Miami

Auction scheduled for Fisher Island properties

Owner of 18 acres on wealthy Miami Beach island lost $140M foreclosure judgment
November 13, 2013 12:00PM

Fisher Island buildings and an aerial view of Fisher Island

Fisher Island buildings and an aerial view of Fisher Island

A large chunk of ritzy Fisher Island in Miami Beach is heading for the auction block after a nearly $140 million foreclosure judgment.

Offshore lender FI Properties was awarded the judgment against Fisher Island Holdings over a mortgage secured by 18 acres on the island, which can only be accessed by boat. A foreclosure auction is scheduled for Jan. 23, South Florida Business Journal reported. The land up for sale includes a 6.7-acre residential development property at 70 Fisher Island Drive, an 8.2-acre property at the 66 Fisher Island Drive ferry terminal and a 5,468-square-foot house at 6921 Valencia Drive.

A company tied to AIG filed the initial foreclosure action against Fisher Island Holdings in December 2012. It then sold the mortgage to FI Properties.

Fisher Island, located in Biscayne Bay, once topped the Forbes list of America’s most expensive ZIP code. But the island lost some of its luster during last decade’s housing collapse. The 216-acre enclave has recovered since then, earning the Forbes distinction of being the wealthiest place to live in America last month. [South Florida Business Journal] — Eric Kalis