Take a look inside the most expensive zip code in Florida, the mysterious members-only island where millionaires pay $250,000 for access

Take a look inside the most expensive zip code in Florida, the mysterious members-only island where millionaires pay $250,000 for access
Fri, 15 Feb 2019 12:03:00 -0500

fisher island floridaMiami2you/Shutterstock

"Tax refugees" are fleeing to Miami and snapping up ultra-luxury real-estate in the $10 million to $50 million range. Miami Beach's man-made Fisher Island is the most expensive zip code in Florida and one of the top spots these wealthy transplants are flocking to. Less than 20% of the island's residents permanently reside there.  Residents must pay membership dues, which includes an initial contribution of $250,000 and an annual fee of $22,256.

Fisher Island, Florida, is as exclusive as it gets.

The 216-acre, man-made island sitting pretty off the coast of Miami Beach is reachable only by boat — most often yacht. It's considered America's most millionaire-dense zip code and the most expensive zip code in Florida, but less than 20% of the island's residents permanently reside there.

It's also one of the top Miami areas that wealthy "tax refugees" from New York and San Francisco are flocking to, as Business Insider's Katie Warren recently reported.

With its mix of condos, private homes, and hotel rooms, the lush island exists as a retreat for the ultra-wealthy, who spend their days golfing, playing tennis, lounging on the beach, boating, and simply relaxing.

Read more: A glass mansion in Miami has set 2 real-estate records in the past 7 years — here's a look inside the $50 million estate

According to 2015 IRS data analyzed by Bloomberg, Fisher Island residents have an average annual salary of $668,900.

The illustrious Vanderbilt family were the original stewards of Fisher Island, and their penchant for opulence remains.

Below, find out how Fisher Island became America's most affluent enclave.

Though Fisher Island is billed as a world-class travel destination, about 650 families live in private residences on the island. More than 80% of them are seasonal residents. The median home value on Fisher Island is about $3 million as of November, according to Zillow. Courtesy of Elena Bluntzer, ONE Sotheby's International Realty

Source: Zillow, Fisher Island Club

Fisher Island maintains more than 100 boat slips for yacht-owning residents. Yacht and 24/7 public ferry are the only way to access the island. Felix Mizioznikov/Shutterstock

Source: Fisher Island Club

Fisher Island has been rumored to draw celebrities in search of privacy. Oprah Winfrey owned a condo on Fisher Island for several years, but listed the property for just over $2 million in 2008. Other past residents reportedly include tennis legend Boris Becker and actor Mel Brooks. Lisa Maree Williams / Getty

Source: Variety, Forbes

See the rest of the story at Business Insider

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