MIAMI—A private island in the Florida Keys has hit the market. Pumpkin Key, which is part of the exclusive Ocean Reef community and less than an hour from Miami, was just listed at $110 million.

Seclusion, splendor and convenience are some of the words Russell Post, CEO of Russell Post Sotheby's International Realty, is using to describe the island. Ocean Reef, whose members include a roster of who's who in American business, is known for its fairways, mega yacht marinas, and lighted 4,456-foot airport runway capable of accommodating large and mid-size business jets.

"From creating a family compound or a private 'club-within-a-club' within Ocean Reef, the possibilities are endless," says Post. "Pumpkin Key offers the unique opportunity for privacy, while still being part of the Ocean Reef community, and just a quick 10-minute helicopter ride or 50-minute boat trip to Miami."

Dotted with palms and bougainvillea and lined with winding golf cart paths, the 26-acre haven is a literal "club within a club." Post says the island is an ideal family compound or could be developed to include 12 bayfront homes owned by several families. All building rights are in place and each lot has water, electric, and telephone extended from shore.

The island includes two caretaker's cottages, a boat captain's apartment, private office, and 12 one and one-half-acre bay front lots. A 20-slip marina can accommodate a mega yacht. Other island amenities include a beach area and tennis courts that double as a helipad. A single-family residence and garage with dockage and water access is included on shore within the Ocean Reef community.

"Pumpkin Key represents one of the most exceptional opportunities in real estate today, anywhere in the world," says Post. "Pumpkin Key offers the unique opportunity for privacy, while still being part of the Ocean Reef community, and just a quick ten minute helicopter ride or fifty minute boat trip to Miami."