Even on condition of anonymity, area brokers reached byGlobeSt.com refused to speculate on the price, because, as onesays, "there is no comparable property." According to arepresentative of New York-based Weil, Gotshal & Manges LLP,which was among EFP's legal advisors on the transaction, the islandhas land for the development of an additional 200 residential condounits. That availability alone, one broker says, would "probably bevalued in excess of $100 million."

It is not alone. The acquisition by Fisher Island InvestmentsInc., the US subsidiary of London-based EFP, encompasses inaddition to full rights to the island's residential developmentprogram, the inventory of for-sale condominiums, yacht slips in theisland's marina, equity and annual memberships in the Fisher IslandClub, and Fisher Island Hotel & Resort. A two-night stay at thehotel is advertised as beginning at $2,000.

Located just off Miami Beach's South Pointe and accessible onlyby plane or boat, the private residential and resort communitycurrently contains 675 residences owned by people from 40countries. Of the couple dozen residences listed for sale, condoprices range from over $1 million to the $8-million range, and a5,010-sf private villa is on the market for more than $4million.