Tuesday, August 28, 2012

Inside Indian Creek Island, Miami's Billionaire Bunker

This story appears in the September 10, 2012 issue of Forbes.

Posted for www.miamiforrussian.com and  www.miamiforrussian.ru

Any mere multimillionaire can buy ocean views and build teak docks for 100-foot bespoke boats. The world’s richest pay top dollar for a far more exclusive amenity: security. Such is the case with Miami’s billionaire island fortress, Indian Creek. A Russian mystery buyer recently plunked down $47 million for a plot in Miami-Dade County’s most expensive sale ever (the price eclipsed hedge fund billionaire Edward Lampert’s record-breaking purchase in April for a home right down the street).
The barrier island touts only 40 waterfront property parcels arranged around an ultra private 18-hole golf course. Don’t think about washing ashore to sneak in a quick 18 holes: The sole entrance is heavily guarded, and a private police force patrols the island via boat, jeep and Jet Ski 24 hours a day. Super secure, unless you consider the Iglesias family a major threat.
Here’s just a few of the high-profile folks with Indian Creek Island addresses:

1 Indian Creek Drive
Owner: Norman Braman, car dealership billionaire
Sale price: $3.9 million in 1991
The home: County’s priciest sale at the time; 19,000-square-foot house with 8 bedrooms and 10 baths

3 Indian Creek Drive
Owner: Anonymous Russian buyer
Sale price: $47 million in August 2012
The home: Resortlike spec compound by Bal Bay Development; amenities include a spa pavilion, 7-limo garage, rooftop bar with Jacuzzi

7 Indian Creek Drive
Owner: Julio Iglesias, Latin singer and father of pop star Enrique
Sale price: $14.8 million in June 2012
The home: One of 5 lots owned; razed house at 30 Indian Creek; living here while new mansion built next door

9 Indian Creek Drive
Owner: Robert Diener, tech entrepreneur
Sale price: $19.2 million in March 2012
The home: Sold by Calvin Klein Chairman Barry Schwartz; undeveloped 3-acre parcel

12 Indian Creek Drive
Owner: Leroy Schecter, chairman of steelmaker Marino/Ware Industries
List price: $45 million
The home: 22,000 square feet with theater, gym, 7-car garage and elevator is up for sale; Schecter to donate proceeds to charity

14 Indian Creek Drive
Owner: Edward Lampert, hedge fund billionaire
Sale price: $38.4 million in April 2012

16 Indian Creek Drive
Owner: Don Shula, retired football coach for the Miami Dolphins, and wife Mary Anne
Sale price: N/A; ownership granted to Mary Anne in divorce from late billionaire Jackson Stephens
The home: The 2012 tax assessment on the 13,300-square-foot home is$4.5 million

17 Indian Creek Drive
Owner: Charles Johnson, mutual fund billionaire
List price: $38 million
The home: 1997 purchase for ?$3.75 million; rebuilt 16,000-square-foot Mediterranean with boat dock

22 Indian Creek Drive
Owner:Adriana Lima, super model, and husband Marko Jaric, pro basketball player
Sale price: $9 million in 2009
The home: Built in 1958; 7,600-square-foot Regency-style house is fresh off a 2-year remodel

24 Indian Creek Drive
Owner: Carl Icahn, leveraged-buyout billionaire
Sale price: $7.5 million in 1997
The home: 14,000-square-foot vacation house purchased out of foreclosure

36 Indian Creek Drive
Owner: Alex Meruelo, real estate entrepreneur
Sale price: $7.05 million in 2008
The home: 8,500-square-foot house with twin staircases, domed ceiling, frescoes

40 Indian Creek Drive
Owner: Geert-Jan Bakker, chief executive of Dutch company Bakker Magnetics
Sale price: $9.3 million in 2010
The home: Sold by celebrity power couple Beyonce & Jay-Z; 7-bedroom, 8-bath Mediterranean with boat dock