Rare Chance to Own 40 Acres in Florida Keys: Asking $19 Million

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Sotheby's International RealtyThe undeveloped Parmelee estate property covers 40 acres. The parcel could be subdivided or become a mega-estate.

Celebrities, real estate developers and privacy-seekers who want to feel like they are on a private peninsula have the rare opportunity to own 40 acres in the upper Florida Keys just aching to become one mega-estate or 10 smaller parcels.


AOL has learned exclusively that the Parmelee estate in Islamorada, Fla., is about to hit the market for $19 million. The property, which juts into Florida Bay, is located on Lower Matecumbe Key, about 25 miles south of Key Largo and 80 miles north of Key West.

The estate has been in the Parmelee family since the 1950s and except for a modest, two-bedroom, two-bath house is totally undeveloped, with some 4,000 coconut palms on the property. The dolphins that cavort offshore figure to be sad to see the paradise go.

Sotheby's International RealtySome 4,000 coconut palms grow on the undeveloped 40-acre parcel, which is about 80 miles north of Key West.

The property is unique because, "we don't have a lot of land on the keys, and the land we have is either developed or protected," said Leah Maki of Ocean Sotheby's International, which is listing the estate. "This parcel is one of the very few properties that you can actually develop."

Maki says some clever developer will grab the opportunity to divide the parcel into 10 four-acre estates that can accommodate a mansion and guest house with magnificent water views. Or some mega-millionaire will buy the estate and erect his own compound.

"You could have a very private piece of land," Maki said. "A celebrity could build a big estate and have a lot of room to park their boats and toys."

Sotheby's International RealtyThe Parmelee estate in Islamorada is largely undeveloped but could become 10 four-acre plots with room for mansions.
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