Sunday, January 18, 2009

Although the Florida Keys are connected by more than 40 bridges spanning the 110-mile island chain, the vast majority of keys are remote, uninhabited and accessible only by boat. Some are protected by environmental regulations, others are publicly accessible for boaters, fishermen and beachcombers.

But a select few are privately owned, coming equipped with stunning homes, unparalleled views and the mystique that envelopes one's own kingdom and ensures complete privacy, the darkest of nights and the freedom of adventure.

Some such tropical escapes now are on the market in these uncertain economic times.

The Spottswood family, whose community service and business dealings in the Florida Keys date back to the 1820s, has listed its family-owned island retreat for $18.5 million.

Coupon Keys are a cluster of four offshore islands along with a mainland lot for parking and boat launching. They are located between the Florida Keys mainland and Little Palm Island resort in Newfound Harbor, just off Little Torch Key at Mile Marker 28.

"The family has had it since the early 1960s," said Terri Spottswood, the Realtor and family member selling the property.

They also used to own Munson Island, which they later sold to famous furniture refinisher Homer Formsby. He, too, sold the island that eventually became Little Palm Island, a Noble House resort.

Once Munson Island was sold, the Spottswood family built two homes on the Coupon Keys in the 1980s, Spottswood said.

"We've always used it for a family retreat," she said. "Each family would take a month each summer, but then everyone got busy and it dwindled to a week at a time."

The nine-bedroom main house features a lodgelike upper level with panoramic views. The caretakers' home is occupied by the resident caretakers, she said.

The Coupon Keys, named for nearby Coupon Bight, also have the added luxury of being connected to public utilities.

"There are no generators, no cisterns, and it's in close to shore, so it's an easy boat ride. We've enjoyed it for years," Spottswood said. "The water around it is beautiful. It's where all of our kids learned to swim, water ski and snorkel."

Times have changed, and the kids are adults now.

"Everybody's grown up and we're just not using it anymore," she said. "You just kind of move on, plus it's just the times right now."

Islands a plenty

The Coupon Keys are not the only private getaway on the market in the Florida Keys.

Ballast Key, closer to Key West, is owned by longtime Key West businessman and Pier House Resort and Caribbean Spa founder David Wolkowsky, who has hosted Tennessee Williams and other notable figures on the island.

Wolkowsky has owned the island for more than 50 years, but put it on the market a few years ago for $13.8 million.

For the more budget-conscious millionaire, Melody Key, a 5.5-acre island off Summerland Key, is listed for $4.9 million, according to Private Islands magazine.

Its current owner, Nick Hexum, is the lead singer for the rock band 311. He bought Money Key, but renamed it Melody Key in 2005, and leases the island's octagon-shaped home for $7,500 per week.

Also on the block is Howell Key, also known as Drummond Key, a nine-acre getaway off Summerland Key.

The island is listed for $3.5 million by owners James and Elaine Moore, who bought it in 1989 for $157,000, according to the Monroe County Property Appraiser's records.

The 1.7-acre Fanny Key, off Marathon, is listed for $8 million by Thomas Palumbo, who bought it in 1996 for $999,999, according to the property appraiser records.

Buyers of private islands tend to be not only very wealthy people, but also very private individuals, Spottswood said. And those tiny specks of land that dot nautical charts of the Florida Keys are their kingdoms.

mbolen@keysnews.com