New Luxury Mansions Set to Rise on Miami’s Exclusive Fisher Island

Miami’s exclusive Fisher Island is slated to welcome six new luxury mansions, with prices reaching as high as $55 million. This comes after French developer Madar Group, led by perfume moguls Jean and Alain Madar, invested over $40 million in land on the island. The homes, which are being sold before construction begins, will range in size from 8,000 to 15,000 square feet (743 to 1,394 square meters), with prices starting at $31 million. The developer may also consider merging lots to create an estate worth $100 million.

David-Emmanuel Cohen, CEO of Madar Group USA, called this development a “once-in-a-lifetime opportunity” to invest in Fisher Island, a 216-acre (87-hectare) enclave accessible only by ferry. While the island has housed celebrities such as Oprah Winfrey and tennis star Caroline Wozniacki, its housing stock primarily consists of condominiums, with only a few single-family homes. Madar Group’s six lots range from one-third to half an acre, and limited space on the island makes these properties likely to appreciate. One of the homes has already found a buyer.

These properties will be part of Links Estates, a more significant development comprising 12 lots initially owned by local developer Heinrich von Hanau. According to broker Dora Puig, two of von Hanau’s homes are still on the market, and the remaining lots have been accounted for.

Since the pandemic, the Miami area has seen an influx of wealthy buyers, contributing to a real estate boom. However, newcomers have faced challenges such as waitlists for elite private schools and country clubs and worsening traffic. Fisher Island, with its private school, golf club, and tight security, offers a serene alternative to the busy mainland, according to broker Fredrik Eklund, who is marketing the Madar Group properties with Dina Goldentayer.

“It’s private and secure, its world,” said Eklund, who noted that the island is attracting a younger, more international demographic. Buyers of the homes will also receive membership to the island’s golf club, bypassing the waitlists and high fees for mainland courses.

Eklund, known for his Million Dollar Listing New York role, moved to Miami in 2023 and is developing a real estate reality show based in the city. “New York has always been the king of everything real estate,” he said, “But we’re seeing Miami make dents in that.”