Palm Island Miami Beach Homes Flash Prestige

Palm Island Miami Beach homes have been favored by through the years by rappers, celebrities and even gangsters.  The incredible location along the stunning turquoise waters of the Biscayne Bay make this private island highly coveted amongst the jetsetters of the world. Celebrities who have lived within the community include Enrique Iglesias, Anna Kournikova, Barbara Walters and Gabrielle Anwar. Residents just love the ease of proximity to both South Beach to the East and downtown Miami to the West via an easy drive along the MacArthur Causeway – while at the same time, enjoying the incredible exclusivity that a private island has to offer.

With a limited number of homes on the island, the number of Palm Island Miami Beach homes for sale is smaller than other comparable communities like the Venetian Islands and Bay Road waterfront homes.  The rather broad spectrum of pricing offers something for everyone with the most expensive mansions having asking prices in the $15million range and the least expensive landlocked starter homes going for just north of one million.  The majority of the island has been developed with supreme estates residing on expansive lots that provide the linear footage of dock space necessary for large yachts.

Palm Island Miami Beach Excesses

For all of the grace and glamour associated with Palm Island Miami Beach homes, there is also noteworthy range of excess.  One prominent resident lost himself within the intense partying scene that a multi-million dollar waterfront mansion had to offer. Renowned record producer Scott Storch lost his estate at 70 Palm Avenue to foreclosure in 2010.  He casually called his place ‘the drug den’ and routinely had massive parties that engaged in every excess imaginable through all-hours of the day and night.  Storch was known for his massive rise and fall within the hip-hop industry – spending $30 million in six months on toys and parties. Storch’s foreclosed home on Palm Island Miami Beach was later acquired by Birdman, another record label executive.  The Birdman was the co-founder of Cash Money Records which has been the label to superstars like Drake, Lil Wayne and Nicki Minaj. The 19,000 square foot home was acquired for $14,500,000

Rental Records Set

The exclusive island community has also gained notoriety for having the most expensive luxury home rental in Miami. 10 Palm Avenue is located on a beautiful corner lot parcel with panoramic views of South Beach and the Port of Miami.  It set the rental records in going for $149,000 per month during peak season.  Palm Island Miami Beach always has been and always will be a magnet for people that love to entertain.  The waterfront homes have plenty of space for large outdoor parties set amongst the beautiful backdrop of Miami.

An Infamous Past Resident

The most famous property on Palm Island Miami Beach is the old estate of gangster Al Capone. The 36,000 square foot waterfront property is rumored to have been the planning site of the infamous 1929 St. Valentine’s Day massacre.  However, the two story home has been remodeled several times through the years and looks nothing like the home of a criminal.  A private sandy beach, cabana house and gorgeous pool make the home quite attractive.

Highly Sought-After Real Estate

All in all, Palm Island Miami Beach is a community rich with history and prestige.  Like its neighbor adjacent neighbor to the south, Hibiscus Island, it boasts some of the most desirable waterfront homes for sale in Miami Beach all of greater Miami.  But if you decide to purchase one of these amazing assets, try and go easy on the wild partying or gangster activities.

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