The great majority of the undeveloped land of the ultra-wealthy Fisher Island in Miami Beach in Florida has been targeted for foreclosure. The company Fisher Island Holdings has been entangled in legal proceedings related to its ownership and could end up losing more than 18 acres of the exclusive island, which is only accessible by a private ferry. Even the ferry terminal is now being threatened with foreclosure.
On 11th December, Western National Life Insurance Co, also known as AIG Annuity Insurance Co, filed a foreclosure lawsuit against Fisher Island Holdings regarding a mortgage at $76.7 million, which was last modified four years ago back in 2008.
There has been dispute over the ownership of Fisher Island Holdings because of the involuntary bankruptcy case of Fisher Island Investments ? its affiliate company ? following the death of its Russian owner under suspicious circumstances last year. The development of the island came to a halt not long after his demise, while in that same year a foreclosure lawsuit regarding the 'Parcel 7' property on the island's north side was filed by another lender caught up in affiliate Fisher Island Investments' bankruptcy filing.
The AIG foreclosure is targeting every property owned by Fisher Island Holdings, with the exception of a couple of condominiums. The targeted properties include 6.7 acres located at Fisher Island Drive, which was in the process of being developed for residential purposes; another 3.6 acres located at 6400 Fisher Island Drive, which has a 4351 square foot building; 12,572 square feet situated at 168 MacArthur Causeway, which is where the ferry departs from; 8.2 acres located at 66 Fisher Island Drive, at the ferry landing terminal; and a 5,468 square foot home at 6921 Valencia Drive.
