An empty lot on Miami’s ‘Billionaire Bunker’ is listed for $32 million, and it shows just how valuable land is on the high-security island with its own 13-person police force

The property is one of five lots Iglesias owns on the island. The Jills Zeder Group

Singer Julio Iglesias, Spanish pop icon of the ’70s and ’80s and father of singer Enrique Iglesias, is selling an empty plot of land in Miami for $US31.8 million.

But it’s not just any piece of land.

It’s a 1.8-acre waterfront property on the tiny private island of Indian Creek in Miami’s Biscayne Bay. The island has acquired the nickname “Billionaire Bunker” thanks to its wildly wealthy and high-profile residents, including billionaire investor Carl Icahn, supermodel Adriana Lima, and former Miami Dolphins coach Don Shula.

Iglesias, whose 1983 album “Julio” was the first foreign-language album to sell more than two million copies in the U.S., first bought two lots on Indian Creek in 1978 and snapped up three neighbouring lots over the years, per Forbes. The 76-year-old singer has previously tried to sell the four empty lots as a group, and the fifth has a home in which he spends a few months of the year.

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The centre of the island is occupied by a country club and a golf course. Katie Warren/Business Insider

Indian Creek Village touts itself as “the world’s most exclusive municipality.” It has just 34 homes and about 42 residents. A private 13-person police force patrols the island on land and also via a 24/7 armed marine patrol monitoring the waters surrounding the island.

All of the village’s homes are built around the perimeter of the island, giving them all waterfront views. The centre is occupied by an 18-hole golf course and a country club.

Iglesias’ property, which is listed by Jill Eber and Jill Hertzberg of The Jills Zeder Group at Coldwell Banker Realty, spans 80,000 square feet and includes 200 feet of private waterfront.

In 2017, Iglesias put the four empty lots he owns on the island, which span eight acres, up for sale for a total of $US150 million, per The Miami Herald.

“Mr. Iglesias listed lots four, five, six and seven in 2017,” listing agent Jill Eber told the Herald. “The reality is that there are very few buyers for a sale that large. The properties came off the market in 2018 and at this time Mr. Iglesias only wants to list for sale 4 Indian Creek Island Road.”

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Iglesias’ lot comes with 200 feet of private waterfront. The Jills Zeder Group

The price of security

The staggering price tag for a lot that doesn’t even come with a mansion is indicative of just how valuable land is on Indian Creek.

Its wealthy residents are undoubtedly drawn to the island’s privacy and security. Indian Creek is accessible by a single bridge guarded by a gatehouse, and there’s one police officer for every three residents. The island has just one street, and most of the homes sit behind gates, partially hidden from view by palm trees and other lush foliage.

Homes on the island rarely come up for sale – Iglesias’ lot is the only property currently on the market – but when they do, the price tags are astronomical.

Most recently, basketball coach Rick Pitino sold his eight-bedroom, Mediterranean-style island mansion for $US17 million in April.

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Rick Pitino’s Indian Creek mansion sold in April for $US17 million. Katie Warren/Business Insider

In February 2019, an Indian Creek estate that wasn’t officially on the market sold for $US50 million, breaking the record for the most expensive single-family home sold in the Miami area, Business Insider’s Lina Batarags previously reported. It was the second time the home broke that record, after selling for $US47 million in 2012.

And in 2018, another empty lot of about the same size as the one Iglesias is selling now, sold for $US27.5 million.