Nestled on the protected side of a peninsula within an exclusive gated private island, this exceptional waterfront estate captures the timeless spirit of Old Florida living. Built in 1954, the charming residence reflects classic Florida architecture and offers a rare opportunity to enjoy a piece of island history.Set on nearly an acre of tropical grounds with more than 400 feet of water frontage, the property offers unmatched privacy, panoramic views, and endless potential. Whether preserved as a nostalgic retreat or reimagined into a modern waterfront masterpiece, this estate provides a once-in-a-lifetime canvas for island living.Adding to its rarity, the property is being listed at the appraised land value alone, making it an extraordinary value in one of the island's most coveted locations. For those seeking the best of both worlds--Old Florida charm and prime redevelopment opportunity--this is truly a remarkable offering. Experience stunning sunsets and sweeping open-water views from this exceptional property. Overlooking pristine Sombrero Beach, you'll enjoy the perfect vantage point for the annual Fourth of July fireworks show. Whether relaxing on the water's edge or entertaining guests, this location offers a rare combination of natural beauty, privacy, year-round coastal breezes, and one of the most sought-after views in the Florida Keys. Impact windows and doors as well as accordion shutters offer additional protection. Minimal damage in hurricane Irma. Sellers have a current flood policy that could be assumable. Property consists of two lots that were combined for tax purposes. The lots could be separated for further development.