Seven minutes from Miami Beach, an unusual island only reachable by ferry—or yacht—boasts one of the wealthiest ZIP Codes in the U.S. With its own post office, grocery store, restaurants and school, the island is an exclusive, self-contained retreat for its residents, who number up to 1,200 in winter. Over the years, celebrities such as Oprah Winfrey have had homes there.
But in recent years, Fisher Island lost some of its luster. The real-estate bust triggered a wave of selloffs. A protracted legal battle halted new development. Once sparkling amenities started to show their age. Some celebrities sold their homes.