Franklin Resources Inc. chairman Charles Johnson is selling his lavish house in a gated community in Miami-Dade County, Fla. As first reported by AOL Inc.'s HousingWatch, the fund company executive put the five-bedroom home on Indian Creek Island on the market in November — with a $32.5 million asking price.
The move comes amid a reported feud that's pitted residents of the private community against its golf club members.
Mr. Johnson's single-family dwelling is located at 17 Indian Creek Drive on Indian Creek Island, a private community and golf resort that sits on a 660-acre man-made island in Biscayne Bay just north of Miami. Over the years, Indian Creek — dubbed “the world's most exclusive community” — has been home to the rich and famous. J. Edgar Hoover and the Woolworth family maintained winter homes on the island. These days, Indian Creek Island residents include pro golfer Raymond Floyd, NFL coaching legend Don Shula and billionaire investor Carl Icahn.
Mr. Johnson's 16,000-square-foot mansion, one of about 33 homes on the island, includes a boat slip, a natural infinity pool, a four- car garage and two acres of bayfront land, according to the home's listing on Sotheby's International Realty
HousingWatch reported that the 77-year old Mr. Johnson may be looking to sell because of rising taxes. Indeed, Mr. Johnson and his wife — and some neighboring homeowners — this summer tried to stave off an increase in property taxes and club dues for the Indian Creek Country Club. The hike in club dues was triggered by a substantial reassessment of the value of the country club property which boosted its taxes by nearly 30 times.
The controversial ordinance was approved by the village council in a raucous meeting in May. During that session, lawyers for several country club members attacked the new levy, according to the Miami New Times.
To join the country club, candidates must be recommended by at least one member and approved by 75% of the 15-member board of directors. The initiation charge is $125,000, plus $10,000 in annual dues.
A number of village residents have been turned down for club membership in recent years, the New Times reported. At the same time, the club's representation on the village council has dwindled.
Mr. Johnson, who didn't return calls by press time, is one of a handful of members of the country club.
Even without selling the home, Mr. Johnson should have little problem buying another waterfront property to his liking. With a net worth of $4 billion, the Franklin Resources chairman is No. 74 on the Forbes 400 Richest People in America, up from No. 77 last year.
Meanwhile, the battle of Indian Creek Island rages on. This month, Mr. Johnson and Mr. Shula, the former Miami Dolphins coach, reportedly filed a lawsuit against the village over the tax hikes. As one resident told the New Times: “The Island and the club are like a married couple who no longer love each other. But it's too expensive to get a divorce.”
E-mail Jessica Toonkel at jtoonkel@investmentnews.com.
