Next spring, the 5.5-acre enclave that was founded in 1926 returns as an equally posh, oceanfront complex containing a 107-unit condo tower and six, four-story private villas. Units are selling for between $2 million and $10 million. Peebles acquired the oceanfront property in December 1999 after having the parcel upzoned and designated an historic site. In April 2002, DLJ became an equity partner and the groundbreaking took place nearly a year later.

Each of the 5,685-sf Mediterranean-style villas, designed to reflect the club's original architecture, has a private, infinity-edged pool. They hit the market at approximately $10 million, or about $1,800 per sf. Units in the contemporary-style tower average 3,132 sf and range from $650 per sf to $1,000 per sf, which puts most units well over the $2-million mark. A Peebles' spokeswoman tells GlobeSt.com "our top price to date is in excess of $1,200 per sf."

There are eight different floor plans in the tower units and all have private or semi-private elevators and floor-to-ceiling windows. Center units have views of the ocean and the Intercoastal Waterway, while units on either side of the building's rounded-edge design have views of one or the other. All have top-tier appliance, cabinetry and fixtures.