MIAMI—A private island in the Florida Keys has hit the market. Pumpkin Key, which is part of the exclusive Ocean Reef community and less than an hour from Miami, was just listed at $110 million.

Seclusion, splendor and convenience are some of the words Russell Post, CEO of Russell Post Sotheby's International Realty, is using to describe the island. Ocean Reef, whose members include a roster of who's who in American business, is known for its fairways, mega yacht marinas, and lighted 4,456-foot airport runway capable of accommodating large and mid-size business jets.

"From creating a family compound or a private 'club-within-a-club' within Ocean Reef, the possibilities are endless," says Post. "Pumpkin Key offers the unique opportunity for privacy, while still being part of the Ocean Reef community, and just a quick 10-minute helicopter ride or 50-minute boat trip to Miami."