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BONDS CAY

Private Island: Site of New Development of Superstars

Bonds Cay

A group of high-profile investors, including pop star Shakira, 29, and Pink Floyd's Roger Waters, 63, are in contract to buy--and eventually develop--the 700-acre Bahamian island of Bonds Cay.

Shakira BahamasRoger Waters

In addition to a boutique hotel, luxury condominiums and homes with private beaches, the island will house an artists' retreat. There will be a rotating cast of artists-in-residence, galleries populated with up-and-comers' works and a program that offers semester-long sabbaticals.

"It's not about having 200 speedboats and an 18-hole golf course," says Arturo Rubinstein, a Miami-based investor whose partners in the project also include Antonio De La Rua, son of Argentina's former president Fernando De La Rua, and New York City financial services firm Guggenheim Capital. "I would say it is an explosion of the senses. It's a concept more related to art and culture."

Bonds Cay

The island, which was listed at $16 million, is situated in the north-central Bahamas, in an area known as the Berry Islands. It is about 125 miles off the east coast of Florida and boasts three salt pond lakes and five major beaches, including a private cove beach on the island's northern end.

Bonds Cay

"It's a beautiful island," says John Christie, vice president of Caribbean real estate brokerage H.G. Christie. "It's got some height to it, which means as you build up, you get better views. There is the ocean to the east of it so you've got reefs and views of turquoise water. On the other side of the island is limey, light turquoise water because it is shallow. It's a great bone fishing area."

Also involved in the project are Latin American recording artist Miguel Bose, 50, and 37-year-old Spanish pop star Alejandro Sanz, also known for his work on the 2005 Shakira duet, "La Tortura."

What makes this development different than other celebrity-affiliated projects (see " Star-Powered Properties "), Rubinstein says, is that these stars will own homes on the island and reside there part of the year. He plans to begin construction in mid-2007 with a first phase of offerings to hit the market three years later.

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