A $50 million private island that's a 10-minute boat ride off the coast of Florida just hit the market. Take a look.

Black's island bungalows surround by bright blue water

Jon Kohler & Associates

A 7-acre private island off Florida's coast is on sale for $50 million.Black's Island has a private resort with 26 waterfront bungalows.The owner is open to selling the entire island or some of the bungalows, starting at $1.5 million.

If owning a private island is a personal dream for you, you're in luck — a 7-acre private island located just 3 miles off the coast of Florida just hit the market and could be all yours for $50 million.

Black's Island is located in Saint Joseph Bay and just south of Port St. Joe on Florida's panhandle. The island was named for Samuel "Black Sam" Bellamy, who is known as the wealthiest pirate in history.

Black's Island is located in Saint Joseph Bay, around 3 miles off the Florida mainland.

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The island hosts its own private resort, complete with 26 waterfront bungalows as well as common areas like a clubhouse, cabana, and pool, according to the sale listing. The structures are connected via an elevated boardwalk that runs along the center of the island.

Black's Island currently hosts short-term rentals with the help of a management company and full-time staff on the island, which is accessible via a 10-minute boat ride from the mainland, or by seaplane and helicopter.

Black's Island currently rents out the bungalows as short-term rentals.

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From the dock on the mainland, the Panama City Beach International Airport is an hour-and-twenty-minute drive away. A smaller airport for those flying in on a private jet is only 25 minutes away.

Black's Island is accessible by boat, seaplane, or helicopter.

Jon Kohler & Associates

Common areas on Black's Island include a clubhouse, cabana, and pool.

Jon Kohler & Associates

"You're only 3 miles off the mainland, and you seriously feel like you're in the islands," Lori Bembry Weldon, one of the listing brokers at Jon Kohler & Associates, told Business Insider, adding, "It's really super cool. There's just nothing like it on the coast of Florida that's available."

If you can't quite swing the $50 million price tag, you may still have a chance to get a slice of the island life.

In addition to listing the entire island for sale, the owner has also listed several of the individual bungalows. Weldon said the owner, Atlanta developer Scott Seymour, is open to selling the entire island or just some of the bungalows — so it will ultimately depend on what potential buyers are interested in.

Inside views of the one of the bungalows on Black's Island.

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The 26 bungalows on Black's Island are steps away from the water.

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In this scenario, Weldon said the setup would be similar to a condo homeowners' association. The bungalows, which start at $1.5 million, would be purchased under a 99-year lease, and there would be a $25,000-a-year HOA fee to cover taxes, insurance, repairs, and utilities, including upkeep for all the common areas.

Weldon also said in the case of individual bungalow sales, pre-approved title insurance and lenders have already been set up, so potential buyers would not have to worry about getting insurance — an increasing problem in Florida.

Black's Island is a 10-minute boat ride from the mainland.

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Black's Island has 3,700 feet of shoreline.

Jon Kohler & Associates

The bungalows, which were first built in 2009, were remodeled when Seymour bought the island in 2018. Weldon said that in addition to renting out the bungalows, he also frequently spends time on the island.

Seymour is also currently building a $20 million hotel on the mainland where anyone who purchases a bungalow will be able to park. The hotel is also set to be named after the infamous pirate and will be called The Bellamy.

A view of Black's Island with the Florida mainland in the distance.

Jon Kohler & Associates