Business & Finance: Mortgaged Montauk

Four miles from Miami there used to be a tidal bog. A promoter with imagination bought the semi-swamp, surrounded it with bulkheads. Miami was dredging its harbor and was glad when the promoter said they could dump the silt on his land. As the tidal bog grew into a fertile island the promoter built roads, hotels, trolley lines. The island became known as Miami Beach and one of Florida's most popular resorts. When the great boom of 1923-26 began, the promoter, Carl Graham Fisher, came zooming out of a deep hole with fat profits...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!