Montauk, Long Island
In 1926, Fisher began working on a "Miami Beach of the north". His project at Montauk at the eastern tip of Long Island in New York was to provide a warm season counterpart to the Florida development. He and four associates purchased 9,000 acres (36 km2) and built a luxurious hotel, office building, marina, and attractions. The project built roads, planted nurseries, laid water pipes and built houses. He built Montauk Manor, which still exists as a luxury resort today (pictured at right). He also built the Montauk Tennis Auditorium.
However, after the real estate boom became a land "bust" in Florida around 1925, followed by a devastating hurricane in September 1926 which wiped out much of Miami Beach, tourism dropped off severely and Fisher's investments there were hit hard. His financing for the Montauk venture was dependent upon income from the Miami properties. Then, the Stock Market Crash of 1929 struck, followed by the Great Depression. The Montauk "Miami Beach of the north" project went into receivership in 1932.
Read more about this topic: Carl G. Fisher
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