A posh Port Royal compound in Naples has taken the real estate world by storm, garnering attention as the most expensive home for sale in America. This groundbreaking listing, which made its debut in the Wall Street Journal, has quickly become a sensation, capturing the interest of both national and local media outlets. With a staggering price tag of $295 million, this property is making waves in the luxury market.
What's for Sale?
Known as Gordon Pointe, this gated compound spans over 9 acres and boasts an impressive 708 feet of beachfront, offering stunning views of the Gulf of Mexico. Additionally, it features 952 feet of bay views, an exclusive and incredibly rare yacht basin measuring 231 feet, and a T-shaped dock capable of accommodating up to six boats. The property also includes not one, but three houses, each built over time. Furthermore, there is an opportunity for potential redevelopment, allowing for the creation of an even grander family compound or a subdivided community for fortunate few, consisting of at least six houses, according to the selling agents.
This compound, owned by the Donahue family, in Port Royal, has made national headlines as the most expensive home listed for sale in the U.S.
Who Owns the Property?
The Donahue family, renowned Naples philanthropists, are the proud owners of this remarkable property. John "Jack" F. Donahue, a beloved figure in the community, amassed his fortune as the co-founder of Federated Investors, based in Pittsburgh. After his passing in 2017, his wife Rhodora passed away five years later in 2022. The couple first began acquiring the land in the 1980s, and it is now in the hands of their numerous heirs, including their 13 children and over 80 grandchildren.
More:Naples philanthropist John "Jack" Donahue dies at age 92
The exclusive listing agents for this extraordinary property are the esteemed Dawn McKenna Group of Coldwell Banker Realty, in partnership with The Leighton Candler Team of Corcoran and Rory McMullen of Savills. Leighton Candler, founder of The Leighton Candler Team, Corcoran, expressed immense excitement about the compound, stating that it perfectly caters to the desires of luxury buyers. He emphasizes the allure of seclusion, privacy, and waterfront living that Gordon Pointe offers, making it a truly exceptional and rare property.
This 9-acre compound, owned by the Donahue family, is up for sale in Port Royal for $295 million. It
In 2017, the Donahue family gained attention when they explored the possibility of selling 70 acres of beachfront property on Gordon Pointe and nearby Keewaydin Island. They discreetly distributed a 62-page confidential offering memo to potential buyers worldwide, leaving the pricing undisclosed. At that time, Jack and Rhodora were still alive and wanted to retain and enjoy two of their residences. Portions of the property were sold for over $45 million in 2019, and the new offering includes previously unsold lots.
When asked about the expected duration it will take to sell this new listing, Robert McEwan, one of the agents marketing the property, stated that it's difficult to predict in the world of uber luxury. He believes that a potential buyer could come across an article about the property and make an immediate purchase. These rare and extraordinary sales do not occur frequently, making it challenging to ascertain historical precedent for timing and value. Nevertheless, McEwan is confident that the property's secluded and picturesque location at the end of Gordon Drive will attract a wealthy buyer.
"It's easy to love the property," McEwan said. "Having worked in real estate for over 30 years, selling waterfront properties across Florida, I have seen most of them. But this property is undoubtedly one of the top three oceanfront properties in the entire state of Florida." He predicts that the eventual sale may shatter records not only in Naples but also nationwide, given the increasing number of affluent individuals discovering the area's allure.
More:Naples family might sell 70 'amazing and unique' acres that include beach
Port Royal has long been recognized as a playground for the rich and famous. Nearly a year ago, a waterfront estate in the same neighborhood hit the market for over $174 million, a price rarely seen at that time and still remains unsold. This beachfront property spans over 8.5 acres, another rarity in itself. Moreover, neighboring properties on both sides are also for sale, offering the tantalizing opportunity to create an even larger, one-of-a-kind estate on coveted Gordon Drive. The combined price for all three properties would amount to $295 million, encompassing more than 15 acres and boasting 812 linear feet of beach frontage.
Although the properties are owned by different names, a quick internet search reveals that all three are tied to the DeGroote family. The family's patriarch, Michael DeGroote Sr., a Canadian billionaire, entrepreneur, and philanthropist, passed away in 2022. Michael McCumber, the exclusive listing agent for all the properties with Gulf Coast International Properties, described the opportunity as "fabulous." He attributes the valuation to the high demand for waterfront properties in the pristine region and the expansive size of the grounds. McCumber also points out the ongoing building boom on Gordon Drive, which will undoubtedly enhance the allure of the estate. This remarkable property presents an outstanding opportunity for someone to turn their dreams into reality.
Bill Earls, of John R. Wood Christie's International Real Estate, has listed a 1.48-acre property adjacent to the Donahue compound for $63 million, which includes 275 feet of beach frontage. While the property is currently vacant, it offers extraordinary waterfront views. Earls acknowledges the exceptional quality of the neighboring record-breaking listing, emphasizing that it only takes one person with an unwavering desire to own it and the willingness to pay whatever it takes to secure it.
Bill Earls
In case you missed it:Port Royal estate lists for more than $174 million. Here's what we know
While the luxury home market experienced a slight cooldown in 2023 compared to the previous year, it still witnessed several remarkable sales. The most expensive home sold last year fetched $46.8 million, also located in Port Royal. This purchase set a new record for off-beach residential properties in the neighborhood and Collier County as a whole. However, the record for the highest home price in Collier County, still stands at $62 million, established in 2022 and surpassing the previous record by $10 million.
"That's a testament to the property and the market at the time," said Paul Arpin, the listing agent for the property, with Premier Sotheby's International Realty, in a recent interview. "It's still the top sale." This resort-style, Gulf-front retreat in Aqualane Shores, featuring six bedrooms, 11 bathrooms, and over 11,800 square feet of living space, sold at its asking price.
More:Luxury market levels off: Southwest Florida's top home sales in 2023
According to the Wall Street Journal, the existing record for a home sale in the United States was set in 2019 when Citadel's Ken Griffin purchased a penthouse on Manhattan's Billionaires' Row for $240 million.
In conclusion, the Port Royal compound listing has captivated the nation with its record-breaking price tag and its unique combination of luxurious amenities and breathtaking surroundings. This extraordinary property offers unparalleled seclusion and waterfront living, attracting the attention of discerning buyers searching for the pinnacle of luxury. As the property continues to make national headlines, it is poised to redefine the boundaries of luxury real estate in both Naples and the entire United States.
