The main building in Gordon Pointe covers 11,500 m².
The most expensive home for sale in the US hit the market this week for $295 million.
Gordon Pointe, as it is called, is a roughly 20-acre site in Naples, Florida, on the Gulf Coast, in an affluent enclave called Port Royal.
The mega offering includes a main house of approximately 11,500 square meters, with six bedrooms. Two guesthouses, each over 5,000 square feet, bring the estate's total living space to 22,800 square feet. All three homes are located on a peninsula with 500 feet of waterfront, a private marina and a T-shaped dock.
Before you start counting the bedrooms and calculating the price per square foot (which is about $12,900), co-listing agent Leighton Candler of Corcoran told CNBC that the value here isn't so much about the size of the three large homes on site, it's about privacy, beach frontage and a rare opportunity for significant development.
According to a press release launching the listing, “the property is suitable for more than 200,000 square feet of residential development,” meaning the land has a lot of untapped potential.
“There could be eight waterfront homes on this property,” Candler told CNBC. Although the property may be demolished after purchase, the New York-based real estate agent speculates that a potential buyer will likely keep it as a private family compound.
The white sandy beach of Gordon Pointe stretches for more than 700 feet on the Gulf of Mexico.
The nine acres consist of contiguous parcels, the first of which was purchased in 1985 by John and Rhodora Donahue. John Donahue co-founded a Pittsburgh-based investment management firm, now known as Federated Hermes, with more than $758 billion in assets under management, according to the firm's website.
The water view of the main building and a stretch of beach on Gordon Pointe.
After that first purchase in 1985, the Donahues continued to buy up more of the peninsula, not stopping until they owned everything. Their buying spree created an exclusive, gated compound almost completely surrounded by water. One private ride means no annoying through traffic.
“It gives you all the benefits of an island stay, but at Gordon Pointe your family can be secluded without feeling isolated,” says Candler.
In addition to a T-shaped dock that can accommodate six boats, the Donahues also built a private yacht basin that measures 70 by 50 feet and has a depth of nearly 8 feet. Candler told CNBC that it is a rare facility that had to be approved by the US Army Corps of Engineers.
A view of Gordon Pointe with the private marina in the lower right corner.
Dawn McKenna Group / Coldwell Banker Realty
Can Gordon Pointe raise $295 million?
According to Realtor.com, the average sales price in Port Royal is $24.1 million.
The most expensive home, before Gordon Pointe, in the ultra-luxury beachfront community hit the market in December for $45 million, or just under $4,300 per square foot. Meanwhile, an empty 3.5-acre parcel adjacent to Gordon Pointe has been for sale for a year, with an asking price of $63 million.
'We have done our best to determine the price [Gordon Pointe] and we can defend that price all day,” co-listing agent Dawn McKenna of Coldwell Banker Realty told CNBC.
McKenna said the listing has already attracted a lot of interest since it went live on Wednesday and she has already booked eight in-person visits with pre-qualified buyers.
It's no surprise to hear agents argue that a flashy price tag is justified, but true comparisons at this level and buyers with enough cash to pay that kind of money are rare. And, as is the case with any real estate listing, there can be a large gap between the initial asking price and the price a property ultimately sells for.
For some nine-figure context, here's a closer look at the second and third most expensive deals currently on sale in America.
A view of the Central Park Tower at 217 West 57th St. in New York City.
Source: Cody Boone, SERHANT Studios
The first of the two listings is a penthouse that debuted in New York City in September 2022.
Located high atop 217 West 57th Street overlooking Central Park, the residence spans three floors and spans over 17,500 square feet.
Real estate agent Ryan Serhant made headlines when he put the mega-apartment on the market for $250 million, which he said was the right price at the time.
“I know it sounds crazy, but relatively speaking, the price per square foot is a great value,” Serhant said in 2022. “It's just a very, very large apartment with a lot of amenities.”
But naysayers questioned the nosebleed asking price, which came in at more than $14,000 per square foot.
“I consider this a fantasy price,” Manhattan luxury real estate agent Donna Olshan told CNBC in 2022.
The triplex home was on the market for twelve months without buyers. After sitting at $250 million for a year, the asking price was reduced by $55 million, or 22%. The expensive pillow is still on the market for $195 million.
It was a similar journey in Los Angeles, with the seven-bedroom, 20-bathroom mansion known as Casa Encantada.
The mansion, located at 10644 Bellagio Road in Bel Air, is owned by children's book author Karen Winnick, the widow of the late billionaire financier Gary Winnick.
The home hit the market in June for $250 million.
After skyrocketing demand failed to lure a buyer, the house was taken off the market, only to reappear in November with a $55 million price reduction.
Listing agent Kurt Rappaport is still looking for a buyer willing to pay the $195 million.
Whisper sales with nine figures
The reality is that nine-figure listings can take months or even years to sell, and that's not necessarily a reflection of an agent's ability.
Real estate advisor Jonathan Miller, president of Miller Samuel, looked at 10 U.S. home sales trading for $150 million or more and found that many were so-called whisper listings — sales that used muted word of mouth and no public real estate. real estate listings or marketing campaigns.
That makes tracking price changes over the life of the offers virtually impossible.
Jeff Bezos gives a thumbs up while speaking during an event about Blue Origin's space exploration plans in Washington, DC, May 9, 2019.
Clodagh Kilcoyne | Reuters
But perhaps unsurprisingly, many famous billionaires are involved in these sales, including hedge funder Ken Griffin, Amazon founder Jeff Bezos, Oracle co-founder Larry Ellison and mega-investor Marc Andreessen, each of whom quietly bought nine-figure shares. picked up. -market offers.
The Chartwell Estate in Los Angeles
Photo by Jim Bartsch, courtesy of the Estate of Jerry Perenchio
One notable mega-mansion among the ten transactions compiled by Miller has officially hit the market and has an interesting price history.
In 2017, the mansion at 750 Bel Air Road in Los Angeles known as the Chartwell Estate had a price tag of $350 million. It hit the market without a hitch, and the overly high asking price had to be significantly reduced, to $195 million.
In 2019, the estate was finally sold for $150 million, purchased by Lachlan Murdoch, executive chairman and CEO of Fox Corp. and son of media mogul Rupert Murdoch.
And there was another interesting mega-transaction on the list: a Malibu mansion located at 27712 Pacific Coast Highway. Although it never actually had a public listing, The Wall Street Journal reported that the rumored price tag was $295 million.
When it was sold in an off-market deal to music power couple Jay-Z and Beyoncé in 2023, it went for $190 million.