The main home at Gordon Pointe spans 11,500 square feet.
The most expensive home for sale in the United States hit the market this week for $295 million.
Gordon Pointe, as it is called, is a 9-acre site in Naples, Florida, on the Gulf Coast, in an affluent enclave called Port Royal.
The mega offering includes a main house measuring approximately 11,500 square feet and six bedrooms. Two guesthouses, each over 5,000 square feet, increase the property’s total interior living space to 22,800 square feet. All three homes sit on a peninsula that features 1,650 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 doesn’t depend so much on the size of the three large houses on the property depends. It’s about privacy, beachfront location and a rare opportunity for significant development.
According to a press release that began the listing, “the property can accommodate more than 200,000 square feet of living space,” meaning the land has a lot of untapped potential.
“There can be eight waterfront homes on this property,” Candler told CNBC. While the property could be torn apart after purchase, the New York-based agent believes a potential buyer is more likely to keep it as a private family estate.
Gordon Pointe’s white sand beach stretches 700 feet along the Gulf of Mexico.
The nine acres consist of contiguous lots, the first of which was purchased in 1985 by John and Rhodora Donahue. According to the company’s website, John Donahue co-founded a Pittsburgh-based investment management firm now known as Federated Hermes, which has over $758 billion in assets under management.
The view of the main house and a stretch of beach at Gordon Pointe.
After that first purchase in 1985, the Donahues continued to purchase more parts of the peninsula and didn’t stop until they owned it all. Their shopping spree created an exclusive, fenced-in area that is almost entirely surrounded by water. A single private trip means no annoying through traffic.
“It gives you all the benefits of an island, but on Gordon Pointe your family can be secluded without feeling isolated,” Candler said.
In addition to a T-shaped dock that can accommodate six boats, the Donahues also constructed a private yacht basin measuring 231 feet by 50 feet and nearly 8 feet deep. Candler told CNBC it is a rare amenity that must be approved by the U.S. 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 fetch $295 million?
According to Realtor.com, the average listing price in Port Royal is $24.1 million.
The highest-priced home off Gordon Pointe in the ultra-luxurious beach community hit the market in December for $45 million, or just under $4,300 per square foot. Meanwhile, a nearly 1.5-acre vacant lot adjacent to Gordon Pointe has been on the market for a year at $63 million.
“We tried 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 offer has already attracted a lot of interest since it went live on Wednesday and that she has already booked eight in-person visits with prequalified buyers.
It’s no surprise to hear listed agents argue that eye-watering pricing is justified, but real comparisons at this level and buyers with enough cash to pay this amount are few and far between. And as with any real estate listing, there can be a large gap between the initial asking price and the eventual sales price of a property.
In the nine-figure range, here’s a closer look at the second and third most expensive listings currently for 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 offerings is a penthouse that opened in New York City in September 2022.
Located high at 217 West 57th Street overlooking Central Park, the residence spans three floors and over 17,500 square feet.
Realtor Ryan Serhant made headlines when he listed the mega-condo at $250 million, which he told CNBC at the time was the fair price.
“I know it sounds crazy, but relatively speaking, the price per square meter is very good,” Serhant said in 2022. “It’s just a very, very large apartment with a lot of amenities.”
But critics questioned the asking price for nosebleed, which topped $14,000 per square foot.
“I think it’s a fantasy price,” Manhattan luxury broker Donna Olshan told CNBC in 2022.
The triplex residence sat on the market for 12 months with no takers. After a one-year period of $250 million, the offering price was reduced by $55 million, or 22%. The expensive pad is still on the market for $195 million.
In the $250 million penthouse on “Billionaires’ Row”
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 author Karen Winnick, widow of the late billionaire financier Gary Winnick.
The residence hit the market in June for $250 million.
After high demand failed to attract a buyer, the home was taken off the market, only to resurface in November with a $55 million price cut.
Listing broker Kurt Rappaport is still looking for a buyer willing to pay the $195 million.
Nine-figure whisper sales
The reality is that nine-figure listings can take months or even years to sell, and that doesn’t necessarily reflect an agent’s skills.
Real estate consultant Jonathan Miller, president of Miller Samuel, examined 10 home sales in the U.S. that traded for $150 million or more and found that many of them were so-called whisper offers – sales that were based on quiet word of mouth and no real estate advertisements or marketing campaigns were based on public advertising.
This makes it almost impossible to track price changes over the life of the offers.
Jeff Bezos gives a thumbs up as he speaks during an event about Blue Origin’s space exploration plans in Washington, DC, May 9, 2019.
Clodagh Kilcoyne | Reuters
But perhaps not surprisingly, these sales involve many famous billionaires, including hedge funder Ken Griffin, Amazon founder Jeff Bezos, Oracle co-founder Larry Ellison and mega-investor Marc Andreessen, who each quietly raised nine figures -Market offers.
The Chartwell Estate in Los Angeles
Photo by Jim Bartsch, courtesy of the Estate of Jerry Perenchio
One notable mega-mansion of the ten transactions compiled by Miller has officially hit the market and is showing an interesting price trend.
In 2017, the mansion known as the Chartwell Estate at 750 Bel Air Road in Los Angeles cost $350 million. It remained on the market without problems, and the inflated asking price suffered several deep cuts to $195 million.
In 2019, the property was finally sold for $150 million and purchased by Lachlan Murdoch, Chairman and CEO of Fox Corp. and son of media mogul Rupert Murdoch.
Take a look inside Lachlan Murdoch’s new $150 million LA mansion
And another interesting mega-transaction made the list: a Malibu mansion at 27712 Pacific Coast Highway. Although there was never an IPO, the Wall Street Journal reported that the whispered price was $295 million.
When it was sold to music power couple Jay-Z and Beyoncé in an off-market deal in 2023, it cost $190 million.
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2024-02-10 14:00:01
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