The priciest residence available for purchase in the United States debuted on the market this week at a staggering $295 million.
Named Gordon Pointe, the property sprawls across roughly 9 acres in Port Royal, an upscale neighborhood situated in Naples, Florida, along the Gulf Coast.
This lavish estate comprises a primary residence spanning approximately 11,500 square feet, boasting six bedrooms. Additionally, there are two guest residences, each exceeding 5,000 square feet, bringing the total indoor living space of the estate to a grand 22,800 square feet. Positioned on a peninsula, the property boasts an impressive 1,650 feet of waterfront, along with a private yacht basin and a T-shaped dock.
Co-listing agent Leighton Candler of Corcoran emphasized to CNBC that the value of the property extends beyond the size of its three magnificent homes. Instead, it lies in its privacy, beachfrontage, and the rare opportunity for significant development.
According to the press release announcing the listing, the property has the capacity for over 200,000 square feet of residential development, indicating substantial untapped potential for development.
Candler explained to CNBC, “There can be eight waterfront homes on this property.” Although the property could potentially be divided after purchase, the New York-based broker anticipates that a potential buyer is more likely to retain it as a private family compound.
The nine acres consist of adjacent parcels, the initial of which was acquired in 1985 by John and Rhodora Donahue. John Donahue co-established a Pittsburgh-headquartered investment management company, presently recognized as Federated Hermes, with assets under management surpassing $758 billion, as per the company’s website.
Following that initial acquisition in 1985, the Donahues continued their purchasing streak, gradually acquiring more land on the peninsula until they possessed the entire area. Their acquisitions resulted in the creation of an exclusive, gated compound, nearly surrounded by water. With only a solitary private drive, the compound enjoys freedom from bothersome traffic.
“It provides all the advantages of residing on an island, yet on Gordon Pointe, your family can enjoy seclusion without feeling cut off,” remarked Candler.
In addition to a T-shaped dock capable of accommodating six boats, the Donahues also constructed a private yacht basin measuring 231 feet by 50 feet, boasting a depth of nearly 8 feet. Candler informed CNBC that this is a rare amenity that required approval from the U.S. Army Corps of Engineers.
The mansion, situated at 10644 Bellagio Road in Bel Air, is under the ownership of Karen Winnick, a children’s book author and the widow of the late billionaire and financier Gary Winnick.
Initially listed in June for $250 million, the residence failed to attract a buyer at that lofty price. Consequently, it was temporarily withdrawn from the market, only to resurface in November with a reduced price tag of $195 million.
Listing agent Kurt Rappaport continues his search for a buyer willing to meet the $195 million asking price.
The truth is, that properties with nine-figure price tags can often linger on the market for months, or even years, before finding a buyer, and this delay doesn’t necessarily reflect the broker’s competence.
Real estate consultant Jonathan Miller, who serves as the president of Miller Samuel, examined 10 home sales in the United States that fetched $150 million or more. He discovered that many of these transactions were what’s known as “whisper listings” — sales conducted through discreet word-of-mouth marketing without any public real estate listings or marketing campaigns.
But perhaps predictably, a significant number of these transactions involve famous billionaires, such as hedge fund manager Ken Griffin, Amazon’s founder Jeff Bezos, Oracle’s co-founder Larry Ellison, and mega-investor Marc Andreessen. Each of them acquired nine-figure estates through discreet off-market deals.
One notable mega-mansion among the 10 transactions analyzed by Miller did indeed have an official listing and an intriguing price trajectory.
Back in 2017, the mansion located at 750 Bel Air Road in Los Angeles, famously known as the Chartwell Estate, debuted on the market with a staggering $350 million price tag.
Despite its grandeur, the property failed to attract any takers, prompting multiple substantial price reductions, eventually dropping to $195 million.
In 2019, the estate was finally sold for $150 million. The buyer was Lachlan Murdoch, the executive chair and CEO of Fox Corp., and son of media tycoon Rupert Murdoch.
Another intriguing mega-transaction that made the list involved a Malibu mansion situated at 27712 Pacific Coast Highway. Despite never being officially listed to the public, The Wall Street Journal reported a whispered price tag of $295 million associated with the property.
In 2023, the mansion was sold in an off-market deal to the music power couple Jay-Z and Beyoncé for $190 million, marking a significant deviation from the initially speculated price.
