{"id":9714,"date":"2024-02-12T19:50:47","date_gmt":"2024-02-12T19:50:47","guid":{"rendered":"https:\/\/topat10.com\/?p=9714"},"modified":"2024-02-12T19:50:47","modified_gmt":"2024-02-12T19:50:47","slug":"a-florida-family-that-bought-a-fishing-cottage-for-1-million-in-the-1980s-is-selling-it-for-295-million-now-that-its-a-20-bedroom-compound-with-its-own-yacht-basin","status":"publish","type":"post","link":"https:\/\/topat10.com\/?p=9714","title":{"rendered":"A Florida family that bought a fishing cottage for $1 million in the 1980s is selling it for $295 million now that it\u2019s a 20-bedroom compound with its own yacht basin"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<p>\u201cThere is nothing like it, anywhere.\u201d That\u2019s the first line describing a home (if you can call it that) <a href=\"https:\/\/www.corcoran.com\/listing\/for-sale\/100-bay-road-naples-fl-34102\/22875965\/regionId\/6\" target=\"_self\" rel=\"noopener\" class=\"sc-bd4ab706-0 dXixpY styledLinkColor \">listed for<\/a> $295 million in Naples, Florida. It\u2019s the most expensive home for sale in the country, <a href=\"https:\/\/www.wsj.com\/real-estate\/luxury-homes\/americas-most-expensive-home-for-sale-naples-florida-81535a6b\" target=\"_self\" rel=\"noopener\" class=\"sc-bd4ab706-0 dXixpY styledLinkColor \">according to<\/a> the <em>Wall Street Journa<\/em>l.\u00a0<\/p>\n<div>\n<p>Located in an \u201cexclusive neighborhood\u201d known as Port Royal, the home has its own first and last name: Gordon Pointe. The nine-acre compound holds one primary home and two guest houses; altogether there are 20 bedrooms, 20 bathrooms (and four half bathrooms), a 231-foot yacht basin, a 111-foot floating dock\u2014and, can\u2019t neglect to mention, 1,655 feet of waterfront.\u00a0<\/p>\n<div class=\"wp-block-image\" style=\"margin:auto;max-width:1024px\"><span style=\"box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative\"><span style=\"box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;padding-top:66.69921875%\"\/><noscript><\/noscript><\/span><figcaption>Gordon Pointe.<\/figcaption><p>Courtesy of Dawn McKenna Group\/Coldwell Banker Realty<\/p>\n<\/div>\n<p>It was smaller when John Donahue first purchased it for $1 million in the 1980s after seeing the strip of land when (according to family stories) he was flying above it. At the time, it was a little more than four acres and had nothing on it apart from a fishing cottage, the <em>Journal<\/em> reported. The family built it over the next decade or so as they bought more land, and now after Donahue and his wife, Rhodora, passed away, their 13 children are selling.\u00a0<\/p>\n<p>\u201cWe\u2019ve all enjoyed it, but it\u2019s more or less time to move on,\u201d their son, Bill Donahue, who runs the family\u2019s foundation, told the <em>Journal<\/em>. His parents were high school sweethearts and devout Catholics; his father graduated from West Point in 1946, served in the Air Force, and started an investment management firm that\u2019s now known as Federated Hermes (and run by another son).\u00a0<\/p>\n<p>Their family grew from 13 children to 84 grandchildren to more than 175 great grandchildren, and it grew in size as the neighborhood transformed into one stuffed with business leaders and millionaires. The Donahues\u2019 son Bill told the <em>Journal<\/em> that former President George H.W. Bush and American golfer Arnold Palmer were some of the well-known guests invited over.<\/p>\n<p>The asking price suggests a new record for most expensive home sold in U.S. history. The current record holder belongs to the billionaire CEO of the massive hedge fund Citadel, Ken Griffin, who <a href=\"https:\/\/www.wsj.com\/articles\/billionaire-ken-griffin-buys-americas-most-expensive-home-for-238-million-11548271301\" target=\"_self\" rel=\"noopener\" class=\"sc-bd4ab706-0 dXixpY styledLinkColor \">bought a penthouse on Billionaires\u2019 Row<\/a> in Manhattan for almost $240 million back in 2019. Others have come close, but dropped their asking price as time went on\u2014for one, a Los Angeles mansion (<a href=\"https:\/\/carolwoodre.com\/properties\/casa-encantada\" target=\"_self\" rel=\"noopener\" class=\"sc-bd4ab706-0 dXixpY styledLinkColor \">deemed Casa Encantada<\/a>) sitting on more than eight acres of land with seven bedrooms and 20 bathrooms that was <a href=\"https:\/\/www.architecturaldigest.com\/story\/this-bel-air-mansion-could-set-a-new-record-for-americas-most-expensive-home\" target=\"_self\" rel=\"noopener\" class=\"sc-bd4ab706-0 dXixpY styledLinkColor \">originally listed<\/a> for $250 million last year, but is now asking for $195 million.\u00a0<\/p>\n<p>It\u2019s quite an ask for the home marketed by Coldwell Banker Realty\u2019s Dawn McKenna, Corcoran\u2019s Leighton Candler, and Savills\u2019 Rory McMullen given the pandemic-housing boom is over and this is a very different, chillier, housing market\u2014one where <a href=\"https:\/\/fortune.com\/2024\/01\/19\/housing-market-2023-existing-home-sales-lowest-since-1995\/\" target=\"_self\" rel=\"noopener\" class=\"sc-bd4ab706-0 dXixpY styledLinkColor \">existing home sales<\/a> fell to their lowest point in nearly 30 years, and <a href=\"https:\/\/www.redfin.com\/news\/luxury-home-sales-january-2023\/\" target=\"_self\" rel=\"noopener\" class=\"sc-bd4ab706-0 dXixpY styledLinkColor \">luxury home sales<\/a> declined almost 45%, during the three months ending Jan. 31, 2023. But it could have a good chance of fetching that price, since home prices haven\u2019t declined hand in hand with sales activity. By the fourth quarter of last year, <a href=\"https:\/\/fortune.com\/2024\/02\/01\/redfin-luxury-home-prices-all-cash-record-highs\/\" target=\"_self\" rel=\"noopener\" class=\"sc-bd4ab706-0 dXixpY styledLinkColor \">luxury home prices<\/a> were hitting all-time highs, driven by all-cash bids\u2014a home in Miami sold for $79 million, for instance.\u00a0<\/p>\n<p>The family wants to sell it as is, in one piece, rather than breaking it up. \u201cIf we were to break up the components, no one would put it back together again,\u201d Donahue said. Although one of the agents, Candler, told the <em>Journal<\/em> that the property can accommodate six houses, if not more. \u201cWe did our best to price [Gordon Pointe] and we can defend that price all day long,\u201d one of the co-listing agents, McKenna of Coldwell Banker Realty, <a href=\"https:\/\/www.cnbc.com\/2024\/02\/10\/florida-mansion-is-most-expensive-us-home-for-sale-at-295-million.html\" target=\"_self\" rel=\"noopener\" class=\"sc-bd4ab706-0 dXixpY styledLinkColor \">told<\/a> CNBC.<\/p>\n<div class=\"wp-block-image\" style=\"margin:auto;max-width:1024px\"><span style=\"box-sizing:border-box;display:block;overflow:hidden;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;position:relative\"><span style=\"box-sizing:border-box;display:block;width:initial;height:initial;background:none;opacity:1;border:0;margin:0;padding:0;padding-top:66.69921875%\"\/><noscript><\/noscript><\/span><figcaption>Gordon Pointe.<\/figcaption><p>Courtesy of Dawn McKenna Group\/Coldwell Banker Realty<\/p>\n<\/div>\n<p>Clearly, this is a very different home than the norm, making comparisons difficult if not impossible. The <a href=\"https:\/\/www.zillow.com\/home-values\/19533\/naples-fl\/\" target=\"_self\" rel=\"noopener\" class=\"sc-bd4ab706-0 dXixpY styledLinkColor \">average home value<\/a> in Naples is close to $600,000, while its ritzy Port Royal neighborhood, with just 10,000 residents, has a <a href=\"https:\/\/www.redfin.com\/neighborhood\/216275\/FL\/Naples\/Port-Royal\/housing-market\" target=\"_self\" rel=\"noopener\" class=\"sc-bd4ab706-0 dXixpY styledLinkColor \">median home sale price<\/a> of slightly more than $9 million. (The relatively small number of transactions skews this data, as Port Royal\u2019s sale price saw a 57% fall year-over-year, and Gordon Pointe\u2019s eventual sale could blow that number out of the water.) <\/p>\n<p>But who knows what\u2019ll happen or who the magic buyer will be, because one of the secrets to Port Royal\u2019s appeal is its secrecy. As McKenna told the <em>Journal<\/em>, \u201cSome of the wealthiest billionaires have places there, and you don\u2019t know it.\u201d<\/p>\n<\/div>\n<div data-cy=\"subscriptionPlea\">Subscribe to the CFO Daily newsletter to keep up with the trends, issues, and executives shaping corporate finance. <a href=\"https:\/\/www.fortune.com\/newsletters\/cfodaily?&amp;itm_source=fortune&amp;itm_medium=article_tout&amp;itm_campaign=cfo_daily\" target=\"_self\" rel=\"noopener\" class=\"sc-bd4ab706-0 dXixpY styledLinkColor \">Sign up<\/a> for free.<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>\u201cThere is nothing like it, anywhere.\u201d That\u2019s the first line describing a home (if you can call it that) listed for $295 million in Naples, Florida. It\u2019s the most expensive home for sale in the country, according to the Wall Street Journal.\u00a0 Located in an \u201cexclusive neighborhood\u201d known as Port Royal, the home has its [&hellip;]<\/p>\n","protected":false},"author":275,"featured_media":9715,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[123],"tags":[],"class_list":["post-9714","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>A Florida family that bought a fishing cottage for $1 million in the 1980s is selling it for $295 million now that it\u2019s a 20-bedroom compound with its own yacht basin | Unlock Informed Choices with Us<\/title>\n<meta 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