The main house at Gordon Pointe spans 11,500 square feet.
The massive listing includes a main house that spans nearly 11,500 square feet and has six bedrooms. Two guest houses, each measuring more than 5,000 square feet, bring the property's total interior living space to 22,800 square feet. All three homes are located on a peninsula that offers 1,650 feet of waterfront, a private yacht dock, 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 has little to do with the size of the three largest homes on the property, it has to do with privacy, beachfront and a rare opportunity for a development. big.
According to a press release launching the listing, “the property has the potential to accommodate 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. While the property may be deconstructed after purchase, the New York-based broker speculates that the potential buyer will likely keep it as a private family compound.
Gordon Point's white sand beach stretches 700 feet onto the Gulf of Mexico.
The nine acres consist of contiguous lots, 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 company's website.
Waterfront view of the main house and the stretch of beach at Gordon Point.
After that first purchase in 1985, the Donahue family continued to buy more of the peninsula and didn't stop until they owned it all. The buying spree created an exclusive gated community completely surrounded by water. One private drive means no hassle through traffic.
“It gives you all the benefits of being on an island, but at Gordon Point your family can be isolated without feeling isolated,” Candler said.
Besides a T-shaped dock that can hold six boats, the Donahues also built a private yacht dock that measures 231 feet by 50 feet and is about 8 feet deep. It's a rare feature that would have to be approved by the U.S. Army Corps of Engineers, Candler told CNBC.
View of Gordon Point with the private yacht basin in the lower right corner.
Don McKenna Group/Coldwell Banker Real Estate
According to Realtor.com, the average listing price in Port Royal is $24.1 million.
The highest-priced home, before Gordon's Point, in the luxury beachfront community, hit the market in December for $45 million, or just under $4,300 per square foot. Meanwhile, an empty lot of about 1.5 acres adjacent to Gordon Point has been on the market for a year with an asking price of $63 million.
“We did our best for the price [Gordon Pointe] “We can defend this price all day long,” co-listing agent Don McKenna of Coldwell Banker Realty told CNBC.
McKenna said the listing has already been attracting significant interest since its launch on Wednesday and that she has already booked eight in-person visits with pre-qualified buyers.
It's not surprising to hear listing brokers say the amazing price is justified, but true comparables at this level and buyers with enough cash to pay that kind of money are few and far between. As with any real estate listing, there can be a large gap between the initial asking price and the property's eventual selling price.
For nine-figure context, 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 Street in New York City.
Source: Cody Boone, SERHANT Studios
The first of the two listings is for a penthouse apartment debuting in New York City in September 2022.
Located at 217 West 57th Street, overlooking Central Park, the residence spans three floors and more than 17,500 square feet.
Broker Ryan Serant made headlines when he listed the massive apartment at $250 million, which he told CNBC at the time was the right price.
“I know it might sound crazy, but relatively speaking, it's priced at a great value on a per-square-foot basis,” Serhant said in 2022. “It's just a very large apartment with a lot of amenities.”
But naysayers questioned the nosebleed's asking price, which amounted to more than $14,000 per square foot.
“I consider this a fantasy price,” Donna Olshan, a luxury goods broker in Manhattan, told CNBC in 2022.
The triplex residence remained on the market for 12 months without any entrants. After a full year at $250 million, the asking price dropped by $55 million, or 22%. The expensive painting is still on the market for $195 million.
It was a similar trip 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 and financier Gary Winnick.
The residence went on the market in June for $250 million.
After high demand failed to attract a buyer, the home was taken off the market and resurfaced in November with the price reduced by $55 million.
Listing agent Kurt Rappaport is still looking for a buyer willing to pay $195 million.
The reality is that nine-figure listings can take months, or even years, to sell, and this is not necessarily a reflection of the broker's ability.
Real estate consultant Jonathan Miller, president of Miller Samuel, looked at 10 U.S. home sales that traded for $150 million or more and found that many of them were so-called whispered listings — sales that benefited from silent word-of-mouth marketing and the lack of public real estate listings or marketing campaigns. .
This makes tracking price changes over the life of listings nearly impossible.
Jeff Bezos admires while speaking during an event about Blue Origin's space exploration plans in Washington, D.C., May 9, 2019.
Clodagh Kilcoyne | Reuters
But perhaps not surprisingly, there were plenty of famous billionaires involved in these sales, including hedge funder Ken Griffin, Amazon founder Jeff Bezos, Oracle co-founder Larry Ellison, and mega-investor Marc Andreessen, who each picked up vehicles of nine Numbers quietly. -Market transactions.
Chartwell real estate in los angeles
Photo by Jim Bartsch, courtesy of the estate of Jerry Perencio
One of the notable mega-mansions among the 10 transactions Miller has amassed has officially been put on the market and has an interesting pricing history.
In 2017, the mansion at 750 Bel Air Road in Los Angeles, known as the Chartwell Estate, was priced at $350 million. It has been on the market without any bites, and the huge asking price took several significant cuts, reaching $195 million.
In 2019, the property was finally sold for $150 million, and was purchased by Lachlan Murdoch, Fox Corp.'s executive chairman and CEO. The son of media tycoon Rupert Murdoch.
There's another interesting mega deal that made the list: a Malibu mansion located at 27712 Pacific Coast Highway. Although it didn't actually have a public listing, the Wall Street Journal reported that its whisper price was $295 million.
When it was sold in 2023 in an off-market deal to musical couple Jay-Z and Beyoncé, it sold for $190 million.
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