Exploring The $295 Million Coastal Estate In Naples, Florida

Author Dalboyy 18 Nov 2024

A nine-acre coastal estate in Naples, Florida, just hit the market with a price tag that would absolutely shatter America's most expensive home sale record. The list price? $295 million.

The sellers are the descendants of the late financier Jack Donahue and his wife, Rhodora. Jack died in 2017, and Rhodora passed away in 2022. Together, they left behind an astounding 13 children, 84 grandchildren, and nearly 200 great-grandchildren, totaling 297 descendants. In other words, the asking price is right around $1 million per descendant.

Background of the Donahue Estate

The Donahue estate, marketed as "Gordon Pointe," is poised to break records in real estate. If it sells for more than $238 million, it will become the most expensive home sold in US history. Currently, the record is held by Citadel hedge fund founder Ken Griffin, who set the bar in January 2019 by purchasing an unfinished property for the same amount.

However, the distinction of the most expensive single-family home sale belongs to Jay-Z and Beyoncé. In May 2023, they bought a Malibu estate for $200 million. If you agree with this classification, the just-listed Naples estate has a generous $95 million margin to set a new record.

What Makes Gordon Pointe Unique?

So, what do you actually get for a staggering $295 million? The estate offers:

Nine acres of oceanfront property
708 feet of beautiful beach frontage
950 feet of serene bay frontage
An expansive 11,500 square foot primary mansion AND two guest houses, each over 6,000 square feet
A 230-foot yacht harbor that accommodates six boats

These impressive features contribute to the estate's appeal, ensuring it stands out in the luxury market.

Who Was Jack Donahue?

The late Jack Donahue made his fortune as the co-founder of Pittsburgh-based asset management firm Federated Hermes, previously known as Federated Investors. This firm manages around $700 billion in assets and boasts a market cap of approximately $3 billion.

According to a profile in the Wall Street Journal, Jack and Rhodora first visited Naples in the 1970s after receiving a brochure in the mail. In the 1980s, while flying over Naples in a helicopter, Jack spotted an undeveloped plot of land that he immediately wanted to acquire. This land later became Gordon Pointe. He paid $1 million in 1985 for the first 4-acre parcel, and within a decade, he expanded the estate to 60 acres. In 2019, the family sold roughly 50 acres of Gordon Pointe, along with a nearby island property, for $45 million.

Gordon Pointe is more than just a property; it reflects a legacy and a vision that spans decades.

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