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The main house at Gordon Pointe spans 11,500 square feet.
The mega listing includes a main house spanning approximately 11,500 square feet, with six bedrooms. Two guest houses, each over 5,000 square feet, bring the estate’s total interior living space to 22,800 square feet. All three homes are on a peninsula that offers 1,650 feet of shoreline, a private yacht harbor and a T-shaped dock.
Before we start counting rooms 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 isn’t so much about the size of the big three. The property’s homes are all about privacy, beachfront and a unique opportunity for significant development.
According to a press release launching the listing, “The property can accommodate over 200,000 square feet of residential development,” meaning the land has great untapped potential.
“There may be eight waterfront homes on this property,” Candler told CNBC. While the property could be divided after the purchase, the New York-based broker speculates that a potential buyer is more likely to keep it as a private family compound.
Gordon Pointe’s white sand beach stretches more than 700 feet into the Gulf of Mexico.
The nine acres are made up of adjoining 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 firm’s website.
The oceanfront view of the main house and a stretch of beach at Gordon Pointe.
After that first purchase in 1985, the Donahues continued to buy more of the peninsula and didn’t stop until they owned it all. Their shopping spree created an exclusive, enclosed area, almost entirely surrounded by water. A single private road means no annoying traffic.
“It gives you all the benefits of being on an island, but at Gordon Pointe your family can be isolated without feeling isolated,” Candler said.
Along with a T-shaped dock that can accommodate six boats, the Donahues also built a private yacht dock measuring 231 feet by 50 feet and a depth of nearly 8 feet. Candler told CNBC it’s a rare service that had to be approved by the U.S. Army Corps of Engineers.
A view of Gordon Pointe with the private yacht harbor in the lower right corner.
Dawn McKenna Group / Coldwell Banker Realty
According to Realtor.com, the median listing price in Port Royal is $24.1 million.
The highest-priced home, formerly of Gordon Pointe, in the ultra-luxurious waterfront community hit the market in December at $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, with an asking price of $63 million.
“We did everything we could to 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 listing is already attracting significant interest since it went live on Wednesday and has already booked eight in-person viewings with pre-qualified buyers.
It’s no surprise to hear stockbrokers argue that an eye-watering price is justified, but true comparisons at this level and buyers with enough cash to pay that kind of money are few and far between. And, as with any real estate listing, there can be a large gap between the initial sales price and the final sales price of a property.
For nine-figure context, here’s a closer look at the second and third most expensive listings currently for sale in the United States.
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 listings is a penthouse that debuted in New York City in September 2022.
The residence sits atop 217 West 57th Street, overlooking Central Park, and spans three floors and more than 17,500 square feet.
Broker Ryan Serhant made headlines when he listed the mega-apartment for $250 million, which he told CNBC at the time was the appropriate price.
“I know it sounds crazy, but relatively speaking, it’s a great price per square foot,” Serhant said in 2022. “It’s just a very, very large apartment with a lot of amenities.”
But detractors questioned the asking price, which was more than $14,000 a square foot.
“I consider this a fantasy price,” Manhattan luxury broker Donna Olshan told CNBC in 2022.
The triplex residence was on the market for 12 months with no buyers. After a $250 million run year, the asking price was reduced by $55 million, or 22%. The expensive platform 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, widow of the late billionaire and financier Gary Winnick.
The residence went on the market in June for $250 million.
After sky-high demand failed to attract a buyer, the home was taken off the market only to reappear in November with a $55 million price cut.
Listing agent Kurt Rappaport is still searching for a buyer willing to pay the $195 million.
The reality is that nine-figure listings can take months, even years, to sell, and that is not necessarily a reflection of a broker’s ability.
Real estate consultant Jonathan Miller, president of Miller Samuel, examined 10 U.S. home sales that were marketed for $150 million or more and found that many of them were so-called whisper listings: sales that took advantage of word of mouth marketing. in mouth and without real public information. property listings or marketing campaigns.
That makes it nearly impossible to track price changes over the lifespan of listings.
Jeff Bezos gives a thumbs up as he speaks during an event about Blue Origin’s space exploration plans in Washington, DC, on May 9, 2019.
Clodagh Kilcoyne | Reuters
But perhaps not surprisingly, there were many 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 acquired composed of nine figures in silence. -market offers.
The Chartwell Estate in Los Angeles
Photography by Jim Bartsch, courtesy of the Estate of Jerry Perenchio
One notable mega-mansion from the 10 transactions compiled by Miller has officially hit the market and has an interesting price history.
In 2017, the mansion at 750 Bel Air Road in Los Angeles, known as the Chartwell Estate, was priced at $350 million. It remained on the market with no bite, and the enormous asking price suffered several deep cuts, up to $195 million.
In 2019, the property finally sold for $150 million, purchased by Lachlan Murdoch, executive chairman and CEO of Fox Corp. and son of media mogul Rupert Murdoch.
And another interesting mega-transaction is on the list: a Malibu mansion located at 27712 Pacific Coast Highway. While it never went public, The Wall Street Journal reported that the rumored price was $295 million.
When it was sold in 2023 in an off-market deal with musical power couple Jay-Z and Beyoncé, it sold for $190 million.