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A sprawling waterfront estate in Naples, Florida, has shattered records with its $225 million sale, making it the most expensive residential transaction in state history and the second-priciest in the country, the Wall Street Journal reported Friday.
The current national record remains with Citadel CEO Ken Griffin, who paid $238 million for a New York City penthouse at 220 Central Park South in 2019. In Florida, the previous high was set by Oracle founder Larry Ellison’s $173 million purchase of a Manalapan estate in 2022.
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The newly sold Naples estate sits on Gordon Drive in the exclusive Port Royal community, prized for its exclusivity and access to the private Port Royal Club. Spanning about 15 acres with 800 feet of direct Gulf frontage, the Naples estate represents one of the largest waterfront properties in the country.
Michael McCumber of Gulf Coast International Properties represented the seller — a party tied to the Canadian DeGroote family. The buyer’s identity has not been disclosed.
Originally listed for $295 million in early 2024, the estate ultimately sold for a significant price reduction. Still, McCumber emphasized that the property offers a “once in a lifetime, singular opportunity to build a true legacy,” per the property’s listing description.
The estate is made up of three contiguous parcels: a southernmost property with a 6,000-square-foot home built in 1938 (which survived Hurricane Ian without water damage), an undeveloped three-acre lot and another parcel boasting waterfront access. Together, the properties could be reimagined into up to five oceanfront estates.
Beyond the sheer size and waterfront appeal, the new owner will also be part of Port Royal’s next chapter.
“Port Royal is undergoing a remarkable transformation, with the $100 million reconstruction of its private beach club driving a new era of luxury living,” McCumber said in a statement. “By closing this record-breaking deal, we’ve once again raised the bar.”
Across the national luxury market, other massive deals include Oakley founder James Jannard’s record-setting $210 million sale of his Malibu compound in 2024. Meanwhile, Jeff Bezos has continued to expand his portfolio, snapping up three properties worth a combined $237 million in Miami’s “Billionaire Bunker” enclave of Indian Creek Village. Bezos also broke Washington’s most expensive sale record for his Hunts Point, Washington, estate, sold for $63 million earlier this month.
Back in Naples, another major transaction is in the works. Activist investor David Hoffman is reportedly closing on a deal for a waterfront estate priced north of $100 million, as reported by Naples Daily News.
