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A roughly 17,000-square-foot home in Naples, Florida, was scooped up in a recent eight-figure transaction, setting a record for the county in the process.
The mansion, located in the wealthy Port Royal neighborhood of Naples, went for a whopping $85 million, according to The Agency Naples and Gulf Coast International Properties.
The Agency Naples’ Chris Resop and Gulf Coast International Properties’ Timothy Savage were both involved in the deal, representing the seller and buyer.
The sale price of the home was $85 million
According to a press release, the property’s $85 million sale price marked the “highest price for a non-beachfront single-family residence” in Collier County, a county on the Gulf in southwestern Florida that’s home to Naples and over 416,000 people.
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The home, built on 2¼ lots, boasts eight bedrooms and 10½ bathrooms.
A bedroom in the $85 million home (Legendary Productions)
It was “designed for grand-scale entertaining with spacious open living spaces throughout,” the press release said.
Inside the home, a large formal living room with coffered ceilings flows into a sleek kitchen and a nearby family room.
A view of the inside of the Naples, Florida, home (Legendary Productions)
There is a dining room with a neighboring glass-paneled wine room.
The home is 17,000 square feet (Legendary Productions)
The mansion includes home theater with a massive screen.
The home theater inside the $85 million mansion (Legendary Productions)
While the home doesn’t sit on the beach, it does have 250 feet of water frontage on Naples Bay.
The “breathtaking water views” are present in “nearly every room” of the house, according to the press release.
A pool in the backyard also offers a way to cool off in the sunny Florida weather.
David Hoffman was identified as the buyer of the $85 million property. He founded and chairs Hoffman Family of Companies, a Naples-based firm that has businesses in a number of industries ranging from real estate and manufacturing to transportation and hospitality.
He has a personal fortune of $2 billion, according to Forbes.
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Naples is well-known for being a wealthy enclave, particularly its Port Royal neighborhood. Other cities in Florida are also home to the very wealthy, such as Palm Beach.
“Palm Beach in general has more wealth than Naples, but this is due to its size and large concentration of ultra-high-net-worth individuals,” Resop told FOX Business. “Naples is a smaller town than Palm Beach with one of the highest per capita incomes in the U.S. Both are some of the wealthiest cities in the country though.”
He said Naples has been “undervalued for years.”
Naples Municipal Beach March 21, 2019 (Paul Harris/Getty Images / Getty Images)
“Some of our older cities in America, such as Palm Beach and Beverly Hills, have always been recognized for their real estate values and more wealth. But, in recent years, Naples has really come on strong and is proving its value along with quality of life with a smaller town feel,” Resop said.
Naples “continues to rise as one of the top luxury markets in the U.S.,” he added.
The city saw 72 sales of ultra-luxury homes of at least $10 million over the last year, a report from Compass found. Those sales were worth $1.02 billion combined.
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A roughly 15-acre beachfront estate in Naples recently went for $225 million. That transaction became the second priciest home purchase ever in the country, The Wall Street Journal recently reported. It also notched a record for the Sunshine State.
The priciest sale ever in the U.S. occurred in 2019. That deal, worth $238 million, was for a home in a New York skyscraper, according to the outlet.
