One of the most lucrative waterfront property deals in Naples recently sold for $24.5 million. Located off Gulf Shore Boulevard North on 1.61 acres, the home has 189 feet of water frontage on the Gulf of Mexico.
Craig Jones of Premier Sotheby’s International Realty’s Vanderbilt office brokered the sale, which closed Feb. 16.
The home was built in 1957.
It was the second-largest residential sale ever recorded in Old Naples, Jones said. “They only beat me by about half a million,” she said.
The buyer, who could not be reached for comment, likely would tear down the old home and build a new one.
“It’s charming,” Jones said of the property. “There’s a part of us that hates to see the charm go, but my understanding is that the price paid is almost the land value.
“It’s a longtime family property. The family member who lived here was no longer here. They decided it was time. They had lived in the house since 1995. It’s one of the last and largest parcels that was left in there.”
The home is near the Naples Beach Club, which will be rebuilt into a Four Seasons resort. It’s also near Fifth Avenue South and Third Street South.
“We have had an unprecedented 19 offers on this thing,” Jones said. “It was a very popular property. There’s a lot of energy in the Naples market now. Even we were delighted to see that kind of interest in it.”
The home went on the market in late December 2020 and was under contract by the end of 2021.
“The buyer did significant due diligence, because they wanted to see what they could build there,” Jones said. “They wanted to make sure what they wanted to do could be done. Unlike other residential properties that are flying off the market right now, it takes a little longer.”