- A compound in Naples, Florida, is on the market for a potentially record-setting $295 million.
- Late financier John Donahue spent $1 million for land on the Gulf of Mexico in 1985, then added to it.
- His family is ready to let go of three mansions on 9 beachfront acres — take a look around.
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A family compound in Naples, Florida, just hit the market for $295 million.
If it sells for even close to that amount, it would be the most expensive residential sale in the US.
The family of late investing magnate John Donahue is selling three waterfront houses on nearly 9 acres that come with a private 231-foot basin for yachts.
The compound in the now-posh Naples neighborhood of Port Royal had relatively humble origins. Donahue purchased a 4.3-acre parcel of land on the Gulf of Mexico for $1 million in 1985, according to the Wall Street Journal, which first reported the listing.
Since then, he and his family have accumulated about 60 acres, the Journal said.
In 1955, Donahue cofounded an investment firm now called Federated Hermes, which now manages $668.9 billion in assets.
The Pittsburgh native and his wife Rhodora, split his time between Pennsylvania and Florida before moving to Naples full-time around 1990, his son, Bill Donahue, told the Journal.
The couple’s Florida estate became a family retreat for their 13 children, 84 grandchildren, and more than 175 great-grandchildren.
The Donahues told the Journal they would like to sell the property as a compound instead of splitting it up.
The current record for the most expensive residential sale in the US was set in 2019, when hedge-fund CEO Ken Griffin spent $240 million on an apartment bordering Central Park in New York City.
Dawn McKenna of Coldwell Banker Realty has the listing, alongside Leighton Candler of the Corcoran Group and Rory McMullen of Savills.
Take a look at the property for sale.
Bill and Rhodora Donahue purchased a roughly 4.3-acre parcel in Naples, Florida, for $1 million in 1985.
Over the years, the Donahues increased their holdings in the area to about 60 acres, built large homes on the property, and moved to Naples full-time.
The main house is around 11,500 square feet, the second home is 5,500 square feet, and the third residence is about 5,800 square feet.
The compound also comes with 1,650 feet of waterfront: 730 feet on the Gulf of Mexico, and around 930 feet on Gordon Pass and Naples Bay.
The Donahues’ Naples compound became a family retreat where members of the 200-plus person family gathered.
The properties have many notable features, but one memorable one is a walk-in closet that Rhodora turned into a gift-wrapping room.
If the compound sells for its $295 million price asking price — or even several million dollars less — it would be the most expensive home purchase in the US.
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