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.
This post was originally published on Business Insider
