A Florida household that purchased a fishing cottage for $1 million within the Nineteen Eighties is promoting it for $295 million now that it’s a 20-bedroom compound with its personal yacht basin

“There may be nothing prefer it, anyplace.” That’s the primary line describing a house (in case you can name it that) listed for $295 million in Naples, Florida. It’s the most costly house on the market within the nation, according to the Wall Road Journal.

Positioned in an “unique neighborhood” generally known as Port Royal, the house has its personal first and final title: Gordon Pointe. The nine-acre compound holds one major house and two visitor homes; altogether there are 20 bedrooms, 20 bogs (and 4 half bogs), a 231-foot yacht basin, a 111-foot floating dock—and, can’t neglect to say, 1,655 ft of waterfront.

It was smaller when John Donahue first bought it for $1 million within the Nineteen Eighties after seeing the strip of land when (in response to household tales) he was flying above it. On the time, it was a little bit greater than 4 acres and had nothing on it aside from a fishing cottage, the Journal reported. The household constructed it over the following decade or in order they purchased extra land, and now after Donahue and his spouse, Rhodora, handed away, their 13 kids are promoting.

“We’ve all loved it, but it surely’s kind of time to maneuver on,” their son, Invoice Donahue, who runs the household’s basis, advised the Journal. His dad and mom have been highschool sweethearts and religious Catholics; his father graduated from West Level in 1946, served within the Air Power, and began an funding administration agency that’s now generally known as Federated Hermes (and run by one other son).

Their household grew from 13 kids to 84 grandchildren to greater than 175 nice grandchildren, and it grew in dimension because the neighborhood remodeled into one full of enterprise leaders and millionaires. The Donahues’ son Invoice advised the Journal that former President George H.W. Bush and American golfer Arnold Palmer have been among the well-known company invited over.

The asking worth suggests a brand new document for most costly house bought in U.S. historical past. The present document holder belongs to the billionaire CEO of the huge hedge fund Citadel, Ken Griffin, who bought a penthouse on Billionaires’ Row in Manhattan for nearly $240 million again in 2019. Others have come shut, however dropped their asking worth as time went on—for one, a Los Angeles mansion (deemed Casa Encantada) sitting on greater than eight acres of land with seven bedrooms and 20 bogs that was originally listed for $250 million final yr, however is now asking for $195 million.

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It’s fairly an ask for the house marketed by Coldwell Banker Realty’s Daybreak McKenna, Corcoran’s Leighton Candler, and Savills’ Rory McMullen given the pandemic-housing increase is over and it is a very totally different, chillier, housing market—one the place existing home sales fell to their lowest level in practically 30 years, and luxury home sales declined virtually 45%, through the three months ending Jan. 31, 2023. But it surely may have a superb probability of fetching that worth, since house costs haven’t declined hand in hand with gross sales exercise. By the fourth quarter of final yr, luxury home prices have been hitting all-time highs, pushed by all-cash bids—a house in Miami bought for $79 million, as an example.

The household needs to promote it as is, in a single piece, somewhat than breaking it up. “If we have been to interrupt up the elements, nobody would put it again collectively once more,” Donahue mentioned. Though one of many brokers, Candler, advised the Journal that the property can accommodate six homes, if no more. “We did our greatest to cost [Gordon Pointe] and we will defend that worth all day lengthy,” one of many co-listing brokers, McKenna of Coldwell Banker Realty, told CNBC.

Clearly, it is a very totally different house than the norm, making comparisons tough if not unimaginable. The average home value in Naples is near $600,000, whereas its ritzy Port Royal neighborhood, with simply 10,000 residents, has a median home sale price of barely greater than $9 million. (The comparatively small variety of transactions skews this information, as Port Royal’s sale worth noticed a 57% fall year-over-year, and Gordon Pointe’s eventual sale may blow that quantity out of the water.)

However who is aware of what’ll occur or who the magic purchaser might be, as a result of one of many secrets and techniques to Port Royal’s attraction is its secrecy. As McKenna advised the Journal, “A few of the wealthiest billionaires have locations there, and also you don’t understand it.”

This story was initially featured on Fortune.com