Home News $25M mansion sale sets record in Florida Panhandle — again

$25M mansion sale sets record in Florida Panhandle — again

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This is not the pending sale of Netscape founder Jim Clark’s approximately $ 175 million home in Florida. Stand broken A record of the most expensive homes ever sold in Sunshine. But this recent deal on seaside real estate along Panhandle quietly broke the regional record — and no less than a second time.

Miramar Beach’s Pennington Estate, first owned by the Pennington Oil Family in Louisiana, about 26,000 square feet, built in 2000, was sold for $ 25 million on June 6, and its representative. The securities company told the post. Its high prices set a new record for Panhandle single-family homes in northwestern Florida. It’s also a record amount at the time, about two and a half years after the same property was traded for $ 16.1 million. ..

Property is standing According to Real Deal, the 10181 US Highway 98 West and 39 Sandy Dunes Circle were the first to receive the wind of off-market trading. Originally known as Casa Lauren, it spans 10.78 acres along the beach and the Gulf of Mexico. A purchaser identified only as Miramar Holdings LLC may divide the land into multiple luxury homes that have transferred access to the beach.

The Louisiana oil family built and owned this approximately 26,000-square-foot mansion, which was sold for $ 16.1 million in 2020. This is a record price at the time.
Courtesy of Premier Property Group / Luxury Portfolio International

Tony Muncie of Premier Property Group / Luxury Portfolio International, representing real estate, has represented both buyers and sellers in this recent transaction, marketing spreads to residential, commercial and hospitality investment and development groups. One offer came from an unidentified major national hotel developer before new owners came to wipe it out. Currently, real estate zoning makes it possible to have a hotel with 125 rooms.

“Their intention is to develop it,” Muncie told the site’s new owner’s plan post, adding that the new ownership group has made multiple developments in the region. “This property has a 270-foot unobstructed beach frontage in the Gulf of Mexico, unprecedented in the region.” Details are final, but owners especially include some properties facing the golf course. We are considering dividing the site into 33 plots, including a beach club.

“Each house has its own private pool,” added Manthey. “Each house has transferred access to the beach, which is becoming more difficult.”

With its white sands and crystal-blue waters, the Florida Panhandle is popular with travelers from nearby New Orleans, Houston, and Atlanta.
With its white sands and crystal-blue waters, the Florida Panhandle is popular with travelers from nearby New Orleans, Houston, and Atlanta.
Courtesy of Premier Property Group / Luxury Portfolio International

Central Florida and South Florida have long been popular destinations among those seeking sunbathing from the northeast thanks to direct flights, but Muncie said, “For the past 15 years, even more. [Panhandle] The area just exploded with exposure. This is a “drive to market” and travelers come from New Orleans, Houston, Memphis and Atlanta. “This is the beach they visit … so this area here was really developed.”

An executive of automotive software based in Georgia, the latest seller, Muncie refused to identify and bought a beach beast from the Penningtons. At a record $ 16.1 million in 2020, it aimed to turn the home into private land for the family. .. However, due to the lack of time it took and his experience dealing with such refurbishments, he decided to offload it altogether.

Notable is not only the dollar numbers for this sale, but also the fact that the region has recently seen other comparable numbers. Spec Home, about 20 minutes from Sea Grove Beach, hit the market for $ 26.5 million this month. Reportedly The most expensive list on the Emerald Coast. Inlet Beach, east of Miramar Seeed $ 24 million in sales In April, 115 Paradise by the Sea Blvd. held a record-breaking bread handle sale before the end of this Miramar sale at a property under construction.

Big selling point: Access to the private beach.
Big selling point: Access to the private beach.
Courtesy of Premier Property Group / Luxury Portfolio International

Best of all, for Muncie, it’s an opportunity for residents to get a slice of their beach. Due to the growing popularity of the region, the privilege of privately owned sand has become a rare commodity.

“They aren’t making any more seaside land,” he said. “That’s why it’s so unique. Developers just take advantage of the opportunity to do something with this property.”

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