Trophy properties and legacy estates have long been recognized as safe haven investments and enduring symbols of wealth and success. However, now it seems that record prices paid for these types of properties has become more commonplace. Naples, Florida, prized as a unique location among wealthy individuals both domestic and international, has seen two major trophy estates change hands in April.
The record sale of an exquisite $85 million, newly completed 17,000+ sqft waterfront residence, spanning more than 250 feet on Man of War Cove, in the coveted Port Royal section of Olde Naples, demonstrates that new construction is king, as the very wealthy value their time more than money.
Yet, the pinnacle of recently recorded sales in Naples was the acquisition of a most rare 15 acre Port Royal legacy estate with over 800 feet of direct beachfront on the Gulf. While the record $225 million price tag has made national news, the $15 million per acre was actually not out of line with comparable closed sale prices of waterfront lots in the Port Royal area.