This isn’t the pending sale for Netscape founder Jim Clark’s roughly $175 million residence in Florida, a determine that stands to interrupt the file for the priciest residence ever bought within the Sunshine State. However this current deal for a beachfront property alongside the Panhandle quietly broke a regional file — and for its second time, no much less.
The Pennington Property in Miramar Seaside — a virtually 26,000-square-foot, 2000-built construction first owned by Louisiana’s Pennington oil household — bought on June 6 for a cool $25 million, its consultant brokerage advised The Submit. That lofty worth has set a brand new file for a single-family residence deal for the Panhandle, situated in Florida’s northwestern stretch, and roughly two and a half years after the identical property traded palms for $16.1 million — a file sum at the moment, too.
The property stands at 10181 US Freeway 98 West and 39 Sandy Dunes Circle, in line with the Actual Deal, which first caught wind of the off-market transaction. Initially referred to as Casa Lauren, it spans 10.78 acres alongside the seashore and the Gulf of Mexico. The customer, recognized solely as Miramar Holdings LLC, will probably parcel the land into a number of luxurious houses with deeded entry to the seashore.
The property’s consultant, Tony Manthey of Premier Property Group/Luxurious Portfolio Worldwide — who repped each the customer and the vendor on this current transaction — marketed the unfold to residential, business, and hospitality funding and improvement teams. One provide got here in from an unidentified main nationwide lodge developer earlier than the brand new proprietor got here in to comb it up. Because it stands, the property’s zoning permits for a 125-room lodge.
“Their intention is to develop it out,” Manthey advised The Submit of the brand new homeowners’ plan for the positioning, including that the brand new possession group have a number of developments within the space. “There’s 270 toes of unobstructed Gulf of Mexico seashore frontage on this property, which is extraordinary on this space.” Although particulars are being finalized, the homeowners are particularly contemplating dividing the grounds into 33 tons for houses, together with a number of golf-front properties, and a seashore membership.
“Every home would have their very own personal pool,” added Manthey, and “every home would have deeded seashore entry, which is getting more durable and more durable to get.”
Whereas Central and South Florida have lengthy been well-liked locations amongst sun-seekers from the northeast because of nonstop flights, Manthey added “over the past 15 years-plus this [Panhandle] space has simply exploded in publicity.” It is a “drive-to market,” with vacationers coming in from New Orleans, Houston, Memphis and Atlanta. “That is the seashore they arrive to … so this space right here has been actually developed.”
The latest vendor, a Georgia-based automotive software program govt who Manthey declined to determine, bought the beachy behemoth from the Pennington household for that then-record $16.1 million worth in 2020 — and supposed to show the house into a personal compound for his household. However as a result of time that might require, in addition to an absence of expertise dealing with that type of renovation work, he determined to dump it solely.
It’s not simply the greenback determine of this sale that’s noteworthy, but in addition the truth that the area has seen different comparable numbers not too long ago. Roughly 20 minutes away in Seagrove Seaside, a spec residence hit the market this month for $26.5 million, reportedly making it the costliest itemizing within the Emerald Coast. Inlet Seaside, situated east of Miramar, saw a $24 million sale in April for the under-construction property at 115 Paradise by the Sea Blvd., which most not too long ago held the record-high Panhandle sale earlier than this Miramar sale closed.
Most of all, for Manthey, it’s the prospect for residents to get a slice of their very personal seashore. Growing recognition of the area has made the privilege of a personal strip of sand a scarce commodity.
“They’re not making any extra beachfront land,” he mentioned. “That’s why it’s so distinctive: Builders are simply salivating at their alternative of doing one thing with this property.”