Billionaire entrepreneur David Hoffmann pays $85 million for Naples home

David Hoffmann, whose company in the past year has made headlines for buying dairies in Illinois, ferry companies in Michigan and expanded its newspaper holding, has bought an estate in his adopted hometown of Naples.

The billionaire founder of The Hoffmann Family of Companies paid $85 million for a 17,202-square-foot waterfront house at 575 Admiralty Parade W.

The newly built Port Royal house sits on 2¼ lots and has 250 of frontage on Naples Bay, according to Gulf Coast International Properties and The Agency, which brokered the deal. It has eight bedrooms and 10½ bathrooms.