Naples waterfront house sells for $40 million

Residential sales topping $10 million are happening so often in Naples that news of the deals may soon become mundane.

This time, the sale is of a house in the city’s Port Royal neighborhood that sold for $40 million.

The 11,500-square-foot house sits on a lot and a half at 860 Admiralty Parade E. and has 177 feet of frontage. It was completed in 2024.

Gulf Coast International Properties, which represented the sellers in the deal, says in a statement that it has an exercise room, second-floor spa and outdoor living space with a kitchen, multiple “fire features” and an infinity-edge pool.

The buyers, according Collier County records, were James and Tracy Forrest. The house was previously owned by Charles and Deborah Doe, who paid $10.5 million for the 860 Admiralty Parade E. property in 2020.

Image courtesy of Gulf Coast International Properties

GCIP’s Taylor Canada brokered the sale.

The sale is the latest big-dollar transaction announced in the city in the past year.

Just last April in Port Royal, a waterfront mansion sold for $85 million to billionaire entrepreneurs David and Jerri Hoffmann days after a trio of homes sold to a single buyer for $225 million— one for $113.17 million, one for $46.91 million and one for $44.91 million.

And it’s not just houses selling for $30 million and up.

Earlier this month, an estate in the Quail West Golf & Country Club community sold for $11.3 million, and a waterfront house in the Coquina Sands neighborhood sold for $17 million.

Despite those staggering dollar amounts, Redfin reports that home prices in Naples were down 9.62% in March compared to last year, with a median sale price of $1.17 million.

In comparison, the real estate tech firm reports that home prices in Sarasota were up 29.9% in March from a year ago, with a median sale price of $685,000, a little less than half of the median price in Naples.