Naples property including former L.L. Bean compound sells for $37M

A Gulf-front property in Naples has sold for $37 million. One buyer purchased the property, which includes three parcels: 25 Fifth Ave. S., 45 Fifth Ave. S. and 470 Gulf Shore Blvd. S. The land was previously part of the L.L. Bean family compound, according to Premier Sotheby’s, which brokered the sale.

The property was listed in January 2025 for $40 million.

The seller is Ocean Breeze 131 LLC, which is based in Bonita Springs, according to state records. Ocean Breeze 131 LLC bought the property in 2024 for $31.5 million, according to Collier County property records.

The buyer is 25 Fifth Avenue South LLC, Collier County property records show. JoAnna Irons and Kevin Simpson, who manage the LLC, are the founders of Naples-based Capital Wealth Planning.

James Bates and Maggie Ives of Premier Sotheby’s International Realty’s Fifth Avenue office represented the seller. Shannon Spalding of Coldwell Banker's Fifth Avenue office represented the buyer.

The transaction “speaks to the strength of demand for premier land along Fifth Avenue,” Bates and Ives say in a statement. “There is simply very little inventory of this caliber.” 

The $37 million purchase represents the second-highest residential sale in the last 12 months in Naples, according to Premier Sotheby’s International Realty. In April, a waterfront home in the city’s Port Royal neighborhood sold for $40 million.

This article has been updated to include the buyer and the buyer's agent.