Take A Look At The Priciest Home That Just Sold In The Florida Panhandle
Florida is no stranger to pricey properties with its world-class beaches, theme parks, and beautiful weather. But the high cost of living has not deterred people from buying property in the popular vacation spot. In fact, Roofstock notes that home values in The Sunshine State have increased by over 78% over the past five years. And while hotbed tourist destinations and bustling cities such as Miami and Palm Beach likely come to mind when picturing luxury Florida real estate, there are homes worth small fortunes throughout The Sunshine State.
For instance, a recently sold home in northern Florida just broke the record for being the most expensive property ever in the state's panhandle. Sold on June 6 for $25 million (per Zillow), this luxury pad is located at 39 Sandy Dunes Circle in Miramar Beach, just steps away from the pristine shores of The Gulf of Mexico. It provides once-in-a-lifetime ocean views and approximately 270 feet of private beachfront access.
Record-setting beauty
Known as The Pennington Estate, the 25,963-square-foot home was originally owned by the famed Pennington oil family of Louisiana, according to the New York Post. The sprawling estate sits on nearly 11 acres of prime, oceanfront land and is no stranger to breaking records. Interestingly, The Pennington Estate set the previous record for the most expensive home sold in Florida's panhandle when it closed a deal just over two years ago for $16.1 million.
As it stands, the home currently has six bedrooms and eight bathrooms with a private pool. However, Zillow notes that the interior of the house has been gutted, with the New York Post adding that the buyer, identified only as Miramar Holdings LLC, intends to develop the property into multiple luxury homes. And while the exterior of the house itself is beautiful, the actual value of the sale comes from the land and waterfront access, which the New York Post notes is becoming increasingly difficult to come by.
Beachfront paradise
Tony Manthey of Premier Property Group/Luxury Portfolio International represented both the buyer and the seller in the sale. He shared via the New York Post that the property is currently zoned for a 125-room hotel and was marketed towards various commercial, hospitality, and developmental groups when it was initially put on the market. Manthey says the new owners are currently considering parceling the nearly 11 acres of land and dividing it into 33 separate lots. These will be designated for residential homes with deeded private access to the beach, a beach club, and several golf-front properties. The real estate expert also added that the intention is for each of the individual homes to have its own private swimming pool.
There is a recent boom in development in Florida's panhandle due to out-of-state travelers and its close proximity to neighboring cities such as Houston, Memphis, New Orleans, and Atlanta. But Manthey notes that any new developments with direct beachfront access are nearly impossible to come by — so finding a gem like the Pennington Estate and redeveloping it is the best option when it comes to scoring private access to the Gulf.