Fort Myers riverfront McMansion lists for jaw-dropping price
A home listed for sale on the Old Fort Myers riverfront has the real estate community buzzing.
If 1240 Coconut Drive fetches anywhere near its asking price north of $25 million, it will change everything.
“This is definitely a unique trophy property, and the list price is eye-catching,” said Matt Simmons, an appraiser with Maxwell Hendry Simmons.
Eye-popping might be more descriptive, given such stratospheric values are historically reserved for Gulf-front homes on Sanibel, Captiva or in Naples.
Gabriele Baum bought the home at 1240 Coconut Drive in 2008 for $2 million, according to Lee County Property Appraiser records. Baum then demolished the main house and built a new home to rival anything Naples’ McMansions could offer.
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This could be an indicator the formula of tearing down older, smaller waterfront homes and building big and new has arrived here.
To name just a few of the home's features:
- 9,532 square feet of luxury living area built new in 2013
- Palladian-inspired architecture by Stofft Cooney, Naples, built by Michelangelo Custom Homes
- Wide water views with white sand beach
- Over 2 acres of property, two private access roads, two docks with lift
- 4 bedrooms, 9 baths with Venetian plaster and Italian marble throughout
- Gourmet kitchen paneled in African walnut.
- Outdoor kitchen and cabana
- Car collector’s garage
- Home cinema
- Elevator
- 65,000-gallon infinity-edge mosaic pool
- Gym
- Guest house with 1,925-square-foot living area surrounded by 200 species of flora.
Nothing comes close
According to data provided by Simmons, homes on the Caloosahatchee River have up to now fetched less than one-third of the $25.565 million Baum’s home is listed for:
- 5674 Shaddelee Lane for $5.75 million in 2013,
- 11200 Longwater Chase Court for $6 million in 2015, and
- 11370 Longwater Chase Court for $8 million in 2003.
See Southwest Florida's top ten home sales of 2015
“I’m not suggesting 1240 Coconut Drive is limited by these sales," Simmons said. "They’re just the closest reference points to the highest sales on the river.”
But Bill Sullivan of Potomac Land Company was more blunt.
"When I hear $25 million and there are no comparables in the area to support it, my take is it's trying to grab press. It won’t go for that."
Simmons, who's based in Winter Park, ranks the top 100 properties by county across Florida on his website mansionquest.com. The database is updated annually using the latest property appraiser valuations across the state, offering "an apples-to-apples value comparison," he says.
Valued at $7,518,047 in 2014, the Baum home ranked No. 18 out of 100 in Lee County on Simmons' list.
But value, especially at this altitude, is often in the eye of the beholder.
“I think the average house on the river isn’t of the same quality or size,” Simmons said. “It’s an insulated piece of property with a majestic entrance. The way the site is set up with access on Coconut and Braman Drive is unique."
Techrin Hijazi Carbary, the property's listing agent with Premier Sotheby's International, said the price reflects the new build, which cost over $14 million. In addition, both the main and guests houses will be delivered fully furnished, likely with a wealthy foreign buyer in mind.
When you consider the highest residential sales in Lee County history – Little Bokeelia Island for $14.5 million and 16660 Captiva Drive for $16.3 million, both in 2015 – if the Baum home sells anywhere near it’s asking price, it will be a game changer.