Mammoth Home Set to Shake Up Fort Myers Real Estate

EliteRealty-LogoIf one of the latest Fort Myers real estate listings actually sells for anything close to its behemoth asking price, that could change things dramatically for the city’s real estate scene.

The home in question – 1240 Coconut Drive – is a sprawling estate/mansion located on Old Fort Myers riverfront. The list price? A staggering $25 million plus.

Considering the current owner purchased the property in 2008 for $2 million (the previous home has since been demolished and replaced by a much larger, newer mansion), the potential for ROI is real.

Described as a “trophy property” by some pros in the community, the home is out of place; such sky-high prices are typically found only in places like Naples and Sanibel and then only on the beach. The mansion boasts 9,532 square feet of living space (built in 2013 for $14 million), with four bedrooms and nine baths – each with Venetian plaster and Italian marble. (And the gourmet kitchen is built with luxurious African walnut.)

There’s an outdoor kitchen and cabana, an elevator, a 65,000-gallon infinity-edge mosaic pool, a gym, a 1,925 square-foot guest home, a home movie theater, and a garage built for car collectors.

Plus, the home sits on over two acres of land with a white sand beach and ocean-front views.

The next closest home price in the immediate area was 11370 Longwater Chase Court, which sold in 2003 for $8 million. Most recently, a home just down the street sold for $6 million in 2015.

Of course, as any homeowner knows, an asking price is different from the final sale price. You can ask for $100 million if you want, but that doesn’t mean you’ll get it. The same probably applies to this mansion. Without comparables, it’s likely that the home will fetch less than the $25 million – although in today’s age of high-stakes real estate, someone with deep pockets could pay the full price.

If that happens, it will be highest sales price in Lee County history. The previous record was 16660 Captiva, sold in 2015 for $16.3 million.