If the property sells at the asking price it would make it one of the country’s most expensive ever sales according to Mansion Global.
Local developer Stewart Satter is behind the ambitious project, which spans approximately 4 acres from the Intracoastal Waterway to the Atlantic Ocean, featuring a private tunnel beneath South Ocean Boulevard.
The development plans, created by architecture firm Choeff Levy Fischman and luxury builder RWB Construction Management, showcase a contemporary-style compound centred around a 50,000-square-foot main residence.
Satter, who purchased the land for US$27.5 million in March 2024, believes the property justifies its premium price point.
“Someone spending US$285 million is expecting everything,” Satter said.
“And in that property, they’re going to get everything.”
The property’s design includes extensive amenities rarely seen in residential real estate.
The main house will feature eight bedrooms, nine full bathrooms, and seven powder rooms, complemented by luxury facilities including a bowling alley, movie theatre, golf simulator, and a dedicated car museum for displaying vehicles.
The listing price approaches the current US record holder, a US$295 million compound in Naples, Florida’s Port Royal neighbourhood.
The existing record for a US home sale stands at US$240 million, set by a New York City apartment sale to billionaire Ken Griffin in 2019.
Satter’s development strategy has already raised some questions.
“People said to me, ‘You’re crazy. It’s never going to amount to anything.’ But I was able to see around the corner and see what was going on,” he said.
The property remains in the planning phase, with Satter offering potential buyers the opportunity to customise the design.
The price includes his continued involvement as a developer, overseeing construction and coordinating with the builder and architect.
“The ultimate buyer may want to amend or customise the plans,” Satter said.
