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We’ve been overwhelmed by the positive response to our first issue of The Naples Florida Review. A huge thank you to our thousands of new subscribers. If you missed our first issue, click here to check it out. 

Got $295 million to spare? In this issue we’ll take a look beyond the headlines at the most expensive tear down in American real estate history. With mega mansion sales slowing in Port Royal, it’s an interesting time to reflect on the sheer size and scope of this property. I also included a short note to introduce myself. 

Included in the issue is another great resource: Naples, Florida:  5 Local Foods to Try and Where to Buy. Big Jimmy, the stone crab purveyor mentioned, offers fresh-caught local fish and local blue crabs and fresh eggs during the stone crab off-season. 

If you have a moment, please take our quick restaurant poll and let us know what your favorite new restaurant is in Naples. I’ll reveal and review the winner in the next issue.

Best,

Email: [email protected]

📰 Upcoming in this issue

• The $295 Million Naples Tear Down 💸

• Taste Naples: 5 Local Foods to Try and Where to Find Them 🍊 

• Florida Welcomes Its First Great Wolf Lodge 🏨💦

The $295 Million Naples Tear Down 💸

Perched on the mouth of the Gordon Pass in Port Royal sits the most expensive tear down in U.S. history. The Donahue family compound – the only word to really describe it - hit the market on February 8^th 2024 for a cool $295 million, sparking a frenzy of headlines when it was heralded the most expensive listing in America, ever. 

The property, located on a peninsula known locally as Gordon Pointe, actually consists of not one, but three, tear downs – a massive main house and two giant guest homes. The lucky purchaser will also have access to a 111 foot dock, 231 foot yacht basin, 728 feet of beach frontage and 927 feet of bay frontage.  

John “Jack” Donahue, one of the co-founders of Pittsburg’s Federated Investments, purchased the property in the early 80s, through a series of transactions, with his wife (and former high school sweetheart) Rhodora from Doyle Hopkins for $1 million. Doyle Hopkins was a businessman and real estate investor from Fort Wayne, Arkansas who never claimed the property as homestead. (In the documentation for the sale, the property was called – somewhat less pretentiously – The Point.) 

Before purchasing Gordon Pointe, the Donahues owned a property on Admiralty Parade, also in Naples’ Port Royal, that they purchased in 1971. The sellers financed the property and the Donahues were saddled with an $60K mortgage. Then, in the late 1970s, Jack Donahue introduced a new product to investors at Federated: the money market fund. The rest, they say, is history. 

After finalizing the purchase of Gordon Pointe in 1985, Jack and Rhodora initially built one palatial main home and added two huge guest homes has his family expanded. And expand it did: at the time of his death in 2017, Jack Donahue had 13 children, 84 grandchildren and 109 great grandchildren. Jack Donahue was a devoted Catholic and gave generously to the Catholic Church in Pittsburg over the years. Shortly before his death, he and Rhodora quietly explored the sale of all 70 acres of his holdings on Gordon Pointe and Keeywaydin Island. 

In 2020 Rhodora died and – one imagines – his 206+ direct decedents began to think seriously about what to do with their 70 acres. They eventually settled on selling the 9 acres on Gordon Pointe that encompassed the three homes and picked the stunning price tag of $295 million. 

The price tag is not due, however, to the nearly 23,000 feet of current total living space on property, but rather can be attributed to it’s privacy and exclusivity. Port Royal is already the most exclusive neighborhood in Naples and Gordon Pointe is smack dab at the end. Drive to the end of Gordon Drive and you are staring at it – sort of. The design to the entrance makes the actual property very secluded from the road and the homes are best seen from the water or beach. What stops beachgoers from walking right up? While all beaches in Naples, Florida are public, the only available street parking to access the beach is quite a hike away near the remains of the Port Royal Club that was destroyed by Hurricane Ian. The section of beach in front of the house is usually very quiet, even in season. 

So what makes this incredible compound a tear down? Realistically, to purchase the property you’ll have to pay cash. Financing the purchase of a $295 million, 1989 build on the water in Naples, Florida is a fool’s errand. Financing would involve insurance, and -following the recent pair of hurricanes that destroyed many homes on the beach in Port Royal - insurance companies have been loath to insure any older home close to the water in Naples. There’s a price for everything, you might say, but the price to insure that 1989 build would be astronomical. 

If you’re a cash buyer of a $295 million dollar property in Port Royal, you’re going to want to build your own fabulous compound – and the listing for the property discreetly acknowledges this reality. The listing notes that “Gordon Pointe lends itself to many possibilities with incredible flexibility which could be an ideal private and gated family compound with a few incredible homes or the potential for several special home sites [and] offers endless possibilities for future generations to create their own memories.” 

Have $295 million to spare? It can all be yours. If you, like this author, are reading this article from your couch in your less-than 23,000 home, this listing will be one to watch. In the meantime, board a boat or take a stroll down the beach and check out the existing, magnificent, homes. 

Who am I?

Now that we’ve made it to the second issue, I’d like to introduce myself. I live in Naples, Florida year around with my husband and two young boys. In addition to writing The Naples Florida Review, I am an attorney that works for a local family office. 

While I have been visiting Naples for more than 30 years, I lived in Western Massachusetts, Maine, New York City and New Orleans before moving permanently to Naples in 2015. Before starting my job in a family office, I was a contributor and blogger at TheStreet.com, wrote a book on Exchange Traded Funds, worked for a money management firm and was a Designated Market Maker on the New York Stock Exchange and Specialist on the American Stock Exchange. I earned my J.D. from Tulane University Law School and my B.A. from Bowdoin College. 

Taste Naples: 5 Local Foods to Try and Where to Find Them 🍊 Read the full 543-word article here

Article published: April 27, 2024

Naples isn't just a beachgoer's dream; it's a culinary adventure waiting to happen.

From the sweetest citrus to the freshest seafood, this article highlights five must-try local foods and where to find them.

The journey starts with the juiciest oranges from South Naples Citrus Grove, followed by Seed to Table's vibrant tomatoes.

Don't miss the unique Gator Bites at Cracklin' Jacks, or the delightful strawberries at Farmer Mike's U Pick.

Finally, indulge in succulent stone crabs and blue crabs from local fisherman Big Jimmy.

Each bite promises an unforgettable taste of Naples.

Key Takeaways:

• 🍊 Juicy Citrus Delight: South Naples Citrus Grove offers top-quality, hand-picked oranges, including the famous honeybells, for a refreshing treat.

• 🍅 Freshest Tomatoes: Seed to Table features locally grown tomatoes, from heirloom varieties to beefsteaks, perfect for any dish.

• 🐊 Unique Gator Bites: Cracklin' Jacks serves authentic Southern cuisine with their renowned breaded and fried alligator meat bites.

• 🦀 Succulent Crabs: Local fisherman Big Jimmy provides freshly caught stone and blue crabs, directly from the Gulf, for seafood aficionados.

Florida Welcomes Its First Great Wolf Lodge 🏨💦 Read the full 447-word article here

Article published: May 30, 2024

Florida is buzzing with excitement as it prepares for the grand opening of its first Great Wolf Lodge, slated to debut in Naples this October.

This much-anticipated resort, famous for its family-friendly indoor water parks, is set to be the 21st Great Wolf Lodge in North America.

Strategically located near the Interstate 75 and Collier Boulevard interchange, the resort promises a sprawling 100,000-square-foot indoor water park, with six pools and numerous slides.

Costing around $250 million, this 20-acre resort is expected to be a magnet for families and adventure-seekers alike.

Great Wolf Lodge, owned by Blackstone Group, is expanding its footprint with this Naples location, bringing their renowned indoor water park experience to the Sunshine State.

Key Takeaways

• 🌊 Newest Addition: The Naples resort is Great Wolf Lodge's 21st North American location, opening in October 2024.

• 🏊‍♂️ Water Wonderland: Features a 100,000-square-foot indoor water park with six pools and numerous water slides.

• 💰 Investment: The project costs around $250 million, aiming to attract families and adventure enthusiasts.

• 🏢 Ownership: Owned by Blackstone Group, a leading private equity firm based in New York City.

Get ready for endless fun and adventure in Florida's newest family-friendly hotspot!

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Why It Matters

At The Naples Florida Review, we believe in celebrating the unique charm and hidden gems of our city.

The local foods we savor and the new attractions we welcome are more than just experiences; they are threads that weave together the rich tapestry of our community. By highlighting these stories, we aim to foster a deeper appreciation for what makes Naples special and to connect you with the heart and soul of our vibrant locale.

Thank you for joining us on this journey. Stay curious, stay engaged, and most importantly, enjoy the ride!

Carolyn Cervoni
Editor-in-Chief
Naples, Florida
The Naples Florida Review

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