Naples beachfront property tied to L.L. Bean family on the market for $40 million
Waterfront land once owned and roamed by the L.L. Bean family in Naples, Florida hit the market last month for $40 million.
At one time, the 1.32-acre plot of land, overlooking the Gulf of Mexico, included a compound used by the family behind the iconic outdoor retailer that bears their name.
The home that the family frequented had to be torn down after suffering substantial damage from Hurricane Ian in 2022, said James Bates, one of the two listing agents for the property, with Premier Sotheby’s International Realty.
The residence got demolished in 2023.
County records show the vacant property was sold for $31.5 million in February of last year to a limited liability company. It's now owned by Ocean Breeze 131 LLC, with a local address in Bonita Springs.
The current owners had planned to build a trophy estate of their own on the land, but, after a life change, they decided "that was not going to happen for them," and it was time to "pass it on," Bates said.
The property was listed on the Southwest Florida Gulf Coast multiple listing service Tuesday – and immediately generated interest, as word began to spread, he said.
A handful of potential buyers, he said, are already booking flights to see the property and speaking to architects to see what can be built on it.
The land includes 130 feet of beach frontage.
The property spans from the beach to Gulf Shore Boulevard, sitting at the end of Fifth Avenue South, renowned for its upscale shopping, fine dining, eclectic art galleries – and interesting architecture and people watching.
It consists of three parcels: 25 Fifth Avenue S., 45 Fifth Avenue S. and 470 Gulf Shore Boulevard S. So, there is flexibility to build a trio of residences, rather than one sprawling estate on a single lot.
"It gives a good option for multiple family members to be in the same vicinity," Bates said. "With the possibility of dividing it up."
While the property could be divided up, he expects it to be developed as a "single piece."
Based on the interest he's seen so far, and his knowledge of the Naples luxury market, the most likely buyers will be ones who already own property in the city and want to build something bigger in a better location, Bates said.
He has the exclusive listing along with Maggie Ives. They both work out of Premier Sotheby's Fifth Avenue office, nearby.
"This property is incomparable to anything else on the market," Bates said. "It’s a chance to own a piece of history, while shaping a future that reflects unparalleled elegance and exclusivity.”
Naples, Florida property once owned by L.L. Bean family
County records show Leon and Lisa Gorman, part of the L.L. Bean family, purchased the property in 2010 for $7.5 million. At the time, it included a 3,193-square-foot single-family home with five bedrooms and four bathrooms, built in 1968.
Leon Gorman led L.L. Bean for more than four decades. The grandson of company founder and namesake Leon Leonwood Bean, he's credited with expanding and modernizing the business, turning it into a household name and making it into a billion-dollar enterprise. He died in 2015.
His widowed wife sold the property last year to the current owners.
L.L. Bean remains a family affair. It was started in 1912, as a mail-order company to sell a waterproof hunting boot designed by its founder, an avid outdoorsman.
The family's former compound is one of the pricier listings in Naples.
Donahue compound in Port Royal neighborhood listed for $295 million
It doesn't come close to the most expensive. A 9-acre gated estate in Port Royal, owned by the Donahue family, has an asking price of $295 million. It offers about 708 feet of beachfront and Gulf of Mexico views, 952 feet of bay views, a yacht basin measuring 231 feet, and a T-shaped dock for up to six boats.
This family compound includes three homes. However, it's likely the new owners will want to make the property their own.
A well-known Naples philanthropist, John "Jack" F. Donahue made his fortune running Pittsburgh-based Federated Investors, which he co-founded in 1955. He died in 2017, and his wife Rhodora passed away about five years later.
The family's property hit the market about a year ago, making national headlines, as the most expensive listing in America.
Playground for the rich
Naples has long been known as a playground for the rich. It's home to many industry titans.
Collier County's record home price still stands at $62 million – set in 2022. With six bedrooms and 11 bathrooms, the resort-style, Gulf-front retreat, with a living area of more than 11,800 square feet under air, in Aqualane Shores, another coveted neighborhood in Naples, sold at its asking price.
The uber luxury market has softened since then, but there still have been eye-popping sales.
Last year, the highest sale in Naples registered in at nearly $36.5 million, for a Port Royal estate. It was one of the highest-ever prices paid for a home in the neighborhood.