$25M sale of 11-acre estate sets record for Florida Panhandle market

An 11-acre Florida Panhandle estate first owned by a Louisiana oil family has been sold for $25 million, setting a record for a single-family home transaction for the region.

The off-market deal closed June 6, according to Luxury Portfolio International, which brokered the sale along with Florida’s Premier Property Group. The buyer, known only as Miramar Holdings LLC, may parcel the land into multiple luxury homes, each with access to the beach.

“There is little property left – from Fort Walton Beach to Panama City – where you can purchase any lot or property that would give you the ability to have a home with ‘Deeded Beach Access,’ so if this comes to pass, it would be huge for the area,” LPI spokesperson Caroline Underwood Burman wrote in an email.

The Pennington family sold the Miramar estate, at 10181 US Highway 98 West and 39 Sandy Dunes Circle, in 2020 for $16.1 million, a record at the time, according to LPI.

The agent, Tony Manthey, marketed the property to residential, commercial and hospitality investment and development groups, drawing an offer from a national hotel developer before getting the Miramar offer to buy the entire 10.8-acre property.

The sale comes about a month after a $26.5 million spec home was unveiled in the same region, about 20 minutes away in Seagrove Beach, the most expensive listing on the Emerald Coast, according to the Wall Street Journal. That eight-bedroom home boasts about 90 feet of beach frontage on the Gulf of Mexico.

Luxury real estate, which surged since the pandemic erupted, has slowed in recent months. Sales dropped almost 18 percent in the three months ended April 30, the third-largest hit to that market in the past decade, according to a report from Redfin.

Contact Rachel Herzog