Record-setting mansion in the Florida Panhandle sold for $41M

A luxurious home along Florida’s Gulf Coast sold for a record-setting sum — and it’s slated for demolition.

The oceanfront mansion left the market for $41 million on Monday. The sale marks the most expensive deal ever struck for a home in Florida’s Panhandle, the Wall Street Journal reported.

Land values in the northwestern swath of the state, bordered by Alabama to the north and Georgia to the east, have escalated rapidly in recent years. The massive deal surpassed the region’s previous record of $28.5 million, notched in 2024. That property, too, resided within Paradise by the Sea, and is more than double what a property in Alys Beach reportedly sold for in 2021 for $16.9 million.

The stunning record-breaker spans 0.7 acres across three parcels within the gated community of Paradise by the Sea. The neighborhood sits along the state’s picturesque Highway 30A in Walton County, and is among the Panhandle’s priciest enclaves.

The Palladian-style home offers roughly 9,000 square feet of interiors and 180 feet of frontage along the glittering Gulf Coast.

The previous owners, the Finley and Martha Kay McRae, made their fortune in the lumber industry. One of the McRae’s daughters told the Journal that the family had opted to downsize from the home. Peyton, Craig and Portia Baranowski of Sotheby’s International Realty represented the sellers.

The LLC buyer, Templeton Development, is owned by husband and wife developer duo Ryan and Ashley Templeton, who also own several houses in the area, the Journal reported.

Brad Dahler of Sotheby’s International Realty represented the buyers and told the outlet that several factors were at play in fetching such an extraordinary price for a Panhandle property, including the multi-parcel acreage and impressive waterfrontage.

The stately residence, which resides on one of three contiguous lots, was built more than two decades ago. Its interiors are defined by marble ceilings, custom plaster details with gold foiling and upholstered walls.

The home includes seven bedrooms, many of which open to outdoor living spaces with views of the Gulf. Amenities include a sauna, a steam shower and a cave-style cellar.

Despite recent gains, the Panhandle real estate market is still worlds away from that of South Florida, where an estate in Naples can fetch $225 million — a state record set in April.

As for the future of the Templetons’ new mansion, Ryan told the Journal the couple plans to demolish the circa-2001 home in favor of a more modern residence. Of the two remaining property parcels, one will be sold as a vacant lot, and the other will receive its own new build.