Waterfront land once owned and roamed by the L.L. Bean family in Naples has sold for $37 million.
The sale, involving multiple parcels, was announced on May 11, marking one the highest residential land sales made through the Southwest Florida Gulf Coast multiple listing service over the past year.
The 1.32-acre 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.
The offering consisted of three parcels: 25 Fifth Avenue S., 45 Fifth Avenue S. and 470 Gulf Shore Boulevard S., with the flexibility to build a trio of residences, rather than one sprawling estate on a single lot.
The land includes 130 feet of beach frontage, overlooking the Gulf.
At one time, the sprawling property was home to a compound owned by the L.L. Bean family behind the iconic outdoor retailer that bears their name.
The home that the family frequented had to be torn down after suffering serious 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.
Previously, the property sold for $31.5 million in 2024 to a limited liability company, Ocean Breeze 131 LLC, with a local address in Bonita Springs. Those owners 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 sold for close to its asking price
The new listing hit the market for $40 million in January 2025, making local headlines.
Bates shared the exclusive listing with Maggie Ives. They both work out of Premier Sotheby’s Fifth Avenue office, nearby.
In a joint statement about the lucrative sale, they said: “The result speaks to the strength of demand for premier land along Fifth Avenue. There is simply very little inventory of this caliber.”
While the transaction represents one of the highest residential land sales recorded through the MLS over the past year, Bates and Ives acknowledged that a few recent off-market (pocket) transactions have exceeded $37 million.
The listing offered a rare opportunity for redevelopment in a high-profile location. The property was purchased by a single buyer.
In an email, Bates offered more context on the big sale.
“One-of-a-kind opportunities in exceptional locations always attract affluent, discerning buyers. Fifth Avenue South is one of those iconic locations,” he said.
As of May 14, the deed had yet to show up in Collier County land records. The name of the buyer was not disclosed by agents on either side of the transaction.
The buyer was represented by Shannon Spalding, with Coldwell Banker Realty, in Naples.
While he didn’t share much about the buyers, Bates said from his understanding they are looking to “create a large, beautiful beachfront residence with a family-style compound feel.”
The listing, he said, created “a great deal of interest from buyers across the U.S. and internationally.”
“There are always only a few opportunities of this caliber on the market; often, they are placed privately to be discreetly marked to our individual buyers,” Bates said.
More about the property’s famous ties
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, but his widowed wife didn’t sell the property until years later.
Naples has long been known as a playground for the rich. It’s home to many industry titans.
As a representative for the buyer, Spalding declined to disclose any personal details about her clients.
“I can state that, at this point in time, they have a lot of options (for the property), and their plans have not been finalized,” she said.
Asked what drove the sale at this time, she said: “Sometimes, there is a fabulous match between a buyer and a piece of property.”
She emphasized the uniqueness of the property.
“It is unquestionably the most spectacular lot with an unmatched view. This is a priceless piece of land in Naples,” Spalding said.
Record sale hard to beat
The $37 million sale doesn’t come close to the record-breaking $225 million transaction of a 15-acre, three-property compound on Gordon Drive, closed in April 2025, ranking it as Florida’s largest residential sale ever.
That transaction, involving 2200, 2340, and 2170 Gordon Drive, shattered the previous records in Naples. While there were multiple homes on the property, they were viewed as teardowns, with the opportunity for the new owners to build a massive and private compound of their own.
Naples has seen some other head-turning home and condo sales this year.
One of the biggest home sales since January: $55 million paid for a waterfront estate at 4296 Cutlass Lane in the ultra-exclusive neighborhood of Port Royal.
The next closest sale: $40 million in the same neighborhood.
The upward trend in the uber-luxury market is expected to continue this year.
“Naples has always had a strong spring market, but what we are experiencing right now goes well beyond seasonal patterns. Factors include the continued migration of high-net-worth individuals to Florida, a limited supply of true legacy properties, and buyers who have been watching the market carefully and are now ready to act. When inventory at this level is scarce, the competition creates a sense of urgency that moves people to act,” Bates said.
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Laura Layden is a senior business and government reporter. Reach her by email at laura.layden@naplesnews.com.
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This article originally appeared on Naples Daily News: Waterfront land once tied to L.L. Bean family sells for $37M in Naples
Reporting by Laura Layden, Fort Myers News-Press & Naples Daily News / Naples Daily News
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