A
record‑setting $41 million sale marked the end of a luxury Gulf Coast home slated for demolition. The oceanfront mansion, the most expensive property ever sold in Florida’s Panhandle, closed on Monday, eclipsing the former $28.5 million record set earlier in 2024. Both sales occurred in the gated enclave of Paradise by the Sea, a high‑priced neighborhood along Highway 30A in Walton County.

    Built in 2001, the Palladian‑style estate sits on 0.7 acres spread across three contiguous parcels. It offers roughly 9,000 sq ft of interior space and 180 ft of Gulf frontage. The original owners, lumber magnates Finley and Martha Kay McRae, chose to downsize; the sale was handled by Sotheby’s International Realty agents Peyton, Craig and Portia Baranowski. The buyers are Templeton Development LLC, a partnership owned by developers Ryan and Ashley Templeton, who already own several properties in the area.

    Brad Dahler of Sotheby’s International Realty noted that the multi‑parcel acreage and extensive waterfront contributed to the extraordinary price. The home’s interiors feature marble ceilings, custom plaster with gold foiling, upholstered walls, and a marble‑lined bathroom with a built‑in tub. Seven bedrooms overlook the Gulf, and amenities include a sauna, steam shower, and a cave‑style wine cellar. An outdoor pool terrace and a sitting area open onto the waterfront terrace, surrounded by palm trees.

    Despite recent gains, the Panhandle market remains far below South Florida’s, where a Naples estate sold for $225 million in April. Ryan Templeton told the Journal that the couple plans to demolish the 2001 structure and replace it with a modern residence. One of the remaining parcels will be sold as a vacant lot, while the other will host a new build.

    The sale underscores the rapid escalation of land values in the northwestern Panhandle, bordered by Alabama and Georgia, and signals a shift toward redevelopment in Paradise by the Sea.