The most expensive property for sale in the U.S. is a mansion in Florida, where the late magnate gathered hundreds of his family members.

A residential complex in Naples, Florida, has just hit the market for $295 million. If it sells for even close to that amount, it could become the most expensive residential real estate transaction in the U.S.

The family of the late financier John Donahue is selling three waterfront homes on nearly 9 acres of land, which include a private 231-foot yacht basin. The complex is located in the upscale Port Royal neighborhood of Naples and has a relatively modest past. Donahue purchased the 4.3-acre beachfront lot on the Gulf of Mexico for $1 million in 1985. Since then, he and his family have amassed around 60 acres of land.

In 1955, Donahue founded an investment firm now known as Federated Hermes, which manages assets of $668.9 billion.

The family would like to sell the land plot as a whole rather than divide it. The current record for the most expensive residential real estate transaction was set in 2019 when hedge fund chief Ken Griffin spent $240 million on an apartment on the edge of Central Park in New York City.

John and Rodora Donahue bought a plot of land in Naples for $1 million in 1985. Over the years, they expanded their holdings to 60 acres, built large homes on the property, and moved to Naples permanently.

The complex stretches over 1,650 feet of beachfront: 730 feet on the Gulf of Mexico and about 930 feet on Gordon Pass and Naples Bay. The Donahue homes in Naples have become a family retreat where members of a family of more than 200 gather. If the complex sells for a price of $295 million - or even a few million dollars less - it will be the most expensive residential purchase in the U.S.