Miramar Beach property sells for $25M, setting record for most expensive home in Panhandle

Special to the Northwest Florida Daily News/USA TODAY NETWORK

MIRAMAR DESTIN — The Premier Property Group, an affiliate of Luxury Portfolio International, has announced the $25 million record-breaking sale of an expansive, compound-style Gulf-front estate in Miramar Beach.

The transaction of the 10.78-acre property at 10181 U.S. Highway 98 was negotiated by top-producing agent Tony Manthey and has set a new benchmark for the region as the highest price ever paid for a single-family home in the Florida Panhandle.

 Adding to the magnitude of the transaction, Manthey, who represented seller in the June 6 sale, originally sold the property in 2020 for $16.1 million, which broke the record at that time.

The Pennington Estate at 10181 U.S. Highway 98 in Miramar Beach recently sold for $25 million.

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The current buyer, who remains undisclosed, has proposed plans to develop the property into a private, ultra-high-end residential enclave. It would comprise multiple single-family estates — each with deeded beach access — and an exclusive beach club.

“This exceptional property represents a rare opportunity for our region, and it has been an honor to bring the deal to fruition,” Manthey said. “I knew that the buyer needed to be an individual who would either restore the existing estate to its former glory or reimagine the land as a luxury Gulf-front community. From Fort Walton Beach to Panama City, there is little to no property left where you can purchase a lot or residential property that offers deeded beach access, so this will be a major benefit to the surrounding prime property market.”

The Pennington Estate features 270 feet of beachfront. It recently was sold for $25 million.

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The current residence, known as the Pennington Estate, was originally built in 2000 as a vacation retreat for the Pennington oil family. The house is 13,230 square feet and features six bedrooms and eight full baths. In addition to 270 feet of beachfront, the property has sweeping, unobstructed views of the Gulf of Mexico and a private, winding drive flanked by foliage.  

"This record-breaking sale by Tony (Manthey) is a testament to his tireless efforts and steadfast determination to bring the right buyer to the property,” said Jason White, chief operating officer of The Premier Property Group. “It is also indicative of the strength of our market and its continued growth.”

The new owner of the Pennington Estate has proposed developing  the property into a private, ultra-high-end residential enclave that would feature multiple single-family estates, each with deeded beach access.

For more information, follow The Premier Property Group on Facebook and Instagram and visit thepremierpropertygroup.com.