Who wants to buy it? Almost 300 million dollars for a sinking estate

The dream of the super-rich can come true in Florida. The most expensive property in America is up for sale. It can be yours for 295 million dollars. The catch - it's in danger of sinking into the sea.

A multi-million dollar property in Florida, located on a fine white sandy beach overlooking the azure waters of the Gulf of Mexico, is currently the most expensive property for sale in the USA. The price? A whopping 295 million dollars.

But the dream home is located in one of the most vulnerable regions of the USA to climate-related natural disasters - and flooding in the near future is almost inevitable, as the Guardian writes.

Luxury meets climate crisis

The Gordon Pointe estate in Naples, Florida, is marketed as the "most exclusive estate in Florida". It comprises nine hectares, two gigantic guest houses, a private marina and is surrounded by water on three sides. But this splendor also reflects the dramatic tension between the coveted lifestyle in Florida's coastal regions and the increasingly visible consequences of climate change.

"It's almost certain that this property will flood," says Jeremy Porter, climate risk expert at the First Street Foundation. According to their modeling, the property has a 68 percent chance of being flooded within the next 15 years and an almost guaranteed 95 percent chance in the next 30 years. On real estate portals like Zillow, the property is rated with "very high" flood risk and "extreme" wind risk.

"The area is beautiful, people want access to the water and beaches here," explains Porter. "But this is practically real estate built on the water."

Naples: A paradise on shaky ground

The Gordon Pointe property is located at the southern end of the exclusive Port Royal neighborhood in Naples. This region consists of flat, narrow spits of land criss-crossed by canals. Originally protected by mangroves and dunes, nature has largely been pushed away to make way for high-priced developments right by the sea - a sea that has been six inches higher since the 1990s.

The threat has become increasingly visible in recent years: Five hurricanes have hit the west coast of Florida in the last two years alone. In 2022, Hurricane Ian devastated the region, flooding roads, destroying homes and leaving the famous Naples pier in ruins.

Michael Savarese, geologist and climate expert at Florida Gulf Coast University, summarizes the precarious situation: "The whole region is extremely vulnerable to flooding and storm surges. And if we continue to experience storms as frequently as in the last two years, we will hardly have time to catch our breath."

Luxury comes at a price

Despite the risks, Florida remains a magnet for the wealthy. But the costs are rising: Insurance premiums for properties in Florida, which are already the highest in the US, rose by an average of 42% last year. Several insurance companies have pulled out of the state and the state reinsurance system is "no longer solvent", according to Governor Ron DeSantis.

DeSantis himself has responded to this crisis with an unusual strategy: Mentions of climate change have been removed from state laws. In Naples, this led to a city report on climate vulnerability having to be rewritten - the term "climate change" was removed in order to receive state funding for urgently needed infrastructure projects.

"You get used to it," says Natalie Hardman, the city's natural resources manager. "It's the game we have to play."

The rich and famous remain isolated

While these challenges hit most people from Florida hard, the elite remain insulated. The Gordon Pointe estate was built with materials designed to withstand even extreme weather conditions. "Insurance for an estate like this is extremely expensive - probably seven figures a year," explains insurance expert Katherine Frattarola. But buyers who can spend 295 million dollars on a house rarely think about such sums.

"People who can afford such a property don't think about risks," says Frattarola. "They think about how much they love Naples - and about owning the most expensive house in America."

Climate change does not stop at luxury

For the average person, however, the reality is different. Exploding insurance premiums and more frequent storms are driving many to the brink of ruin. "The richest people often live in high-risk climate regions," explains Parinitha Sastry from Columbia Business School. "This means that subsidies for flood insurance often benefit the rich, while poorer people remain unprotected."

The gap between those who can protect themselves from the risks and those who are defenceless against the consequences could widen.

A dream home or a nightmare?

Despite everything, the Gordon Pointe property remains in demand. A promotional video extols the seclusion and exclusivity of the property: "No traffic, no prying eyes - a rare and exceptional property."

But is a house like this really worth 295 million dollars? Frattarola draws a bold comparison: "If a banana stuck to a canvas sells for 6.2 million dollars, there's a buyer for everything."

Although the dream of luxury for the super-rich persists, the big picture remains bleak: Florida's paradise could soon be literally drowning.