The seller of a southwest Florida waterfront estate is banking on a buyer who covets exclusivity.
The six-bedroom home at 4315 Mangrove Place in Sarasota is perched on a private island, South Cocoanut Bayou, within the barrier island of Siesta Key. It's one of only five homes on South Cocoanut, according to Douglas Elliman listing agent Inbal August.
In addition, the gated, 0.61-acre property listed for $15.95 million comes with a deepwater dock and a private deeded beach, so no other sunbathers will have access to the area.
August declined to identify the seller, but Asepsis, a medical device company linked to Michael Creaturo, paid $3.8 million for the home in 2013, according to public records. The company transferred ownership to Creaturo in December, records show.
She said her client enjoys the dock for its vistas and proximity to dolphins swimming in waters leading to the Gulf, August said.
"The location, the views, the privacy — that brings exceptional value," she told Homes.com. "They loved the privacy and also the accessibility to anything in Sarasota."
The two-story main residence has an elevator, nine bathrooms, a private office, a home theater, a saltwater pool and spa and a three-car garage, according to the listing. A separate, one-bedroom guest villa has its own elevator, a full kitchen and 1.5 bathrooms.
A 4,000-square-foot, Tuscan-style courtyard connects the main residence and the guest quarters.
Buyers of luxury homes often pay cash. But someone who pays full price for Mangrove Place, puts 20% down and gets a 30-year, fixed-rate mortgage at 6.72% would spend about $82,500 a month in principal and interest, according to Homes.com data. That monthly total doesn't include taxes or property insurance.
The estate, built in 2005 with concrete block construction, has withstood a spate of severe weather that includes four hurricanes that have hit the west coast of Florida since 2022. The last of the four, Milton, grew into a Category 5 behemoth that lost some strength before landfall, but still hit Siesta Key as a Category 3 in October. The home sustained no damage, according to August.
In the 1920s, circus producer John Ringling and his wife, Martha, built a winter estate in Sarasota and invested heavily in the local real estate market. Now the city, about 60 miles south of Tampa, Florida, is home to The Ringling art and circus museums.
While Sarasota has emerged as a popular destination for retirees and young professionals, a slowdown in population and employment growth over the past year could put pressure on the area's luxury housing market, according to Michelle Rumore, senior director of market analytics for CoStar and Homes.com.
Future population growth is expected to fall below even pre-pandemic levels, and job growth also could be limited over the next few years, she noted.
"In turn, demand for housing has tapered off, causing homes to sit on the market for longer, and sellers are more likely to drop their sale price than in years past," Rumore said.
Though the luxury market has softened in Florida and elsewhere, Sarasota offers value not found in other parts of the Sunshine State, according to listing agent August.
"If somebody wants a waterfront lifestyle," she said, "they can get a lot for their dollar compared to Naples, Palm Beach and Miami."
