This former Florida fishing village is becoming the ‘Palm Beach of the Gulf Coast’ — and a home to billionaires

Looks like this unassuming beach enclave is flexing its mussels.

Once a modest fishing town known for its snowbird retirees, Naples, Florida has quietly reinvented itself as one of America’s most exclusive communities.

With its mix of Gulf-front mansions, cultural appeal and low-profile opulence, the city is drawing a steady tide of billionaires — and earning comparisons to Palm Beach in the process.

“It’s a quiet enclave of luxury living,” Naples-based luxury realtor PJ Smith told the Daily Mail. “The famous, uber-wealthy live in Naples under the radar and they love it.”

Over the past few years, Naples has experienced a wave of record-setting real estate deals.

Billionaire businessman David Hoffmann recently purchased an $85 million mansion originally built for a private owner.

But that transaction was eclipsed by a $225 million off-market sale involving a 15-acre compound with three separate estates — a new high watermark for Florida’s housing market.

In February 2024, a 17,000-plus-square-foot estate situated on 5 acres was listed for $295 million, earning the title as the most expensive home in America at the time. But in January, the price of the home was reduced to $210 million, where it still remains on the market.

As ultra-high-net-worth individuals continue to descend on the Gulf Coast, Naples has gained a reputation as the go-to destination for those seeking both glamour and anonymity.

In 2024, U.S. News & World Report named it the top place to live in the country, describing it as the “preferred retirement spot for the rich, powerful and cold-averse.”

“It’s a very culturally interesting place, but it’s also very under the radar,” Angela Lutzi Dellatorè, a Naples luxury estate agent, told Daily Mail. “The whole world is your oyster right here.”

High-profile names such as Judge Judy Sheindlin, Best Buy founder Richard Schulze and Papa John’s creator John Schnatter have all settled in the area.

The city’s most elite neighborhoods — Port Royal, Park Shore, Pelican Bay and Grey Oaks — feature private docks, beachfront access and championship golf courses.

Gated communities with tailored concierge services offer privacy, safety and ease of living for those who prefer to delegate the logistics of daily life.

Dellatorè noted that Naples appeals to the ultra-wealthy because of its understated elegance.

“There are so many wealthy people that live here and they choose Naples because nobody pays attention,” she said. “It’s a very casual atmosphere.”

Even casual comes with a price tag.

Helicopter pads, members-only clubs, and waterfront estates are increasingly common. The downtown area has seen a boom in luxury development, including the debut of the high-rise Ascent at Metropolitan Naples, where apartments overlook the Gulf.

Naples also offers lifestyle perks beyond real estate.

The city is a designated “Blue Zone,” recognized for its high concentration of centenarians.

Residents prioritize health-conscious living, aided by restaurants and stores like Seed to Table that emphasize chemical-free produce.

“Naples has been very much involved in trying to help people understand how they can live a long and healthy life,” said Dellatorè.

Cultural offerings such as Artis–Naples and the Naples Philharmonic provide entertainment, while activities like boating, golf, tennis and pickleball cater to the city’s active, affluent crowd.

“Boat slightly north and you have restaurants and shopping and museums and there’s a fine arts center that has Broadway plays,” said Dellatorè. “It’s a very culturally interesting place.”

While markets in other parts of Florida — like Miami — face slowing sales, price cuts and high deal cancellation rates, Naples remains buoyant.

“The collapse in demand in Miami’s housing market is breathtaking,” wrote Nick Gerli, CEO of real estate analytics firm Reventure App, on X.

In contrast, Naples continues to attract cash-rich buyers undeterred by volatility elsewhere.

Whether it’s the flip-flops-and-lunch crowd or those flying private to Europe, Naples has carved out a unique niche.

As Dellatorè put it, “The reason that people are drawn to this area has so much to do with the downtown area being right by the waterside.”