The mansion had been on and off the market since 2016, when it was listed for $25.9 million.
Pitino, who purchased the home in 1999 for $5.4 million, remodeled and expanded the property over the years. The location is key to its appeal—the mansion is on a private island with its own police force and golf course.
The 300-acre island has fewer than 40 home sites, and has been dubbed the “Billionaire Bunker” for its popularity with elite buyers, including Julio Iglesias, billionaire Carl Icahn, and former Miami Dolphins coach Don Shula, according to Mansion Global.
The stylish mansion in an exclusive enclave with very few listings available languished on the market. It led us to wonder what might be keeping a buyer from purchasing such a posh property, and we asked local listing agents to weigh in just last month.
Theories included a less-than-ideal locale, a smaller lot size, and the age of the home, even though it was recently renovated.
Over the past four years, the list price slowly came down, landing in February at $21,495,000. The listing describes the property as “reduced for a quick sale,” and also notes it’s “the least expensive property, home or lot, available on Indian Creek Island.”
Pitino may have been unwilling to lower the price too much, even if meant waiting for the right buyer. Now that he’s returned to the United States from Greece and landed yet another college coaching job with Iona, he accepted the offer—which was 20% off the most recent list price.
Set on 1.23 acres, the eight-bedroom home has 9,709 square feet of living space, with a formal dining room, chef’s kitchen, and large family room. Upstairs, there’s a master suite with an office, another living room, and a large gym.
The estate also boasts 118 feet of water frontage, a tropical backyard, a resort-style pool with built-in pool lounge, and an outdoor kitchen. You can also park your yacht: The property features a large boat dock with lifts.
Even with the discount, the multimillion dollar deal is one of the highest prices realized in the area since the onset of the coronavirus crisis, according to the Real Deal. The coach’s decision to play the long game won out in the end.
Pitino, 67, was recently named head coach for Iona College.
Rafael Arias with ONE Sotheby’s International Realty represented both the buyer and the seller.