Billionaire entrepreneur David Hoffmann and his wife Jerri have a new primary residence after purchasing a 17,202-squarefoot Port Royal bayfront estate for a recordbreaking $85 million, according to officials with Gulf Coast International Properties. The Agency’s Chris Resop with Gulf Coast International Properties Principal Timothy Savage represented the seller in the sale of 575 Admiralty Parade W. The sale was the highest price ever recorded for a single-family residence in Collier County history and the highest price for a non-beachfront single-family residence in the county, according to MLS data. Hoffmann, founder of Naples-based private equity firm Hoffmann Family of Companies, made his debut on the Forbes annual World’s Billionaire List in 2022 and climbed to 1,763rd in 2024 with a net worth of $2 billion. The eightbedroom and 10½-bath home sits on 2¼ lots with 250 feet of Naples Bay frontage.