Ronald Reagan’s FDIC Chairman Lists Spectacular Gulf-Front Sarasota Mansion for $26 Million

A staggering Gulf-front estate that was built for banking legend and former FDIC Chairman Bill Isaac has hit the market in Sarasota, FL, for the very first time with a sky-high asking price of $26 million.

Isaac, who served during the Jimmy Carter and Ronald Reagan administrations and is credited with guiding the nation through a recession in extremely financially tumultuous times, originally bought the Lido Shores property for $2.7 million in 2000.

During his 25-year tenure there, he replaced the 1987-built home with a dazzling, five-bedroom, eight-bathroom sun-drenched main residence designed by celebrated architect Clifford M. Scholz, founder of CMSA Scholz, Oswald & Shaffer.

"His vision transformed this super-sized pristine Gulf frontage estate into an architectural symphony of sophistication and modern elegance," said real estate adviser Gordon Menninger, who, along with broker Leisa Erickson, both of Engel & Völkers, has the listing.

Ever since entertainment magnate John Ringling of Ringling Bros. and Barnum & Bailey Circus fame established Sarasota as one of the country's poshest and most private winter retreats back in the 1920s, waterfront mansions in the area have been highly sought after by business tycoons and celebrities who value waterfront luxury, discretion, and privacy.

And perhaps none offer more pristine surroundings than Isaac's estate, which spans 6,862 square feet and is situated on an enormous lot that boasts 240 feet of frontage on the Gulf of Mexico.

"It's the only house in the area where you can control so much water frontage, with the opportunity to build a gigantic compound, and even buy more adjacent waterfront property alongside it," Menninger said.

He's referring to the lot on the other side of the Isaac property, which features 125 additional feet of gulf frontage, expanding the total to a potential 375 feet, and the compound's total footprint to over an acre. That extra parcel of land is available for an additional $11 million.

Lido Shores is located on a series of exclusive keys, connected to Sarasota proper by the Ringling Bridge.

Far from papparazi-ridden areas like Palm Beach and Miami, celebrities including author Stephen King, sportscaster Dick Vitale, Aerosmith's Joe Perry, Brian Johnson of AC/DC, tennis great Martina Navratilova, actress Rosie O'Donnell, and country icon Garth Brooks have all found safe and luxurious harbor there.

The Isaac property is hidden from the street by beautiful and stately Turkish white shell stone, which is also integrated in the interior, setting it apart from the other modern mansions in the area.

The home sits on an elevated area above the water, which protects it from flooding, as does storm resistant construction including a vast number of impact windows throughout. Those windows are designed to provide waterfront views from almost every room.

This gives the home a spacious, ocean air feel, amplified by soaring vaulted ceilings, skylights, and curated designer lighting. The formal living and dining rooms are openly connected to the kitchen and family room for sun-drenched flow.

The kitchen is especially noteworthy, with its elegant La Cornue range, Sub-Zero refrigerator, Miele dishwasher, Bosch oven, Dacor microwave, and wine refrigeration. It also features a large butler's pantry, and a gleaming dining/prep island with seating at a rich wood bar.

The turquoise upholstered breakfast banquet is an additional highlight.

Among the home's five bedrooms are two generous guest suites with loft spaces, and a spacious primary suite with balconies, walk-in closets, and a spa-like bath. The primary suite is also set apart by two large offices, also with inspiring waterfront views.

The residence also includes luxurious and unique wellness amenities, including a relaxing sauna and a state-of-the-art infrared light therapy room. In addition, there's a dedicated gym/yoga studio with Pilates facilities.

The long, rectangular, sparkling pool could also be considered a wellness amenity as it can easily be used for swimming laps, or just relaxing on its oceanfront deck, with the soothing sound of the waterfall and waterway playing 24-7.

Owners of the property also have private, deeded beach access, just a short stroll away.

The waterway connection between the Gulf of Mexico and Sarasota Bay is mostly tranquil, and ideal for yachting and jet skiing. There is no dock on the property at present, but there is ample room and permitting to build one (or even two) that could accommodate all manner of watercraft.

The adjacent lot, currently covered with palms and powdery, gleaming white sand, once held a second residence that was demolished.

But the land sits waiting and ready to be expanded into a compound with an additional guesthouse, tennis and/or pickleball courts, an entertainment pavilion, an expansive studio with waterfront views, or whatever else the new owners fancy.

For all the compound's privacy, it's surprisingly close to one of Florida's most celebrated country clubs, the Longboat Key Country Club, with a shimmering 36-hole golf course, and the relaxed and paparazzi-free Sarasota Bradenton International Airport.

In addition, the famous Circle at St. Armands, with its boutiques, restaurants, and bars, is within walking distance.

"People are finally beginning to realize the value of luxury homes in the Sarasota market," said Menninger, pointing to an article in Sarasota Magazine that backs him up.

"Sarasota’s Officially Part of Florida’s Ultra-Luxury Real Estate Club," the headline blazes, while Realtor.com® data reveals that there are currently five properties on the market in the region with asking prices of $20 million or more.

For reference, the priciest home in the country sold so far this year is another sprawling waterfront estate in Naples, FL, which went for a whopping $133 million.

“Compared to Naples or Palm Beach, Sarasota is almost affordable," Roger Pettingell of Coldwell Banker, quipped in the article.