Siesta Key Waterfront Estate Sells for Record $21.95 Million After Significant Price Cut

Edward and Julie Burke bought 8501 Midnight Pass Road for $21.95 million Thursday, setting a Sarasota residential sales record. The Crystal Waters estate on Siesta Key now holds the city’s highest-ever residential sale.

The transaction gives local buyers, sellers and real estate professionals a new benchmark for Sarasota’s luxury market. It also shows how far a high-end property can sell below its original asking price, even when the final price establishes a city record.

Record sale follows major price reduction

Crystal Waters debuted in 2025 with a $31.5 million asking price. The property later left the market before returning in June at $29.99 million. The $21.95 million closing price equaled about 70% of the original list price.

Sarasota County sellers received a median 94.7% of their original list price in August, according to the latest real estate market report from the Realtor Association of Sarasota and Manatee. The Crystal Waters sale fell well below that countywide median, despite setting the city record.

Estate includes bay frontage and private amenities

The estate occupies 2.78 acres along Little Sarasota Bay, with 217 feet of direct waterfront frontage. The more-than-10,200-square-foot main residence includes five bedrooms, six full bathrooms and two half-bathrooms.

The property also includes a guest house, tennis court, private tennis pavilion and a 56-foot vanishing-edge saltwater pool designed to appear as if it merges with the bay. A 90-foot dock provides deep-water access, while a floating kayak launch and 20,000-pound boat lift serve the waterfront.

Stofft Cooney Architects designed the home, and Florida West Builders constructed it. Michael Saunders & Co., which represented the seller, said the home reached completion in 2024. Douglas Elliman Real Estate represented the Burkes.

New mark for Sarasota luxury real estate

Sarasota philanthropist Crystal Lahners sold the property. Her late husband, Dr. Bill Lahners, worked as a pioneering and prominent eye surgeon at Center for Sight in Sarasota. He died Dec. 10, 2021, at age 53, during a trip to the Bahamas.

The sale surpassed Sarasota’s previous city record, a $20 million transaction involving 1233 Hillview Drive in March 2024. The Crystal Waters closing now sets the city’s top residential sale at $21.95 million. The transaction is complete, and the source material identifies no additional public action tied to the property.