Experience timeless elegance and waterfront serenity in this extraordinary Mediterranean-inspired estate, perfectly positioned on a sprawling bayfront lot. From the moment you arrive, the home's graceful arches, warm architectural details, and inviting courtyard create an unforgettable first impression, setting the stage for a lifestyle defined by beauty, comfort, and coastal charm.
Inside, the residence unfolds with refined sophistication. A spacious living room anchored by a stunning fireplace opens to breathtaking bay views, creating the perfect setting for both relaxed evenings and elegant entertaining. The formal dining room showcases exquisite custom plaster-finished walls, offering a rich and artistic backdrop for memorable gatherings. At the heart of the home, the chef's kitchen is as functional as it is beautiful, featuring a striking brick accent wall, double ovens, a gas range, and an oversized island with a butcher block top. Sunlit and inviting, the eat-in kitchen overlooks both the tranquil koi pond and the sparkling bay beyond, seamlessly blending indoor and outdoor living. Just off the kitchen, a cozy sitting room with its own fireplace provides the perfect retreat for quiet mornings or intimate conversations.
The thoughtfully designed split floor plan offers privacy and comfort, highlighted by a luxurious master suite that includes a rare original 1940 greenhouse feature, adding a touch of history and charm. The spa-like master bathroom invites relaxation with a large soaking tub, separate shower, and an expansive walk-in closet. Three additional bedrooms, each with their own full bathrooms, ensure comfort for family and guests alike, with one guest suite featuring its own fireplace for added warmth and character. A gallery-style hallway runs through the home, offering the perfect space to display art and personal collections.
Outdoors, the property transforms into a true private oasis. Multiple water features, including a beautifully stocked koi pond, create a peaceful, resort-like atmosphere. The custom covered patio and pergola with an outdoor fireplace and built-in grilling area make entertaining effortless, while the expansive lawn stretches to the water's edge, complete with a seawall and direct bay access. Adding a sense of fun and uniqueness, the grounds also feature a zip line and a custom playhouse, making this estate as playful as it is luxurious.
Blending classic Mediterranean architecture with modern comforts and unparalleled waterfront living, this one-of-a-kind property offers a lifestyle that is both elegant and unforgettable. Whether enjoying quiet sunsets over the bay or hosting gatherings under the stars, this home is a rare opportunity to own a true coastal masterpiece.
For sale
$2,850,000
518 Bunkers Cove Rd, Panama City, FL 32401
4beds
4,000sqft
Single Family Residence
Built in 1940
0.8 Acres Lot
$-- Zestimate®
$713/sqft
$-- HOA
What's special
Sprawling bayfront lotStunning fireplaceInviting courtyardGas rangeCustom playhouseExquisite custom plaster-finished wallsBuilt-in grilling area
- 118 days
- 1,088
- 51
Zillow last checked:
Listing updated:
Listed by:
Shani S Lee 850-832-2151,
CENTURY 21 Commander Realty
Source: CPAR,MLS#: 791000
Originating MLS: Central Panhandle Association of REALTORS
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 4
- Bathrooms: 5
- Full bathrooms: 4
- 1/2 bathrooms: 1
Rooms
- Room types: Breakfast Room/Nook, Bedroom, Dining Room, Kitchen, Primary Bathroom, Primary Bedroom, Other, Sitting Room
Primary bedroom
- Level: First
- Dimensions: 20 x 19
Bedroom
- Description: currently used as family room
- Level: First
- Dimensions: 19 x 16
Bedroom
- Level: First
- Dimensions: 12 x 12
Bedroom
- Level: First
- Dimensions: 17 x 10
Primary bathroom
- Level: First
- Dimensions: 12 x 16
Breakfast room nook
- Level: First
- Dimensions: 9 x 9
Dining room
- Level: First
- Dimensions: 19 x 13
Kitchen
- Level: First
- Dimensions: 27 x 15
Other
- Description: gallery hallway
- Level: First
- Dimensions: 45 x 13
Sitting room
- Level: First
- Dimensions: 12 x 10
Heating
- Fireplace(s)
Cooling
- Central Air
Appliances
- Included: Gas Range, Ice Maker, Tankless Water Heater
Features
- Double Vanity, Main Level Primary, Sitting Area in Primary, See Remarks, Separate Shower, Walk-In Closet(s)
- Has fireplace: Yes
Interior area
- Total structure area: 4,000
- Total interior livable area: 4,000 sqft
Property
Features
- Patio & porch: Covered, Open, Patio, Porch
- Exterior features: Barbecue
- Has view: Yes
- View description: Bay
- Has water view: Yes
- Water view: Bay
- Waterfront features: Bayfront, Seawall
Lot
- Size: 0.8 Acres
- Dimensions: 134 x 269
- Features: Sprinkler System, Paved
Details
- Additional structures: Other, Pergola
- Parcel number: 21352000000
- Special conditions: Listed As-Is
Construction
Type & style
- Home type: SingleFamily
- Architectural style: Mediterranean
- Property subtype: Single Family Residence
Condition
- New construction: No
- Year built: 1940
Utilities & green energy
- Sewer: Public Sewer
- Utilities for property: Natural Gas Available
Community & HOA
Community
- Features: Barbecue
- Subdivision: Sudduths 6th Add
HOA
- Has HOA: No
Location
- Region: Panama City
Financial & listing details
- Price per square foot: $713/sqft
- Tax assessed value: $1,350,644
- Annual tax amount: $7,499
- Date on market: 6/8/2026
- Cumulative days on market: 119 days
Estimated market value
Not available
Estimated sales range
Not available
Not available
Price history
| Date | Event | Price |
|---|---|---|
| 6/8/2026 | Listed for sale | $2,850,000$713/sqft |
Source: | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $7,499 +3.2% | $507,323 +2.9% |
| 2024 | $7,269 -4.5% | $493,025 +3% |
| 2023 | $7,608 +10.5% | $478,665 +3% |
| 2022 | $6,882 | $464,723 |
| 2021 | -- | -- |
| 2020 | $5,434 -16.8% | $358,143 -19.5% |
| 2019 | $6,532 | $444,924 +2.1% |
| 2018 | $6,532 +9% | $435,735 +2.1% |
| 2017 | $5,994 +3.3% | $426,773 +2.1% |
| 2016 | $5,805 -2.1% | $417,995 +0.7% |
| 2015 | $5,930 | $415,089 +0.8% |
| 2014 | $5,930 | $411,795 +1.5% |
| 2013 | -- | $405,709 -1.3% |
| 2012 | -- | $410,895 +6.1% |
| 2011 | -- | $387,308 +1.5% |
| 2010 | -- | $381,584 +2.7% |
| 2009 | -- | $371,552 +0.1% |
| 2008 | -- | $371,181 +3% |
| 2007 | -- | $360,368 +2.5% |
| 2006 | -- | $351,579 +3% |
| 2005 | -- | $341,339 +3% |
| 2004 | -- | $331,397 +1.9% |
| 2003 | -- | $325,218 +2.4% |
| 2002 | -- | $317,596 +1.6% |
| 2001 | -- | $312,594 +3% |
| 2000 | -- | $303,489 |
Find assessor info on the county website
Monthly payment
Est. payment
Payment breakdown
Explore the cost of this home by adjusting the details. Changes won't be saved.Climate risks
Neighborhood: 32401
Nearby schools
Schools provided by the listing agent
- Elementary: Cherry Street
- Middle: Jinks
- High: Bay
Source: CPAR. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.





