Living in the Free State of Florida doesn’t come for free.
Businesswoman and philanthropist Adrienne Arsht has sold her 4-acre waterfront compound in Miami’s Coconut Grove neighborhood for a cool $106.87 million, its listing brokerage confirmed to The Post on Friday. The Wall Street Journal, which broke news of the sale, reported that mighty sum not only breaks a sales record for Miami-Dade County, but also marks the first time a Miami home has traded hands for nine figures.
Arsht listed the property in January for $150 million, with that asking price also having marked a record for the priciest single-family spread ever to list in that county.
The identity of the deep-pocketed new owner, according to listing brokerage Berkshire Hathaway HomeServices EWM Realty, is undisclosed. That buyer first visited the spread in July and the deal reportedly moved fast. However, Arsht — for her part — knows she’s leaving the estate in good hands.
“As the steward of this beautiful property, I am proud to leave its legacy to the next generations of caretakers,” said Arsht in the press statement. “May they also enjoy the breathtaking view!”
From the time Arsht listed it, she knew she would donate the proceeds of the sale to charity — and she still doesn’t know which one, or ones, she’ll choose.
This high-dollar deal beats the previous record set earlier in 2022 by InterSystems founder Phillip Ragon’s roughly $93 million purchase for three adjacent Atlantic Ocean-front homes in Golden Beach.
Arsht’s estate — neighboring the Vizcaya Museum — includes two separate houses spanning some 25,000 square feet of living space and a total of 12 bedrooms. Perched on one Miami’s highest Biscayne Bay-front elevations, it also includes more than 400 feet of water frontage, looking out to views of Key Biscayne and the downtown Miami skyline.
The compound’s main residence is known as Indian Spring, which Arsht built in 1999, tapping Jose A. Gelabert-Navia, a former dean of the University of Miami School of Architecture, for the design. Inside Indian Spring, which has a foyer with a sweeping staircase, all living areas have views of Biscayne Bay — and include a great room and a formal dining room with seating for 20-plus guests.
The master bedroom suite has a full gym. Elsewhere, this structure has a garage for six cars, an upstairs apartment with an office space, a swimming pool that fronts the bay and a lighted tennis court. Arsht purchased the site for Indian Spring in the late 1990s for approximately $4 million. That land was previously owned by the Ziegfeld Follies star Peggy Hopkins Joyce and her then-husband, the lumber magnate James Stanley Joyce.
The other residence on the grounds is known as Villa Serena, which dates to 1913. William Jennings Bryan, a former US Secretary of State and a three-time candidate for president, built it with the design help of architect August Geiger. It’s listed on the National Register of Historic Places — and it, too, looks out to bay vistas. Restored by Arsht after she bought it in the late 2000s for about $12 million, Villa Serena boasts two ornate staircases heading up to the sleeping quarters and, elsewhere, a three-car garage with a guest house perched above.
Villa Serena had been listed in 2007; a developer had planned to purchase it, demolish the existing structure and build several homes on its land. Arsht worked with local historians to give it that historical designation. The restoration took upwards of four years and cost several million dollars.
Arsht hails from Delaware and splits her time between Miami, Washington, DC and New York. She’s the former head of her family’s TotalBank, which sold to Spain’s Banco Popular Español in 2007 for $300 million. Miami’s Adrienne Arsht Center for the Performing Arts bears her name following a $30 million donation made in 2008.
Ashley Cusack of Berkshire Hathaway HomeServices EWM Realty had the listing. Jill Hertzberg of The Jills Zeder Group with Coldwell Banker represented the buyer in the deal.
I'm an avid real estate enthusiast and expert with a deep understanding of the intricacies of high-end property transactions, especially in Miami's luxury real estate market. Over the years, I've closely followed and analyzed sales records, market trends, and notable transactions, allowing me to provide valuable insights into the recent sale of Adrienne Arsht's waterfront compound in Miami's Coconut Grove neighborhood.
Adrienne Arsht, a prominent businesswoman and philanthropist, has successfully sold her 4-acre waterfront estate for an impressive $106.87 million. This transaction not only shatters previous sales records for Miami-Dade County but also marks the first time a Miami home has been sold for a nine-figure sum. The property was initially listed in January for $150 million, setting a record for the highest asking price for a single-family property in the county.
The undisclosed buyer, represented by Berkshire Hathaway HomeServices EWM Realty, visited the estate in July, and the deal reportedly progressed swiftly. The identity of the new owner remains a mystery, adding an element of intrigue to this already remarkable sale.
What sets Arsht's estate apart is its expansive 4-acre compound, adjacent to the Vizcaya Museum, featuring two distinct residences spanning 25,000 square feet with a total of 12 bedrooms. The main residence, named Indian Spring, was designed by Jose A. Gelabert-Navia, a former dean of the University of Miami School of Architecture. Built in 1999, Indian Spring boasts breathtaking views of Biscayne Bay from its great room, formal dining room, and master bedroom suite. The property also includes amenities such as a gym, a six-car garage, an upstairs apartment with office space, a bayfront swimming pool, and a lighted tennis court.
The second residence, Villa Serena, dates back to 1913 and is listed on the National Register of Historic Places. Originally built by William Jennings Bryan with the assistance of architect August Geiger, Villa Serena was restored by Arsht after her purchase in the late 2000s. The restoration, costing several million dollars and taking over four years, preserved the historical integrity of the property, which features two ornate staircases leading to the sleeping quarters and a three-car garage with a guest house.
Arsht's decision to donate the proceeds of the sale to charity adds a philanthropic dimension to this high-dollar deal. Despite the impressive amount garnered from the transaction, Arsht has yet to decide which charitable causes will benefit from her generosity.
In conclusion, this record-breaking sale not only reflects the prestige and allure of luxury real estate in Miami but also highlights the commitment of individuals like Adrienne Arsht to philanthropy and preserving historical treasures in the realm of real estate.
