Adrienne Arsht sells Miami estate for a record $106.87M

Dwelling within the Free State of Florida doesn’t come totally free.

Businesswoman and philanthropist Adrienne Arsht has bought her 4-acre waterfront compound in Miami’s Coconut Grove neighborhood for a cool $106.87 million, its itemizing brokerage confirmed to The Put up on Friday. The Wall Avenue Journal, which broke information of the sale, reported that mighty sum not solely breaks a gross sales file for Miami-Dade County, but additionally marks the primary time a Miami house has traded fingers for 9 figures.

Arsht listed the property in January for $150 million, with that asking value additionally having marked a file for the priciest single-family unfold ever to record in that county.

The id of the deep-pocketed new proprietor, in accordance with itemizing brokerage Berkshire Hathaway HomeServices EWM Realty, is undisclosed. That purchaser first visited the unfold in July and the deal reportedly moved quick. Nonetheless, Arsht — for her half — is aware of she’s leaving the property in good fingers.

“Because the steward of this stunning property, I’m proud to depart its legacy to the following generations of caretakers,” stated Arsht within the press assertion. “Might additionally they benefit from the breathtaking view!”

From the time Arsht listed it, she knew she would donate the proceeds of the sale to charity — and she or he nonetheless doesn’t know which one, or ones, she’ll select.

This high-dollar deal beats the earlier file set earlier in 2022 by InterSystems founder Phillip Ragon’s roughly $93 million buy for 3 adjoining Atlantic Ocean-front properties in Golden Seashore.

Arsht’s property — neighboring the Vizcaya Museum — contains two separate homes spanning some 25,000 sq. toes of dwelling area and a complete of 12 bedrooms. Perched on one Miami’s highest Biscayne Bay-front elevations, it additionally contains greater than 400 toes of water frontage, looking to views of Key Biscayne and the downtown Miami skyline.

The compound’s essential residence is called Indian Spring, which Arsht inbuilt 1999, tapping Jose A. Gelabert-Navia, a former dean of the College of Miami Faculty of Structure, for the design. Inside Indian Spring, which has a lobby with a sweeping staircase, all dwelling areas have views of Biscayne Bay — and embody an amazing room and a proper eating room with seating for 20-plus visitors.

The master suite suite has a full health club. Elsewhere, this construction has a storage for six automobiles, an upstairs house with an workplace area, a swimming pool that fronts the bay and a lighted tennis court docket. Arsht bought the positioning for Indian Spring within the late Nineties for about $4 million. That land was beforehand owned by the Ziegfeld Follies star Peggy Hopkins Joyce and her then-husband, the lumber magnate James Stanley Joyce.

The opposite residence on the grounds is called Villa Serena, which dates to 1913. William Jennings Bryan, a former US Secretary of State and a three-time candidate for president, constructed it with the design assist of architect August Geiger. It’s listed on the Nationwide Register of Historic Locations — and it, too, appears out to bay vistas. Restored by Arsht after she purchased it within the late 2000s for about $12 million, Villa Serena boasts two ornate staircases heading as much as the sleeping quarters and, elsewhere, a three-car storage with a visitor home perched above.

Villa Serena had been listed in 2007; a developer had deliberate to buy it, demolish the prevailing construction and construct a number of properties on its land. Arsht labored with native historians to offer it that historic designation. The restoration took upwards of 4 years and price a number of million {dollars}.

Arsht hails from Delaware and splits her time between Miami, Washington, DC and New York. She’s the previous head of her household’s TotalBank, which bought to Spain’s Banco Widespread Español in 2007 for $300 million. Miami’s Adrienne Arsht Heart for the Performing Arts bears her title following a $30 million donation made in 2008.

Ashley Cusack of Berkshire Hathaway HomeServices EWM Realty had the itemizing. Jill Hertzberg of The Jills Zeder Group with Coldwell Banker represented the customer within the deal.