Record Breaking Waterfront Mansion Sold in Coconut Grove for $106.9 Million

Adrienne Arsht, a local philanthropist, set a Miami-Dade County record when she sold her waterfront property in Coconut Grove for $106.9 million.

The sale of the home represents a 29% decrease from the property's initial $150 million asking price and this sale marks the first residential sale to exceed the $100 million threshold.

The 2 two-story homes sit on 3031 and 3115 Brickell Avenue and are frequently referred to as South Florida's "embassy," due to the many U.S. and international officials frequenting the home.

There are a total of 12 bedrooms and 13 and a half bathrooms in the 25,000-square-foot home. The 4-acre property has 400 feet of water frontage, is close to Vizcaya Museum & Gardens, and overlooks Biscayne Bay. The main house, known as Indian Spring, was built by Arsht in 1999.

It has a dining room that seats more than 20 people, a six-car garage with an office and apartment upstairs, a pool, and a tennis court. Indian Spring was designed by Jose Gelabert-Navia, a former dean of the University of Miami School of Architecture. Villa Serena, the other house, was constructed in 1913.

The property was developed by William Jennings Bryan, a former U.S. Secretary of State and a 3x presidential candidate. Arsht restored the waterfront mansion and it is now registered in the National Register of Historic Places.

According to records, she purchased the property in two transactions, paying $4 million for the land on which the contemporary house was built in 1996 and then $12 million for the ancient home in 2007.

Arsht, a native of Delaware, made a name for herself in Miami's financial world and as an arts patron. She gave the Adrienne Arsht Center for the Performing Arts a $30 million gift, earning it the moniker Adrienne Arsht Center for the Performing Arts in Miami's Arts & Entertainment District. She has also served as TotalBank's chair in the past.

The transaction surpasses the previous high in Miami-Dade, which was set this summer by the $93 million purchase of three homes in Golden Beach by the founder of the technology business InterSystems. Ragon intends to demolish the buildings and build a new house in their stead.