Adrienne Arsht’s Coconut Grove estate sells for record $107M

Deal is a steep discount from its $150M asking price, but first sale to surpass $100M mark in county

Adrienne Arsht and the Coconut Grove estate (Arsht via Naomi.cherenson, CC BY-SA 4.0, via Wikimedia Commons, 3031 and 3115 Brickell Avenue photos provided by 1 Oak Studios)
Adrienne Arsht and the Coconut Grove estate (Arsht via Naomi.cherenson, CC BY-SA 4.0, via Wikimedia Commons, 3031 and 3115 Brickell Avenue photos provided by 1 Oak Studios)

Adrienne Arsht sold her waterfront Coconut Grove estate for $106.9 million, marking a record in Miami-Dade County.

Arsht, a Miami businesswoman and philanthropist, sold her compound consisting of two two-story homes at 3031 and 3115 Brickell Avenue, according to the seller’s broker. The sale has not yet hit records and the buyer is undisclosed.

The Coconut Grove estate (Photos provided by 1 Oak Studios)

The Coconut Grove estate (Photos provided by 1 Oak Studios)

The price is a 29 percent discount from the $150 million asking price from January, when the property hit the market.

Still, it is the first time a residential sale surpassed the $100 million mark.

Ashley Cusack of Berkshire Hathaway HomeServices EWM Realty represented Arsht. Jill Hertzberg of The Jills Zeder Group represented the buyer.

The 25,000-square-foot property includes a total of 12 bedrooms and 13 and a half bathrooms. The property spans 4 acres near Vizcaya Museum & Gardens and overlooks Biscayne Bay, with 400 feet of water frontage.

The Coconut Grove estate (Photos provided by 1 Oak Studios)

The Coconut Grove estate (Photos provided by 1 Oak Studios)

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Arsht developed the primary home, called Indian Spring, in 1999. It includes a dining room with seating for over 20 guests and a six-car garage with an upstairs apartment and office, pool and tennis court. Jose Gelabert-Navia, former dean of the University of Miami School of Architecture, designed Indian Spring.

The other residence, Villa Serena, was built in 1913. William Jennings Bryan, a former U.S. Secretary of State and three-time presidential candidate, developed it. It’s now on the National Register of Historic Places. Arsht restored Villa Serena.

The Coconut Grove estate (Photos provided by 1 Oak Studios)

The Coconut Grove estate (Photos provided by 1 Oak Studios)

She bought the compound in two deals, paying $4 million in 1996 for the site where the newer house was built, and then paying $12 million in 2007 for the historic home, according to records.

Arsht, who is from Delaware, hammered out a name for herself in the Miami business community and as a patron of the arts. The Adrienne Arsht Center for the Performing Arts in Miami’s Arts & Entertainment District is named in her honor, after she donated $30 million to the center. She also is a former chairperson of TotalBank.

Her Coconut Grove estate is often referred to as South Florida’s “embassy,” as Arsht hosted U.S. and world leaders at the home.

The deal beats the previous record in Miami-Dade, technology company InterSystems founder Phillip Ragon’s $93 million three-house purchase this summer in Golden Beach.  Ragon’s plan is to raze the properties and replace them with a new home.

Last year, billionaire hedge funder Ken Griffin set a prior $75 million countywide record with his purchase of a teardown on Miami Beach’s Star Island.