Progressive Heir’s Miami Home Asking $135 Million has Buyer

A sprawling estate in Miami’s Coconut Grove asking $135 million secured a buyer, adding to a string of big residential deals inked at the end of the year.

Banyan Ridge, a 4.5-acre waterfront compound at 3585 Anchorage Way, is pending on the Multiple Listing Service as of Thursday. It’s listed with Danny Hertzberg, Jill Hertzberg, Nathan and Judy Zeder of the Jills Zeder Group at Coldwell Banker.

The trade could set a record for Miami home sales.

The property includes a 1920s Mediterranean-style house that was built for former Secretary of State William Jennings Bryan. That house spans 4,100 square feet and includes three bedrooms, according to listing information. The property also has a 5,300-square-foot, four-bedroom home that was built for the late Peter B. Lewis, the former chairman and CEO of Progressive Insurance Company.

The seller is the estate of Lewis’ son, the late Jonathan Lewis, who was a prominent Miami restaurateur and LGBT advocate. Jonathan helped open the Grand Bay Hotel in Coconut Grove, and he owned the restaurants Toby’s and Cafe Tu Tu Tango, according to his obituary. He died in 2023.

The compound hit the market in November, but it had been listed before with Douglas Elliman agents Lourdes Alatriste and Holly Parker.

The property sits on a limestone bluff that’s 17 feet above Biscayne Bay, and it includes a dock with a boat lift, a boat house, a pool house, sauna, spa and tropical landscaping. A 100-year-old Banyan Tree surrounds the pool.

The sale will likely surpass billionaire businessman Jorge Mas’ sale of a waterfront 7.3-acre lot that’s also in Coconut Grove to a hidden buyer for more than $100 million. That off-market trade has not yet been recorded with Miami-Dade County, and the buyer is unknown.

In a separate deal, Mas also recently sold his nearby Coral Gables mansion to a land trust for $32 million.