A record-setting $106.87 million deal was closed in the Miami real estate market

A record-setting $106.87 million deal was closed in the Miami real estate market

Adrienne Arsht, a businesswoman and a philanthropist, sold her 4-acre land plot for $106.87 million. The property is located on the seaside, in Coconut Grove, Miami. The Wall Street Journal published the news about the transaction, reporting that it has not only set a new record for Miami Dade County but also become the first case when a Miami home was sold by a private person for a nine-digit amount.

Arsht listed her property in January for $150 million. The asking price made it the most expensive single-family home ever to be listed in this county.

The identity of the new owner is not disclosed. This buyer viewed the plot in July for the first time, so the deal was reportedly closed quickly. However, Arsht, on her side, knows that she leaves the estate in capable hands. “As the steward of this beautiful property, I am proud to leave its legacy to the next generations of caretakers,” Adrienne said. “May they also enjoy the breathtaking view!”

The estate adjacent to the Biscayne Museum consists of two standalone houses with an area of 2,300 m2. As the properties are located on one of Miami’s highest hills, their windows offer breathtaking views of the city’s Downtown and the Biscayne Bay. From the moment Arsht listed her property, she has known that she would donate the proceeds to charity, but the philanthropist is still unsure which charity organization to choose.

The main residence of the estate is called Indian Spring. Arsht built it in 1999 based on a design by Jose Gelabert-Navia, former dean of the University of Miami School of Architecture. Indian Spring boasts a foyer with wide stairs and its windows overlook the Biscayne Bay. The residence consists of 12 rooms, including a large living room and a dining room for 20+ guests.

The other residence within the compound is called Villa Serena. It was built in 1913 by William Jennings Bryan, a former U.S. Secretary of State and three-time presidential candidate, who hired the architect August Geiger. The house is now on the National Register of Historic Places and boasts two magnificent stairs leading up to bedrooms, and a three-vehicle garage with a guest house above it.

This major transaction broke the previous record set in the current year when Phillip Ragon, the founder of InterSystems, purchased three neighboring houses on the Atlantic coast in Golden Beach for approximately $93 million.

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