Real Estate

Miami's Most Expensive Residential Property Listed at $150 Million

The property — 3031 Brickell Ave. — has been on the market for more than 95 days.
The property — 3031 Brickell Ave. — has been on the market for more than 95 days. Screenshot via Zillow
Update May 5: Hours after this story was published, the Miami Beach compound at 18 La Gorce Cir.. in Miami Beach was listed for $170 million, which tops the Arsht Estate's $150 million asking price. That property is now considered the priciest single-family property ever put for sale in Miami-Dade County.

With $150 million, you can own the 637-carat L’Incomparable diamond necklace, spend eight nights aboard the International Space Station, or purchase the most expensive residential property for sale in Miami right now.

The whopping $150 million property at 3031 Brickell Ave. — currently listed by agent Ashley Cusack with Berkshire Hathaway HomeServices EWM Realty — features two waterfront mansions on four acres on a 15-foot-high coral ridge near Coconut Grove, and boasts 21 bathrooms, 12 bedrooms, a six-car garage, a tennis court, and 400 feet of frontage on Biscayne Bay. The property, owned by Miami philanthropist and businesswoman Adrienne Arsht, borders Madonna's former mansion, which, as we now know, was not being sold by a millionaire German shepherd.

"The Arsht Estate is a once-in-a-generation opportunity to own the most special property in all South Florida," reads the estate's website.
In late January, the 79-year-old namesake of The Adrienne Arsht Center for the Performing Arts listed the property for $150 million, which marked the priciest single-family property ever put up for sale in Miami-Dade County. The Arsht Estate beat the previous record listing of $90 million, which was set when 27 Star Island Dr. went on the market less than two weeks earlier, in mid-January. In December, another property — 8 Star Island Dr. — sold for $75 million, which set the record for a single-family home sale in Miami-Dade County.

In the late '90s, Arsht bought the parcel of land once owned by Broadway star Peggy Hopkins Joyce and her millionaire husband James Stanley Joyce in the 1920s for $4 million. Though the mansion the famous couple lived in was no longer standing, the marble swimming pool the Joyces commissioned was (and is still) in use. Arsht hired former University of Miami architecture dean Jose Gelabert-Navia to design the main residence, known as Indian Spring, for large-scale entertaining, with a formal living room, grand salon, and garden room.

But the history of the sprawling Arsht Estate dates even further back, to 1913, when former U.S. Secretary of State William Jennings Bryan built Villa Serena (the cream-colored mansion to the south) as a winter home for himself. The residence still stands today thanks in part to Arsht, who admired the neighboring property, helped secure historical designation to keep it from being torn down, and purchased it for $12 million in 2007. Arsht spent four years renovating the home with local historians and designers to give the nearly century-old residence a more contemporary feel. Now the two waterfront mansions are connected via a stone path.

Arsht moved from Washington, D.C., to Miami in 1996 to run the family business, TotalBank, which she later sold to Banco Popular Español for $300 million. She has reportedly pledged to donate the money from the estate's sale to charity, though she has yet to disclose which one.

When the property went on the market in January, Arsht told the Wall Street Journal, "My plan had always been that on my death, the house should be sold.... All of a sudden, it became evident that this was the time to give somebody else the joy of the house."

Once the property sells, Arsht said, she won't be leaving Miami: "You can’t, when the largest performing-arts center has your name on it," she quipped. 
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Alex DeLuca is a staff writer at Miami New Times.
Contact: Alex DeLuca