Record-Breaking Sale: Ken Griffin Pays $107 Million For Adrienne Arscht’s Coconut Grove Waterfront Compound

 
Coconut Grove now holds the title as the area of Miami-Dade County that boasts the highest-priced residence after Ken Griffin laid roots there this week. He has been named as the undisclosed buyer of Adrienne Arscht’s palatial waterfront estate, located at 3031 and 3115 Brickell Avenue in Coconut Grove.

The estate had been on the market for a jaw-dropping $150 million, so Mr. Griffin scored a nice deal and Ms. Arscht still made records with her landmark sale. No other house over $100 million has ever been sold in Miami-Dade County. Let’s take a look at it.

Arscht Mansion Coconut Grove Pool by 1Oak Studios

The property is actually comprised of two mansions that are built on a 4-acre parcel with 400 linear feet of bay frontage. This is going to allow for Mr. Griffin to have a home for himself and a separate home for entertaining his mega-financier clients and colleagues, or just friends as Ms. Arscht did during her time at Total Bank.

Inside Indian Spring

The primary home is known as Indian Spring and was built in 1999. It was designed by the former dean of the University of Miami’s School of Architecture, Jose Gelabert-Navia. It is a true entertaining home with 5 bedrooms, a grand salon, garden room and a dining room with that seats over 20 Citadel execs, or Griffin family members or friends. There is a separate apartment and office upstairs and a six-car garage. The design boasts carved ceilings, marble floors and a direct view of the water. Outdoor amenities include a pool, manicured gardens and a tennis court.

Indian Spring Coconut Grove Backyard by 1Oak Studios

Indian Spring Coconut Grove Grand Salon by 1Oak Studios

Indian Spring Coconut Grove Bedroom by 1Oak Studios

Indian Spring Coconut Grove Dining Room by 1Oak Studios

Inside Villa Serena

The second residence on the estate is called Villa Serena. Having been built in 1913 by former US Secretary of State & presidential candidate three times, it is now on the National Register of Historic Places. She purchased the property for $12 million in 2007 when she discovered that a developer was in negotiation on the home and had intentions of tearing it down. She stepped up and stepped in, then renovated the home to its original glamor with the conveniences of modern day life.

Villa Serena Coconut Grove Entry by 1Oak Studios

Arscht Mansion Coconut Grove View by 1Oak Studios

This transaction represents the largest residential transaction ever in Miami-Dade County and the only home ever sold in the county for 9-figures. The previous record holder was a 3-property assemblage in Golden Beach, which sold for $93 million to InterSystems founder Phillip Ragon. He plans to demolish the properties and start anew. Ken Griffin has held the “top purchase” crown before with his $75 million purchase on Miami Beach’s Star Island.

It remains to be told whether the new purchase was due to the size of the estate, if he fell in love with it, or if he just loves holding records. Either way, we are happy to have him and Citadel in Miami.

Ever since listing the home, Archt has pledged to donate the proceeds to an undetermined charity. After looking over her philanthropic record in the Magic City, we are sure it will go to great use.

“As the steward of this beautiful property, I am proud to leave its legacy to the next generations of caretakers,” said Arsht in the press statement. “May they also enjoy the breathtaking view!”