Miami-area philanthropist Adrienne Arsht is selling her waterfront estate in Coconut Grove. The four-acre, 20,000 sq. ft. compound, which comprises a newer primary residence, a pre-WWI secondary residence, and a guesthouse, hit the open market in South Florida with a resounding wallop: it is priced at $150 million. If it sold at ask, it would best the previous residential sales record in Miami by twofold, and the current statewide record by about $25 million.

Arsht — whose $30 million gift in 2008 enabled the Magic City to keep its performing arts center financially stable — has lived at the address since 1996. The timing is propitious, however; big money from both California and New York has flooded into Florida in the past two years, and there is currently a dearth of more lavish properties in the marketplace.

The newer of the two homes was completed in 1999, and titled Indian Spring. A modern take on a Mediterranean villa, it contains five bedrooms and nine full or partial baths. The second home, Villa Serena, was built in 1913, and features Arts and Crafts architecture tinged with Spanish influence; its façade is perfectly symmetrical, and its roofline features pyramids arranged in a quadrant design.

Interior living spaces of the latter home are the more charming; the shared spaces are beguiling, with pattern tile and support posts in the living area, and the kitchen sporting very pale pastel green and muted checkerboard floor. In the newer house, palatial aspirations are the rule of thumb, and glossy stone is stunningly abundant. Walking paths connect the two houses; outdoor amenities include a pool and tennis court.