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

A sprawling estate in Miami’s Coconut Grove, listed at $135 million, has found a buyer, marking another significant residential transaction as the year concludes.

Known as Banyan Ridge, the 4.5-acre waterfront compound at 3585 Anchorage Way is now pending on the Multiple Listing Service as of Thursday. The property is represented by Danny Hertzberg, Jill Hertzberg, and Nathan and Judy Zeder of the Jills Zeder Group at Coldwell Banker.

This sale could potentially break the record for the highest-priced home sale in Miami.

The estate features a Mediterranean-style home from the 1920s, originally built for former Secretary of State William Jennings Bryan. This residence encompasses 4,100 square feet and offers three bedrooms, according to the listing. In addition, the property includes a 5,300-square-foot, four-bedroom home constructed for the late Peter B. Lewis, who served as chairman and CEO of Progressive Insurance Company.

The seller is the estate of Jonathan Lewis, son of Peter B. Lewis. Jonathan was a well-known restaurateur and LGBT advocate in Miami, having helped launch the Grand Bay Hotel in Coconut Grove and owned restaurants such as Toby’s and Cafe Tu Tu Tango, according to his obituary. He passed away in 2023.

The compound was listed on the market in November, though it had previously been offered by Douglas Elliman agents Lourdes Alatriste and Holly Parker.

Set atop a limestone bluff 17 feet above Biscayne Bay, the property boasts a dock with a boat lift, boathouse, pool house, sauna, spa, and lush tropical landscaping. A century-old Banyan tree shades the pool area.

This transaction is expected to exceed the recent sale of a 7.3-acre waterfront lot in Coconut Grove by billionaire Jorge Mas, which went to an undisclosed buyer for over $100 million. That off-market sale has not yet been recorded with Miami-Dade County, and the purchaser’s identity remains unknown.

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