A possible $45 million teardown, built in 1963, just came on the market

A Gables Estates waterfront home that sits on two acres of land, has come on the market for $45 million, and according to one report, it could sell as a teardown.

The 7-bedroom home, located at 140 Arvida Parkway, is a three-story structure originally built in 1963 but renovated in 2006.

According to a report in the website Mansion Global, the home belonged to the late Miami philanthropist Bunny Bastian, who moved to Coral Gables in 1984 and served on many local boards, like Humane Society of Greater Miami, the Jackson Memorial Foundation, and the Red Cross of Greater Miami and the Keys.

According to her obituary, Bastian was recognized with several awards, like the Monsignor Bryan O. Walsh Award by Catholic Charities and The American Red Cross Tiffany Circle of Women Leaders Una Award.

The 11,478 square-foot home has stunning views looking out onto Key Biscayne, Stiltsville, and the ocean, plus an additional 200 feet of access to the water on Biscayne Bay and another 200 feet of seawall on the back of the property that is private and protected.

The property can be renovated or rebuild, listing agent Liz Hogan of Compass, told Mansion Global. “Most likely someone is going to buy it and build their own home, but you could renovate it.”

Hogan said the property was “way ahead of its time,” when it was built in 1963.

For the complete Mansion Global report, click here.