Procure Development purchased the historic Villa Prescott and surrounding land for $20 million and began sales for an ultra-luxury community slated for the property. In addition to the re-built 1920s-era Villa Prescott, Prescott Estates will feature four new waterfront luxury homes on Biscayne Bay.

The historic villa and 1.4-acre plot sold for $20 million in a transaction handled by Chad Carroll of The Chad Carroll Group at Compass. Carroll will also serve as exclusive sales and marketing for the forthcoming development.

The Villa Prescott will be rebuilt and elevated on a stone plinth. The 8,280-square-foot home features six bedrooms and seven-and-a-half baths.

The four new construction homes will range from 4,711 to 7,621 square feet with four- to six-bedrooms. Features will include “floating” living rooms that extend over the water, private bayfront pools and yacht access.

All the waterfront homes at the 1000 NE 72nd St. and 7101 NE 10th Ave. location will offer views of Biscayne Bay, downtown Miami and Miami Beach.

Prices for the residences start at $15 million, capping out near $25 million.

“This is a true legacy project that will last for generations,” said Chad Carroll in a press release. “Prescott Estates is a distinctive community where every home is connected through luxury and design integrity, yet each estate stands as a statement piece of its own.”