$3.4 Million Key West Compound Comes With Ultra Rare Amenity—and a Sweet Treat Passed Between Owners for 30 Years

An "enchanting" and one-of-a-kind compound in Key West, FL, is offering up an opportunity to not only own one of the few remaining properties in the area with a highly sought-after transient license, but also the chance to become the next steward of a "house-made" Key lime pie recipe that has been passed down for more than 30 years.

Known as Atlantis House, the property—which is on the market for $3.4 million—is made up of three structures: a three-bedroom primary residence and two one-bedroom guesthouses. The property is perched on a prime corner lot just across the street from the ocean.

If those details alone were not alluring enough, listing agent Brenda Donnelly of Brenda Donnelly Real Estate points out another very "valuable" asset attached to each guesthouse: its own transient license. This means that each structure can be leased as a short-term rental, an incredibly rare find in an area that stopped accepting new applications more than 30 years ago.

"Transient licenses in Key West are one of the most valuable things a property can carry, and the fact that 1401 Atlantic has two of them—on a compound this close to the beach, with a separate primary residence—is what makes this listing stand out from anything else on the market right now," she says.

However, the transient licenses are not the only rare amenity to be conveyed with the property. It also comes with a "house-made" recipe for Key lime pie, created by one of the former homeowners, Kayla, and passed down from one buyer to the next for more than 30 years.

Scroll down to view the recipe for "Kayla's Famous Atlantis House Key Lime Pie."

Donnelly notes that this bonus of taking on ownership of "Kayla's Famous Atlantis House Key Lime Pie" is not intended as a "gimmick." Rather, it serves as evidence of how much the property has meant to its former stewards.

"Kayla made her Key lime pie by hand for more than 30 years, and when she decided to sell, she asked that the recipe stay with the house and keep her name on it," the listing agent explains.

"That's not a marketing gimmick—that's a homeowner who loved this place so much she wanted the tradition to continue. Some homes you buy. This one, you inherit in spirit. The next owner steps into a property with real income, a real reputation, and a real story.

"The pie recipe is what people remember, but it speaks to something bigger. This is a home with heart and soul, and the next owner steps into a tradition, not just an address."

While Kayla's recipe for Key West's most famous dessert remains unchanged, the home that she lived in for nearly two decades has undergone several significant updates at the hands of the latest owner, Donnelly notes.

"What makes this house incredible isn't just the numbers. It's the level of care the current owner put into every detail," she adds. From the "terrazzo floors, the gourmet kitchen built around a Sub-Zero, the spiral staircase up to a loft with ocean views, to the wrap-around captain's deck on the top floor where you can watch the Atlantic in the morning and the sky change colors at night."

Offering more than 2,500 square feet of living space on a 6,500-square-foot lot, the primary residence—which has most recently been used as a monthly rental—offers three bedrooms and two bathrooms, as well as an abundance of living spaces spread across its open floor plan.

A large kitchen with an island large enough for casual dining flows into a large, airy living room and a more formal dining area. A separate seating area features two funky hammock chairs hanging from the ceiling for the ultimate postbeach relaxation.

The main living level also features two of the three bedrooms, while the primary suite is located on the second story—where it is accessed by a unique spiral staircase, adding another fun element to the mix.

"A spiral staircase leads upstairs to a third bedroom—a spectacular oasis with open water views," the listing notes. "This level features dual sliding doors opening onto a magical, Trex rooftop terrace with a dining pergola and views of the Atlantic. It is the perfect perch to watch the sunrise with coffee in hand and return for the sunset."

Just steps from the primary residence sits the first of the two guesthouses. Each features one bedroom and one bathroom, and both hold that highly coveted, grandfathered transient license.

The guesthouses share a deck, but each guesthouse has its own parking area.

"You're a block from Higgs Beach, a short walk from the White Street Pier, and you have on-site parking, which anyone who knows this neighborhood will tell you is almost unheard of," Donnelly adds.

What's more, the property is being offered fully furnished, enabling a future owner to seamlessly transition into life in their new abode—whether as their primary dwelling or as a lucrative short-term rental opportunity.

And while no short-term rental owner can guarantee the success of their property venture, the home already boasts an impressive history of success as a holiday destination, having been given a Travelers' Choice Award in 2022, which "placed it in the top 10% of stays worldwide," according to the listing.

Then, of course, there is the allure of Key West itself. The popular tourist destination draws in more than 1 million visitors each year, according to Road Genius.

There is also the added draw of the upcoming Key Lime Festival, which is due to take place over the July Fourth weekend and will see some of the best Key lime pie recipes going head-to-head in a delicious contest.

"The timing carries a certain sweetness," the listing. "Key West, widely regarded as the birthplace of Key lime pie, celebrates the dessert each summer with the Key Lime Festival, set this year for July 1 through 5, 2026.

"The festival fills the island with pie tastings, the World Famous Key Lime Pie Eating Championship and the lighthouse Key Lime Pie Drop—a fitting backdrop for a home that arrives with a cherished recipe of its own."