This almost 5-acre, three-tract compound on Lake Austin offers an unparalleled opportunity for luxurious waterfront living, centered around the stunning main house at 4705 Island Cove. Nestled on a privately gated 1.1-acre lot within The Island, an exclusive waterfront community inside the 360 Bridge, this modern masterpiece was meticulously updated by Britt Design Group to create a home designed for entertaining. The multi-level floorplan opens with a grand foyer that leads to breathtaking views of Lake Austin from the rotunda-style living room, which overlooks the sparkling pool and lake below. The main level also features formal and informal dining areas, a chef's kitchen with a walk-in freezer, discreet catering kitchen, and a lounge with a walk-in humidor to socialize after dinner with friends and family.The primary suite is a serene retreat and offers a dedicated sitting area, dual walk-in closets, a backlit White Patagonia granite shower in the spa-like bathroom, plus a flexible living area that rounds out the wing. Throughout the home, eight living spaces, including a game room and a lower-level pool lounge, provide endless opportunities to host intimate gatherings or grand events. Outdoors, the luxurious amenities continue with an expansive pool, hot tub, swim-up bar, and a fully equipped outdoor kitchen, perfect for hosting lively poolside gatherings in the summer. The home is complete with three guest rooms, a lower-level kitchenette, saferoom, three-car garage and 2-slip boat garage to ensure both comfort and convenience for guests and owners alike.The second component to the compound is 4400 Island Avenue which complements the estate with its own unique charm. Currently used as the ultimate retreat, this property boasts a 5-bedroom main house, a detached 1-bedroom casita, and access to a tranquil canal on Lake Austin with a boat dock.The third and final element, 4709 Island Cove, is a 2.13-acre tree-dotted lot that sits between the two aforementioned properties and offers the option for future expansion or can be maintained as a peaceful green space, providing additional privacy and room to enhance the already impressive estate.Together, these three tracts offer +/- 4.85 acres and +/- 450 feet of Lake Austin waterfront, creating a rare opportunity to own one of the largest estates on Lake Austin located inside the 360 Bridge. Whether seeking a move-in ready luxury residence or a property with potential for expansion, this compound offers endless possibilities for elegant living on Lake Austin.