Value on Lake Austin. 4511 Island Cove is a remarkable waterfront estate set on over half an acre within The Island, one of Austin's most coveted gated communities. An exquisite collaboration between Impact Design and Corias Homes, the residence features 5 bedrooms, 5 full bathrooms, and 1 half bath. A tranquil fountain welcomes you upon arrival, setting the tone for the Italian-inspired elegance found throughout the home. Ornate columns, graceful archways, and dramatic chandeliers create a sense of timeless sophistication.  As you enter the home's grand foyer you are welcomed by an esteemed double-height study adorned with rich wood finishes. The warm kitchen showcases wood-beamed ceilings, high-end stainless steel appliances, and a functional layout that opens to the main living area and dining room. Wine storage adds to the home's entertaining appeal, while ample terraces and covered patios extend the living experience outdoors. The expansive primary suite serves as a private escape, featuring a double-sided fireplace, direct access to the backyard oasis, and a massive, spa-like bathroom. Outdoors, the serene grounds unfold toward the water, offering peaceful covered patios and multiple spaces to relax or entertain. A private hydraulic boat slip provides effortless access to Lake Austin living. Residents enjoy privacy, security, and a premier waterfront lifestyle just moments from downtown Austin. This exceptional property blends timeless architecture, thoughtful craftsmanship, and an unparalleled location to create a truly special retreat on the water. Tax and assessed values are estimates for illustration purposes only. All figures should be independently verified.