The colorful, cabana-inspired home of the late fashion designer and socialite Lilly Pulitzer, princess of pastels and overlord of preppy, has just endured a $3M PriceChop, falling from $11.5M to $8.5M. Pulitzer, who died last week, had initially listed the 9,000-square-foot pad—dubbed a "designer dream" by the agent, actually Pulitzer's daughter, Liza—in January 2011, telling the Journal that "it's just magnificent, but I'm old and I'm cranky and I can't keep it up the way it should be." The property includes a four-bedroom main house, a three-bedroom "casita," and a two-bedroom poolhouse, all built in 1983. The tropical landscaping, arched windows, and architectural loggias are beautiful, and a peek inside reveals some rather unsurprising textiles and decor: palm trees, lots of pattern and color, and plenty of room for entertaining—Pulitzer practically wrote the book on what a proper hostess should wear. Above, a look.