$40,000: What 2-channel system would you build?


If you had $40,000 (USD) to build a system from scratch, what would you assemble?
Used prices or new prices are welcome.
Solid state, tube, mixed ideas are welcome.
Speakers?
Pre?
Power?
Source?
TT?
Cables?
...let’s say for a medium- to med/lrg- sized room...
...no need to worry about sound treatments or power conditioners, let’s assume that’s taken care of...
Would love to hear what you would build and why you would build it. If it’s what you already have built, great. Share why you love it.
Thanks in advance for any of your builds :)
jo1mtb
i could go any number of ways, but, I would always start with high or reasonably high efficiency speakers because I tend to only like lower powered amps; even if I had an unlimited budget, it would be a low powered amp (pushpull or singled-ended tube, perhaps a First Watt solid state amp). To save a lot of money on amplification, I would build an Elekit 300B kit amp which would hardly dent the $40k budget (I think one with decent transformers costs around $3k).  

Among the decent sounding high efficiency commercial speakers, I would consider an Audio Note AN-E at whatever quality level I could get while spending up to $20k or so.  My other choice is the Charney Audio backloaded horn speaker with the AER driver ($17k); I would seriously consider this speaker even if my budget were $150k.

The rest would be spent on sources (music server/DAC, primarily, not enough budget to also get a worthy vinyl setup), cabling and power line conditioner (something from Isotek).
@OP,
I don't think you listed your current speakers. At least, I haven't seen them on a quick read.
Bob
@larryi I'm more apt to go this route.  But... I can't do ultra low power. 

@gdnrbob  Bob, I've currently got Wilson Audio Sophia 3.  I'll be selling them, and rebuilding a system in about 6 mos.  Likley, I'll go back to Wilson and ARC.  But, we'll see.  This post has made some convincing aregumetns to consider others like Audio Note and more.  
I am a total Lumin fan owning the A-1 and now the X-1.  That is a great start.  I can't say enough positives about Lumin.  I had mine paired to Sonus Faber Amati Tradition Homage Speakers.  Prior to purchasing the SF's, I direct compared to the Wilson Alexia 1's.  There was no comparison as the SF's beet the Alexia's in overall music and sound by a large percentage.  You can get used SF's for $17-22k.  I had a Raven integrated MK2 Reflection Tube Amp.  It was also great.  IMO you can save money by buying an integrated whether it is a tube or a Luxman or Gryphon.  I also have a brand new pair of Mola Mola Kaluga and Makua Amps that have never been used that I am going to sell shortly.  I decided to go a different route and going into horn speakers.  The Mola Mola Amp and Pre amp retail for $28k and I will be listing them shortly for $14k.  They can drive any speaker you could possibly buy.  I am buying a whole new system because I just sold my house and all of the audio equipment.