A palatial estate within the Caribbean was listed for a whopping $200 million Sunday evening, making it the most costly home to ever hit the market within the region and one in all the priciest homes on the market in all the world.
The Terraces, because the estate is named, spans 17 acres and nine structures. It’s positioned on the small private island of Mustique, which lies within the southern Caribbean nation of St. Vincent and the Grenadines. It’s north of Trinidad and Tobago and about 45 minutes west of Barbados, should you’re taking a non-public plane.
“The Terraces in Mustique is the most costly single residential home to publicly come to the open market within the Caribbean region,” said Edward de Mallet Morgan, head of international super-prime sales at Knight Frank, who represents the mega-listing.
The estate sits atop Endeavor Hill, one in all Mustique’s highest summits.
Knight Frank
The majestic residence commands one in all Mustique’s highest elevations, overlooking landscaped gardens and wild tropical grounds with panoramic views over the Atlantic and Caribbean coastlines. The estate’s 41-page marketing brochure boasts nine ensuite bedrooms within the important house, an 80-foot-long swimming pool and “the most important entertaining space on all the island.”
The view from one in all the estate’s three swimming pools.
Knight Frank
“Mustique is an island where incredibly high profile people go for incredibly low profile holidays,” said de Mallet Morgan, who declined to reveal the identity of the vendor.
Mustique has a storied past. In 1958, Lord Glenconner, Colin Tennant, bought all the island, which on the time had no roads and no running water, for £45,000. That is about $1.2 million in today’s money, when adjusted for inflation. Tennant gifted a plot to his friend Princess Margaret, who built a villa there and helped spark a rush of wealthy and famous buyers who followed the royal and built their very own homes, based on the island’s website.
The palatial mood and domed ceiling inside one in all the important villa’s nine bedrooms.
Knight Frank
A long time later, it’s still an exclusive playground for titans of industry and rock stars. Tommy Hilfiger and Mick Jagger have homes on the isle. From its health clinic to security, the island is wholly managed by the Mustique Company, a non-public operation owned by the island’s homeowners. The web site states: “The corporate oversees every aspect of island life in addition to the management of the villas on behalf of the shareholders and the safeguarding of the island.”
The view from the pool deck.
Knight Frank
Natural beauty and unrivaled privacy make the island an ideal destination for the ultra wealthy to chill and calm down.
“Paparazzi are banned on Mustique, and the straightforward, relaxed interaction of royal families, rock stars, celebrities, business moguls and entrepreneurs is absolutely unique to Mustique,” said de Mallet Morgan.
“It’s a place where doors will not be locked and nobody bats a watch if you arrive at dinner barefoot.”
The view from above the estate’s 80-ft long swimming pool.
Knight Frank
De Mallet Morgan shared data with CNBC from Knight Frank’s upcoming Wealth Report, which shows that out of 100 key city, sun and ski destinations world wide, Mustique was the twelfth best performing market. The rating puts the distant island on par with Sardinia, St. Bart’s and Provence.
In response to the report, luxury residential prices on Mustique rose by 12% in 2022, making the island the fifth best performing market within the Americas after Aspen, Miami, Bahamas and the Hamptons.
Record sales throughout the pandemic led to tighter inventory. Last 12 months, Mustique’s largest transaction was recorded at about $35 million, based on de Mallet Morgan.
Here’s a better take a look at the most costly home to ever hit the market within the Caribbean.
A fountain within the courtyard entrance of the important home.
Knight Frank
In-built 1986, the mega villa is clad in a pale peach-colored stone facade with loggias that wrap around all sides of the greater than 16,000-square-foot residence. In response to marketing materials, the Terraces was designed by architect Tom Wilson, who pays homage to the architecture of sixteenth century Italian palaces.
A dining area within the important residence.
Knight Frank
Inside there are hand-painted ceilings and mural-covered partitions painted by French artist Jean-Claude Adenin in a project that spanned three years.
A bedroom within the important home.
Knight Frank
The mega-villa’s palatial rooms, gilded furniture and painted domed ceilings are decidedly more Versailles than beach chic.
A grand salon within the important house.
Knight Frank
“The Terraces, being the most important and most visually outstanding property on the island will not be just one in all the Caribbean’s foremost houses, but arguably one in all the world’s foremost homes,” de Mallet Morgan told CNBC.
The important home’s infinity-edged pool appears to spill into the estate’s lush green landscape.
Knight Frank
A floor plans shows a 60-foot tunnel connecting the important villa to a structure slightly below called the Annex. The 2 buildings are also connected by exterior pathways. The Annex spans over 12,000 square feet and is devoted to games and entertainment. It houses a grand event hall and a game room with ping-pong, billiards and chess. Just outside, there is a wraparound terrace that features the estates second swimming pool with an infinity edge that appears to send water cascading down the hillside.
The Terrace’s Annex is within the foreground slightly below the important villa, together the 2 structures span about 28,000 sq ft.
Knight Frank
Other structures on the property include guest cottages that span 2,600 square feet and include 4 more bedrooms, in addition to the estate’s third swimming pool.
The Bali Cottages house 4 more guest bedrooms and surround the estate’s third swimming pool.
Knight Frank
There’s also a chapel, laundry facilities and two more buildings to accommodate staff. De Mallet Morgan said the estate is currently operated by 18 staff. The estate’s webpage breaks it down further to a property manager, two butlers, three chefs, six housekeepers and 6 gardeners.
Tennis court and pavillion.
Knight Frank
Across a rolling lawn is a pavilion that overlooks a sun-drenched tennis court.
The terrace and pool on the Annex.
Knight Frank
The inside square footage of all the estate tops 38,000. It climbs to almost 53,000 square feet if you add all of its covered outdoor areas.
De Mallet Morgan told CNBC if a foreign buyer desires to purchase the trophy property he or she will be able to expect to pay taxes and charges of about 12% on the acquisition price, adding around $24 million to the $200 million price tag.