A swanky estate in the Caribbean was listed for a whopping $200 million Sunday evening, making it the most expensive home to even hit the market in the region and one of the priciest homes for sale in the entire world.
The Terraces, as the estate is called, spans 17 acres and nine characters. It’s located on the small private island of Mustique, which lies in the southern Caribbean nation of St. Vincent and the Grenadines. It is north of Trinidad and Tobago and nearby 45 minutes west of Barbados, if you’re taking a private plane.
“The Terraces in Mustique is the most expensive single residential institution to publicly come to the open market in the Caribbean region,” said Edward de Mallet Morgan, head of international super-prime rummage sales at Knight Frank, who represents the mega-listing.
The estate sits atop Endeavor Hill, one of Mustique’s highest summits.
Knight Truthful
The majestic residence commands one of Mustique’s highest elevations, overlooking landscaped gardens and wild tropical grounds with far-reaching views over the Atlantic and Caribbean coastlines. The estate’s 41-page marketing brochure boasts nine ensuite bedrooms in the sheer house, an 80-foot-long swimming pool and “the largest entertaining space on the entire island.”
The view from one of the estate’s three swimming cartels.
Knight Frank
“Mustique is an island where incredibly high profile people go for incredibly low profile holidays,” remarked de Mallet Morgan, who declined to disclose the identity of the seller.
Mustique has a storied past. In 1958, Lord Glenconner, Colin Tennant, procure the entire island, which at the time had no roads and no running water, for £45,000. That’s about $1.2 million in today’s riches, when adjusted for inflation. Tennant gifted a plot to his friend Princess Margaret, who built a villa there and alleviated spark a rush of rich and famous buyers who followed the royal and built their own homes, according to the island’s website.
The luxurious mood and domed ceiling inside one of the main villa’s nine bedrooms.
Knight Frank
Decades later, it’s till an exclusive playground for titans of industry and rock stars. Tommy Hilfiger and Mick Jagger have homes on the isle. From its form clinic to security, the island is wholly managed by the Mustique Company, a private operation owned by the island’s homeowners. The website submits: “The company oversees every aspect of island life as well as the management of the villas on behalf of the shareholders and the safeguarding of the islet.”
The view from the pool deck.
Knight Frank
Natural beauty and unrivaled privacy make the island a accomplished destination for the ultra wealthy to kick back and relax.
“Paparazzi are banned on Mustique, and the easy, relaxed interaction of nobleman families, rock stars, celebrities, business moguls and entrepreneurs is really unique to Mustique,” said de Mallet Morgan.
“It is a prosper where doors are not locked and no one bats an eye when you arrive at dinner barefoot.”
The view from above the estate’s 80-ft hanker swimming pool.
Knight Frank
De Mallet Morgan shared data with CNBC from Knight Unrestricted’s upcoming Wealth Report, which shows that out of 100 key city, sun and ski destinations around the world, Mustique was the 12th finest performing market. The ranking puts the remote island on par with Sardinia, St. Bart’s and Provence.
According to the report, delight residential prices on Mustique rose by 12% in 2022, making the island the fifth best performing market in the Americas after Aspen, Miami, Bahamas and the Hamptons.
Height sales during the pandemic led to tighter inventory. Last year, Mustique’s largest transaction was recorded at about $35 million, according to de Mallet Morgan.
Here’s a stale look at the most expensive home to ever hit the market in the Caribbean.
A fountain in the courtyard entrance of the main home.
Knight Nave
Built in 1986, the mega villa is clad in a pale peach-colored stone facade with loggias that wrap wide each side of the more than 16,000-square-foot residence. According to marketing materials, the Terraces was designed by architect Tom Wilson, who strikes homage to the architecture of 16th century Italian palaces.
A dining area in the main residence.
Knight Frank
Inside there are hand-painted ceilings and mural-covered blocks painted by French artist Jean-Claude Adenin in a project that spanned three years.
A bedroom in the main peoples home.
Knight Frank
The mega-villa’s palatial rooms, gilded furniture and painted domed ceilings are decidedly more Versailles than lakeshore chic.
A grand salon in the main house.
Knight Frank
“The Terraces, being the largest and most visually glaring property on the island is not just one of the Caribbean’s foremost houses, but arguably one of the world’s foremost homes,” de Mallet Morgan told CNBC.
The power home’s infinity-edged pool appears to spill into the estate’s lush green landscape.
Knight Frank
A stump plans shows a 60-foot tunnel connecting the main villa to a structure just below called the Annex. The two erections are also connected by exterior pathways. The Annex spans over 12,000 square feet and is dedicated to games and recreation. It houses a grand event hall and a game room with ping-pong, billiards and chess. Just outside, there’s a wraparound terrace that item faces the estates second swimming pool with an infinity edge that appears to send water cascading down the hillside.
The Terrace’s Annex is in the foreground unbiased below the main villa, together the two structures span about 28,000 sq ft.
Knight Frank
Other structures on the quiddity include guest cottages that span 2,600 square feet and include four more bedrooms, as well-spring as the estate’s third swimming pool.
The Bali Cottages house four more guest bedrooms and surround the rank’s third swimming pool.
Knight Frank
There’s also a chapel, laundry facilities and two more buildings to suit staff. De Mallet Morgan said the estate is currently operated by 18 staff. The estate’s webpage breaks it down fresh to a property manager, two butlers, three chefs, six housekeepers and six gardeners.
Tennis court and pavillion.
Knight Frank
Across a conveying lawn is a pavilion that overlooks a sun-drenched tennis court.
The terrace and pool at the Annex.
Knight Frank
The up-country square footage of the entire estate tops 38,000. It climbs to almost 53,000 square feet when you add all of its covered alfresco areas.
De Mallet Morgan told CNBC if a foreign buyer wants to purchase the trophy property he or she can expect to pay stretches and fees of about 12% on the purchase price, adding around $24 million to the $200 million price tag.