Inside Terraces Mustique, the most costly Caribbean house

A palatial property within the Caribbean was listed for a whopping $200 million Sunday night, making it the most costly house to ever hit the market within the area and one of many priciest houses on the market in the whole world.  

The Terraces, because the property is named, spans 17 acres and 9 constructions. It is positioned on the small personal 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, for those who’re taking a non-public aircraft.

“The Terraces in Mustique is the most costly single residential house to publicly come to the open market within the Caribbean area,” stated Edward de Mallet Morgan, head of worldwide super-prime gross sales at Knight Frank, who represents the mega-listing.

The majestic residence instructions considered one of Mustique’s highest elevations, overlooking landscaped gardens and wild tropical grounds with panoramic views over the Atlantic and Caribbean coastlines. The property’s 41-page advertising brochure boasts 9 ensuite bedrooms in the primary home, an 80-foot-long swimming pool and “the most important entertaining house on the whole island.”

“Mustique is an island the place extremely excessive profile folks go for extremely low profile holidays,” stated de Mallet Morgan, who declined to reveal the id of the vendor.

Mustique has a storied previous. In 1958, Lord Glenconner, Colin Tennant, purchased the whole island, which on the time had no roads and no operating water, for £45,000. That is about $1.2 million in immediately’s cash, when adjusted for inflation. Tennant gifted a plot to his good friend Princess Margaret, who constructed a villa there and helped spark a rush of wealthy and well-known consumers who adopted the royal and constructed their very own houses, in response to the island’s web site.

A long time later, it is nonetheless an unique playground for titans of business and rock stars. Tommy Hilfiger and Mick Jagger have houses on the isle. From its well being clinic to safety, the island is wholly managed by the Mustique Firm, a non-public operation owned by the island’s householders. The web site states: “The corporate oversees each facet of island life in addition to the administration of the villas on behalf of the shareholders and the safeguarding of the island.”

Pure magnificence and unmatched privateness make the island an ideal vacation spot for the extremely rich to relax and chill out.

“Paparazzi are banned on Mustique, and the simple, relaxed interplay of royal households, rock stars, celebrities, enterprise moguls and entrepreneurs is de facto distinctive to Mustique,” stated de Mallet Morgan.

“It’s a place the place doorways usually are not locked and nobody bats a watch if you arrive at dinner barefoot.” 

De Mallet Morgan shared knowledge with CNBC from Knight Frank’s upcoming Wealth Report, which reveals that out of 100 key metropolis, solar and ski locations all over the world, Mustique was the twelfth greatest performing market. The rating places the distant island on par with Sardinia, St. Bart’s and Provence.  

Based on the report, luxurious residential costs on Mustique rose by 12% in 2022, making the island the fifth greatest performing market within the Americas after Aspen, Miami, Bahamas and the Hamptons.

Document gross sales throughout the pandemic led to tighter stock. Final 12 months, Mustique’s largest transaction was recorded at about $35 million, in response to de Mallet Morgan.

Here is a more in-depth have a look at the most costly house to ever hit the market  within the Caribbean.

In-built 1986, the mega villa is clad in a pale peach-colored stone facade with loggias that wrap round all sides of the greater than 16,000-square-foot residence. Based on advertising supplies, the Terraces was designed by architect Tom Wilson, who pays homage to the structure of sixteenth century Italian palaces.

Inside there are hand-painted ceilings and mural-covered partitions painted by French artist Jean-Claude Adenin in a mission that spanned three years.

The mega-villa’s palatial rooms, gilded furnishings and painted domed ceilings are decidedly extra Versailles than seashore stylish.

“The Terraces, being the most important and most visually distinguished property on the island is not only one of many Caribbean’s foremost homes, however arguably one of many world’s foremost houses,” de Mallet Morgan instructed CNBC.

A ground plans reveals a 60-foot tunnel connecting the primary villa to a construction slightly below referred to as the Annex. The 2 buildings are additionally linked by exterior pathways. The Annex spans over 12,000 sq. toes and is devoted to video games and leisure. It homes a grand occasion corridor and a sport room with ping-pong, billiards and chess. Simply exterior, there is a wraparound terrace that options the estates second swimming pool with an infinity edge that seems to ship water cascading down the hillside.

Different constructions on the property embrace visitor cottages that span 2,600 sq. toes and embrace 4 extra bedrooms, in addition to the property’s third swimming pool. 

There’s additionally a chapel, laundry services and two extra buildings to accommodate workers. De Mallet Morgan stated the property is presently operated by 18 workers. The property’s webpage breaks it down additional to a property supervisor, two butlers, three cooks, six housekeepers and 6 gardeners.

Throughout a rolling garden is a pavilion that overlooks a sun-drenched tennis court docket.   

The inside sq. footage of the whole property tops 38,000. It climbs to nearly 53,000 sq. toes if you add all of its coated out of doors areas.

De Mallet Morgan instructed CNBC if a overseas purchaser desires to buy the trophy property she or he can count on to pay taxes and charges of about 12% on the acquisition value, including round $24 million to the $200 million price ticket.