Inside Terraces Mustique, the most expensive Caribbean house

A palatial estate in the Caribbean went up for sale for a whopping $200 million on Sunday night, making it the most expensive home to ever market in the area and one of the most expensive homes for sale in the world. whole world.

The Terraces, as the estate is called, spans 17 acres and nine structures. It is located on the small private island of Mustique, which is in the southern Caribbean nation of Saint Vincent and the Grenadines. It’s north of Trinidad and Tobago and about 45 minutes west of Barbados, if you take a private plane.

“The Terraces in Mustique is the most expensive single-family home to be publicly marketed in the Caribbean region,” said Edward de Mallet Morgan, head of international super-prime sales at Knight Frank, which represents mega-listing.

The majestic residence commands one of the highest elevations in Mustique, overlooking landscaped gardens and wild tropical grounds with panoramic views of the Atlantic and Caribbean coasts. The estate’s 41-page marketing brochure includes nine en-suite bedrooms in the main house, an 80-foot-long swimming pool and “the largest entertainment area on the entire island”.

“Mustique is an island where incredibly high-profile people go for incredibly low-key vacations,” said de Mallet Morgan, who declined to disclose the identity of the seller.

Mustique has a past steeped in history. In 1958 Lord Glenconner, Colin Tennant, bought the whole island, which at the time had no roads or running water, for £45,000. That’s about $1.2 million in today’s money, after adjusting for inflation. Tennant gifted land to his friend Princess Margaret, who built a villa there and helped spark a rush of rich and famous buyers who followed the royal and built their own homes, according to the the island’s website.

Decades later, it’s still an exclusive playground for industry titans and rock stars. Tommy Hilfiger and Mick Jagger have homes on the island. From its health clinic to security, the island is entirely managed by the Mustique company, a private operation owned by the owners of the island. The website states: “The company oversees all aspects of island life as well as managing the villas on behalf of the shareholders and safeguarding the island.”

The natural beauty and unparalleled privacy make the island a perfect destination for the ultra-rich to relax and unwind.

“Paparazzi are banned on Mustique, and the easy and relaxed interaction of royal families, rock stars, celebrities, business moguls and entrepreneurs is truly unique to Mustique,” said de Mallet Morgan.

“It’s a place where the doors aren’t locked and no one bats an eyelid when you walk into dinner barefoot.”

De Mallet Morgan shared with CNBC data from Knight Frank’s upcoming Wealth Report, which shows that of 100 key city, sun and ski destinations around the world, Mustique was the 12th best performing market. The ranking puts the remote island on par with Sardinia, St. Barths and Provence.

According to the report, prices for luxury residences in Mustique have increased by 12% in 2022, making the island the fifth best performing market in the Americas after Aspen, Miami, the Bahamas and the Hamptons.

Record sales during the pandemic have led to tighter stocks. Last year, Mustique’s biggest deal was about $35 million, according to de Mallet Morgan.

Here’s a look at the most expensive house ever marketed in the Caribbean.

Built in 1986, the mega villa is clad in a pale peach stone facade with loggias that wrap around either side of the over 16,000 square foot residence. According to marketing materials, the terraces were designed by architect Tom Wilson, who pays homage to 16th-century Italian palace architecture.

Inside, there are hand-painted ceilings and walls covered in murals painted by French artist Jean-Claude Adenin as part of a three-year project.

The mega-villa’s plush rooms, gilded furnishings, and painted domed ceilings are decidedly more Versailles than beach chic.

“The Terraces, being the largest and most visible property on the island, is not only one of the most important houses in the Caribbean, but arguably one of the largest houses in the world,” said Mallet Morgan told CNBC.

A floor plan shows a 60ft tunnel connecting the main villa to a structure just below called the annex. The two buildings are also connected by exterior pathways. The annex spans over 12,000 square feet and is dedicated to games and entertainment. It has a large reception room and a games room with table tennis, billiards and chess. Just outside, there’s a wraparound terrace that includes the estate’s second pool with an infinity edge that seems to send water cascading down the hill.

Other structures on the property include guest houses that span 2,600 square feet and include four more bedrooms, as well as the estate’s third pool.

There is also a chapel, laundry facilities and two other buildings to accommodate staff. De Mallet Morgan said the estate is currently operated by 18 employees. The estate’s web page breaks it down into a property manager, two butlers, three chefs, six housekeepers, and six gardeners.

Across a rolling lawn is a pavilion that overlooks a sunny tennis court.

The indoor square footage of the entire estate exceeds 38,000. It jumps to nearly 53,000 square feet when you add all of its covered outdoor spaces.

De Mallet Morgan told CNBC that if an overseas buyer wants to purchase the trophy property, they can expect to pay taxes and fees of about 12% on the purchase price, adding about $24 million to the $200 million prize.