A palatial Caribbean mansion was listed Sunday night for a whopping $200 million, making it the most expensive home ever put on the market in the region and one of the most expensive homes for sale anywhere in the world.
The Terraces, as the property is known, spans 17 acres and nine buildings. It is 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 about 45 minutes west of Barbados if you take a private plane.
“The Terraces in Mustique is the most expensive single home to go public on the open market in the Caribbean,” said Edward de Mallet Morgan, Knight Frank’s head of international superprime sales, which represents the mega-listing.
The property is located on Endeavor Hill, one of Mustique’s highest peaks.
Knight Frank
The majestic residence commands one of Mustique’s highest elevations, overlooking landscaped gardens and wild tropical grounds with panoramic views over the Atlantic and Caribbean coasts. The property’s 41-page marketing brochure boasts nine en-suite bedrooms in the main house, an 80-foot swimming pool and “the largest entertainment area on the entire island.”
The view from one of the property’s three swimming pools.
Knight Frank
“Mustique is an island where incredibly high-profile people go on incredibly low-key vacations,” de Mallet told Morgan, who declined to reveal the seller’s identity.
Mustique has a turbulent past. In 1958 Lord Glenconner, Colin Tennant, bought the entire island, which at the time had no roads or running water, for £45,000. Adjusted for inflation, that’s about $1.2 million today. Tennant donated a plot of land to his friend Princess Margaret, who built a villa there and helped spur a rush of rich and famous buyers who followed the king and built their own homes, according to the island’s website.
The palatial vibe and vaulted ceiling in one of the main villa’s nine bedrooms.
Knight Frank
Decades later, it’s still an exclusive playground for industrial giants and rock stars. Tommy Hilfiger and Mick Jagger have homes on the island. From the health clinic to security, the island is managed entirely by the Mustique Company, a private company owned by the island’s homeowners. The website states: “The company oversees every aspect of island life as well as managing the villas on behalf of the shareholders and protecting the island.”
The view from the pool terrace.
Knight Frank
Natural beauty and unparalleled privacy make the island a perfect destination for the ultra-rich to kick back and relax.
“Paparazzi are banned on Mustique, and the easy, 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 doors aren’t locked and nobody bats an eyelid at barefoot dinner.”
The view from above of the property’s 80-foot swimming pool.
Knight Frank
De Mallet Morgan shared data from Knight Frank’s forthcoming Wealth Report with CNBC showing that Mustique was the 12th best-performing market out of 100 major cities, sun and ski resorts around the world. The ranking puts the remote island on a par with Sardinia, St. Bart’s and Provence.
According to the report, luxury home prices on Mustique rose 12% in 2022, making the island the fifth best-performing market in America after Aspen, Miami, the Bahamas and the Hamptons.
Record sales during the pandemic led to tighter inventories. According to de Mallet Morgan, Mustique’s largest transaction was recorded last year at around $35 million.
Here’s a closer look at the most expensive home to ever hit the market in the Caribbean.
A fountain in the courtyard entrance of the main house.
Knight Frank
Built in 1986, the mega-mansion is clad in a pale peach-colored stone facade with loggias wrapping around each side of the more than 16,000-square-foot residence. According to marketing materials, the terraces were designed by architect Tom Wilson, who pays homage to the architecture of 16th-century Italian palaces.
A dining area in the main apartment.
Knight Frank
Inside are hand-painted ceilings and walls covered in murals painted by French artist Jean-Claude Adenin in a three-year project.
A bedroom in the main house.
Knight Frank
The mega-mansion’s palatial rooms, gilded furniture, and painted domed ceilings are decidedly more Versailles than beach chic.
A large salon in the main house.
Knight Frank
“The Terraces, the largest and most visually striking property on the island, is not only one of the finest homes in the Caribbean, but arguably one of the finest homes in the world,” de Mallet Morgan told CNBC.
The main house’s infinity pool seems to cascade into the lush green landscape of the property.
Knight Frank
A floor plan shows a 60-foot tunnel connecting the main villa to a structure directly below called the annex. The two buildings are also connected by external pathways. The annex spans 12,000 square feet and is dedicated to gaming and entertainment. It houses a large event hall and a games room with table tennis, billiards and chess. Just outside there is a wraparound terrace containing the property’s second swimming pool with an infinity edge that appears to allow water to flow down the hillside.
The terrace addition is in the foreground just below the main villa, together the two buildings cover an area of approximately 28,000 square feet.
Knight Frank
Other structures on the property include guest houses that span 2,600 square feet and include four additional bedrooms and the property’s third swimming pool.
The Bali Cottages house a further four guest rooms and surround the property’s third swimming pool.
Knight Frank
There is also a chapel, laundry and two other buildings to accommodate staff. De Mallet Morgan said the property is currently run by 18 employees. The property’s website further breaks it down into a caretaker, two butlers, three cooks, six housekeepers and six gardeners.
tennis court and pavilion.
Knight Frank
Set on a rolling lawn is a gazebo overlooking a sun-kissed tennis court.
The terrace and the pool in the annex.
Knight Frank
The interior square footage of the entire property exceeds 38,000. It rises to nearly 53,000 square feet when you add all the covered outdoor space.
De Mallet Morgan told CNBC that if a foreign buyer wants to buy the trophy property, he or she can expect to pay taxes and fees of about 12% on the purchase price, which is about $24 million on the $200 million asking price adds.