September 29, 2023
Inside Terraces Mustique, the costliest Caribbean dwelling

Inside Terraces Mustique, the costliest Caribbean dwelling

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

The Terraces, because the property known as, spans 17 acres and 9 buildings. It is situated on the small non-public 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, when you’re taking a non-public aircraft.

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

The property sits atop Endeavor Hill, one in all Mustique’s highest summits.

Knight Frank

The majestic residence instructions one in all 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 area on your entire island.”

The view from one of many property’s three swimming swimming pools.

Knight Frank

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

Mustique has a storied previous. In 1958, Lord Glenconner, Colin Tennant, purchased your entire island, which on the time had no roads and no working water, for £45,000. That is about $1.2 million in at present’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.

The palatial temper and domed ceiling inside one of many most important villa’s 9 bedrooms.

Knight Frank

Many years later, it is nonetheless an unique playground for titans of trade 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 side of island life in addition to the administration of the villas on behalf of the shareholders and the safeguarding of the island.”

The view from the pool deck.

Knight Frank

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

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

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

The view from above the property’s 80-ft lengthy swimming pool.

Knight Frank

De Mallet Morgan shared knowledge with CNBC from Knight Frank’s upcoming Wealth Report, which exhibits 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.  

In line with 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.

Report gross sales through 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 costliest dwelling to ever hit the market  within the Caribbean.

A fountain within the courtyard entrance of the primary dwelling.

Knight Frank

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

A eating space in the primary residence.

Knight Frank

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

A bed room in the primary dwelling.

Knight Frank

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

A grand salon in the primary home.

Knight Frank

“The Terraces, being the most important and most visually outstanding 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 informed CNBC.

The principle dwelling’s infinity-edged pool seems to spill into the property’s lush inexperienced panorama.

Knight Frank

A flooring plans exhibits a 60-foot tunnel connecting the primary villa to a construction just under known as the Annex. The 2 buildings are additionally related by exterior pathways. The Annex spans over 12,000 sq. ft 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 outdoors, 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.

The Terrace’s Annex is within the foreground just under the primary villa, collectively the 2 buildings span about 28,000 sq ft.

Knight Frank

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

The Bali Cottages home 4 extra visitor bedrooms and encompass the property’s third swimming pool.

Knight Frank

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

Tennis court docket and pavillion.

Knight Frank

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

The terrace and pool on the Annex.

Knight Frank

The inside sq. footage of your entire property tops 38,000. It climbs to nearly 53,000 sq. ft while you add all of its coated outside areas.

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