Inside Terraces Mustique, the most expensive Caribbean house

A palatial estate in the Caribbean was listed for a whopping $200 million on Sunday night, making it the most expensive home to ever hit the market in the region and one of the most expensive homes for sale in the entire world.

The Terraces, as the estate is called, covers 17 acres and nine buildings. It is located on the small private island of Mustique, which is 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-family home to go public on the open market in the Caribbean,” said Edward de Mallet Morgan, head of international superprime sales at Knight Frank, representing the mega-listing.

The majestic residence dominates one of the highest points in Mustique, overlooking landscaped gardens and wild tropical grounds with panoramic views over the Atlantic and Caribbean coasts. The estate’s 41-page marketing brochure boasts nine ensuite bedrooms in the main house, a 25-metre swimming pool and “the largest entertainment space on the whole island”.

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

Mustique has a storied past. In 1958, Lord Glenconner, Colin Tennant, bought 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 money, adjusted for inflation. According to the island’s website, Tennant donated a plot to his friend Princess Margaret, who built a villa there and sparked a stream of rich and famous buyers who followed the royal family and built their own homes.

Decades later, it is still an exclusive playground for industry titans and rock stars. Tommy Hilfiger and Mick Jagger own houses on the island. From the health clinic to security, the island is fully managed 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 the management of the villas on behalf of the shareholders and the protection of the island.”

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 magnates and entrepreneurs is truly unique to Mustique,” ​​said de Mallet Morgan.

“It’s a place where doors aren’t locked and no one’s watching you come barefoot to dinner.”

The Mallet Morgan shared data with CNBC from Knight Frank’s upcoming Wealth Report showing that of the top 100 cities, sun and ski destinations around the world, Mustique was the 12th best performing market. 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 will grow 12% in 2022, making the island the fifth best performing market in America after Aspen, Miami, Bahamas and the Hamptons.

Record sales during the pandemic led to tighter inventories. Last year, Mustique’s largest transaction was recorded for about $35 million, according to the Mallet Morgan.

Here’s a closer look at the most expensive home to ever hit the market in the Caribbean.

Built in 1986, the mega-villa is clad in a pale peach-colored stone facade with loggias that wrap around each side of the more than 16,000-square-foot residence. According to marketing materials, The Terraces was designed by architect Tom Wilson, who pays homage to the architecture of 16th century Italian palaces.

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

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

“The Terraces, the largest and most visually prominent property on the island, is not only one of the Caribbean’s most important homes, but arguably one of the world’s most important homes,” de Mallet Morgan told CNBC.

A floor plan shows a 60-foot tunnel connecting the main villa to a structure just below it called the Annex. The two buildings are also connected by external pathways. The Annex covers over 12,000 square feet and is dedicated to games and entertainment. It houses a large events hall and a games room with table tennis, billiards and chess. Just outside, there is a wraparound terrace that houses the estate’s second swimming pool with an infinity edge that seems to let water flow down the hillside.

Other on-site structures include 2,600-square-foot guest accommodations and include four more bedrooms, as well as the estate’s third pool.

There is also a chapel, laundry facilities and two more buildings to house the staff. The Mallet Morgan said the estate is currently managed by 18 staff. The estate’s webpage further breaks it down into a property manager, two butlers, three chefs, six housekeepers, and six gardeners.

Across a sloping lawn is a pavilion that overlooks a sun-drenched tennis court.

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

De Mallet Morgan told CNBC that if a foreign buyer wants to buy the trophy, he or she can expect taxes and duties of about 12% on the purchase price, adding about $24 million to the $200 million price tag.