The Caribbean has just seen the most expensive home to ever hit the market in the region listed for a whopping $200 million. The Terraces, an exquisite estate spanning 17 acres with nine structures, is located on the small private island of Mustique in the southern Caribbean nation of St. Vincent and the Grenadines. Mustique is a prime destination for the ultra-wealthy seeking relaxation and privacy, with no paparazzi allowed and a carefree atmosphere where people often attend dinner barefoot.
The majestic residence is situated on one of Mustique’s highest elevations, overlooking landscaped gardens and wild tropical grounds with panoramic views over the Atlantic and Caribbean coastlines. The estate’s 41-page marketing brochure boasts nine ensuite bedrooms in the main house, an 80-foot-long swimming pool, and “the largest entertaining space on the entire island.”
The Terraces was built in 1986 and 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.
The island of 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 (about $1.2 million in today’s money, adjusted for inflation). Tennant gifted a plot 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 island’s website.
Decades later, Mustique is still an exclusive playground for titans of industry and rock stars. Tommy Hilfiger and Mick Jagger have homes on the isle. From its health clinic to security, the island is wholly managed by the Mustique Company, a private operation owned by the island’s homeowners. The company oversees every aspect of island life as well as the management of the villas on behalf of the shareholders and the safeguarding of the island.
Edward de Mallet Morgan, head of international super-prime sales at Knight Frank, who represents the mega-listing, stated that “Mustique is an island where incredibly high profile people go for incredibly low profile holidays.” The island’s exclusivity and natural beauty are major draws for its well-heeled residents.
The Terraces has become one of the priciest homes for sale in the entire world, and the most expensive single residential home to publicly come to the open market in the Caribbean region. Its record-breaking listing follows an increase in luxury residential prices on Mustique by 12% in 2022, making the island the fifth-best performing market in the Americas after Aspen, Miami, the Bahamas, and the Hamptons.
Mustique’s largest transaction in 2022 was recorded at about $35 million, according to de Mallet Morgan. However, the exclusivity of the island and the high demand for luxury properties could lead to even bigger sales in the future.