House auction draws international interest

No reserve on Prospect Point luxury home

Casa Coyaba, a 19,000-square-foot
luxury home at Prospect Point, will be sold at auction without reserve on 3 November.

Concierge Auctions will conduct the
auction in cooperation with the listing broker, Cayman Islands Sotheby
International Realty.

Stuart Mattison of Concierge
Auctions said the auction is drawing a lot of interest because of the international
advertising campaign.

“It’s a monster campaign. We have
ads in the New York Times, the Wall Street Journal, the Robb Report…” he
said, adding that information has also been sent to people on a proprietary
data base of high-net-worth individuals all over the globe.

The four areas that have so far
generated the most interested people are the United States, Cayman, the UK and
Canada, Mr. Mattison said, adding that there is also interest from Asia and
other parts of Europe. In addition to Concierge’s marketing efforts, the house
is being marketed through Sotheby’s network and by the New York firm Rubenstein
Public Relations.

Mr. Mattison said the auction
without reserve of a house of the calibre of Casa Coyaba, which was previously
listed for US$19.8 million, is unique to the Caribbean area. However, the
auctions conducted by Concierge are almost exclusively done without reserve, he

Casa Coyaba sits on 210 feet of
oceanfront property on Old Prospect Road. It features 39 rooms, including eight
bedrooms, 10 full bathrooms, two powder bathrooms, a library, two formal living
rooms, a great room, full gym, theatre room, two master suites, two gourmet
kitchens, two laundry rooms, a separate entire nanny suite and two executive

Sheena Conolly of Cayman Islands
Sotheby International Realty said the house is stunning.

“It simply takes your breath away
when you walk through the door,” she said. “It’s a very private home that flows
with nature and has the most beautiful views.”

Mrs. Conolly said a no-reserve auction
of a house of Casa Coyaba’s calibre is unique in the Caribbean.

Mr. Mattison is also impressed with
the home and thinks buyers will be too,

“I think the house is extremely
well contemplated,” he said. “There are quite a few people looking for high-end
properties in Cayman. There’s a broader pool of potential buyers than people
might expect.”

In order to take part in the
auction, bidders must preregister with Concierge Auctions by 29 October. The
registration form requires comprehensive know-your-customer information,
including the source of the funds that would be used to buy the property. It
also stipulates that a 10 per cent premium must be paid by the buyer on top of
the high bid.  Bidders can participate in
the auction, which will be held at Casa Coyaba, in person, by telephone, or
through a representative by proxy. Mr. Mattison said he would expect up to 15
people to participate in the auction and roughly half the amount to be there in
person.  He said the person who buys the
house might not have ever seen it.

“It’s not uncommon when we’re
dealing with a transient destination, where the property sold might not become
the buyer’s principal home, that we would sell it sight unseen,” he said.

Although Mr. Mattison said he
wouldn’t guess at what price the house would sell, he believes everyone will be
pleased with the outcome.

Mrs. Conolly said the auction was
not happening because the owners had to sell.

“This isn’t a stress situation,”
she said. “They’re just people who want to sell and this offered the best
opportunity to sell at the highest price.”

Mrs. Conolly agreed that the house
was generating a lot of interest through the Sotheby’s network.

“We’re showing it on a daily basis
to qualified people and to other brokers,” she said. “It’s very exciting.”


Casa Coyaba at Prospect Point.
Photo: Submitted