Neighbours try to ‘cash in’ on high-end house auction

When Casa Coyaba, a
19,000-square-foot luxury home at Prospect Point, is sold at auction without
reserve on Wednesday, 3 November, owners of another house on the block will try
to ‘cash in’ with their own property sale.

When the owners, the McErleans,
heard about the high-end auction, they decided to put up a For Sale/Rent sign
on their property and schedule an open house on the same day as the auction.
They also took out ads in the Compass.

However, there are major
differences:

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
offices. It was previously listed for US$19.8 million.

The McErleans’ Villa D’Este has
five bedrooms, five bathrooms, an infinity pool and Jacuzzi. The sell price is
US$2.5 million; the rental rate is CI$10,000/month, including pool, garden
& janitorial maintenance.

Regarding the Casa Coyaba auction,
bidders were required to preregister with Concierge Auctions by 29 October. The
registration form required 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 will participate in
the auction, which will be held at Casa Coyaba, in person, by telephone, or
through a representative by proxy.

Meanwhile, down the street, the
McErleans have scheduled their open house from 10am to 4 pm.

LOCALNeighbourshighendhouseSTORY

While the auction without reserve of a house of the calibre of Casa Coyaba in Prospect Point is unique to the Caribbean area, owners of a neighbouring property have decided to seize an opportunity and hold an open house the same day.
Photo: SUBMITTED

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