Casa Coyaba, the property that was formerly the residence of Canadian penny stock promoter Myron Gushlak, has finally found a buyer.
The property made headlines after Mr. Gushlak was sentenced by a New York court to six years in prison for share price manipulation in 2010.
After two years on the market for sale and two failed auctions, an overseas buyer introduced by Scott Elliott of RE/MAX Cayman Islands has purchased the beachfront property in Prospect in Grand Cayman.
“The home started out being listed in 2010 at $19.8 million, then after several price reductions came down to US$12.9 million,” Mr. Elliott said.
The reserve price of US$8.35 million at an auction earlier this year was not met by a bidder.
Commenting on the sale, Mr. Elliott said: “It was a long process, with several offers from other purchasers which eventually fell away, but in the end once the right buyer was found the sale happened relatively quickly.”
Casa Coyaba features more than 19,000 square feet of indoor and outdoor living space with eight bedrooms, 10 full bathrooms, two powder rooms, library, two formal living rooms, gymnasium, theatre room, two master bedroom suites, two gourmet kitchens, two executive offices, separate nanny suite, nine open and eight covered balconies, a professional grade tennis court and a 40-foot infinity edge heated pool.
In addition, “a sophisticated home automation system allows for complete access and control of all rooms of the home, including air conditioning, lighting, window blinds and security cameras, from anywhere in the world,” Mr. Elliott added.
According to CIREBA records, the sale fetched the third highest price ever paid for a home in the Cayman Islands.
It is also shows that the high end segment of the market has picked up this year, Mr. Elliott said.
“It is very positive for the Cayman market for this type of sale to occur, as it shows the world that we have the product that high end buyers are looking for and that those buyers have the utmost confidence that Cayman is a great place to live and invest. Living in paradise as we do, we sometimes forget all that Cayman has to offer when compared with other jurisdictions.”
Mr. Elliott was also keen to acknowledge the role played by other Cayman professionals in the transaction. “What really made the deal happen was the teamwork not only with my colleague Kim Lund at RE/MAX, but also with the local bankers and attorneys who were involved as well. The level of commitment and professionalism shown by all concerned was simply outstanding. It’s a real tribute to the maturity and dynamism of the Cayman real estate market.”