Many in Cayman could never dream of a home with a second wine fridge or a home cinema. But for those shopping in a certain niche, one of Cayman’s most exclusive properties might be available at a ‘bargain’ price today.
The six-bed home – originally valued at $12 million – will go under the hammer with no reserve price this afternoon, meaning it could technically be snapped up for as little as a dollar.
By 6pm today, the three-storey mansion overlooking the Cayman Islands Yacht Club will sell to the highest bidder, regardless of the bid price.
The auction company’s boss told the Compass he estimates the hammer will come down at somewhere between $4 million and $8 million – out of the price range of most in Cayman, but a relative bargain for others.
In advance of the auction, we took a tour around the luxury family home in The Residences Of Stone Island gated development, between West Bay and Cypress Pointe.
The home was built in 2020 and has remained unoccupied ever since.
The mansion lies on the waterfront of the private gated development.
Once walking past the double-door garage with room for three vehicles, you enter via a ten-foot-tall front door and are greeted with the sight of the glass-and-steel elevator and ‘floating’ staircase.
Outside the floor-to-ceiling windows, there are views over Governors Creek and a private swimming pool.
The ground floor also contains a guest bedroom with private entrance, ensuite, and cooking and washing facilities, built for live-in domestic help.
On the first floor, you’ll find the kitchen, with multiple floor-to-ceiling fridges and freezers, integrated wine storage, and – according to the details available to auction bidders – a “large butler’s pantry”.
Around one corner lies a home cinema with a 100-inch screen and individual leather armchairs, and, around another, a home office outfitted with wall-mounted screens and designer furniture. Both have private balconies.
The floor is dominated by the family room, with a sofa big enough to seat a Scout troupe.
Ascend another staircase and you’ll find yourself on the bedroom floor, including the “primary suite” which features “cove ceiling, waterfront balcony, spacious walk-in closet with custom built-ins, and sumptuous bathroom”.
The bathroom has a “soaking tub plus separate, glass-enclosed shower, and walk-out access to private, waterfront balcony” according to the brochure.
The guest bedrooms, decorated in shades of sky blue and leaf green, will not necessarily be to everyone’s taste but with en-suite bathrooms, walk-in closets and private balconies, your guests are unlikely to complain.
Platinum Luxury Auctions founder Trayor Lesnock said the fact the home had never been occupied was unusual, given the level of custom and design features, but not unheard of.
“We were told the seller has a lot of properties and his business keeps him extremely busy, more busy than he planned for, and this is a property he hasn’t had time for.”
He went on: “If this project was 20 years on, that [it has never been occupied] would carry all kinds of stigmas, but given that this is all still relatively new and the lack of use means the whole thing has a new car smell to it – I couldn’t find a single settling crack or crease, and likewise the furnishings – I think the majority of folks appreciate that, that’s rare.”
He thinks the fact the whole property is a single family home, rather than apartments, will make it appealing.
“There are relatively few large homes, this is 8,200 interior sq ft, on the island – for a large travelling family or someone who travels with staff, this property checks this box. The scale and size is pretty unique.”
The mansion was originally on sale for $12 million, but after some time with no offers it was relisted at $8 million.
Asked whether he thought the auction would go that far, Lesnock estimated “north of four, south of eight.”
The auction will take place at the Kimpton Seafire Resort + Spa at 5pm today, Thursday March 7.
Bidders must provide a refundable $100,000 into a escrow account before being included in the proceedings – so you’d better start checking for loose change behind your sofa cushions if you want to take part.
Related Videos
