(CMR) A 15,000-square-foot beachfront mansion in the Cayman Islands has sold for $26.4 million, making it one of the priciest, if not the priciest, deals here, Mansion Global has reported. In August 2020 CMR reported that the luxury property was up for sale for $29 million.
The house, which was built in 2018, offers 540 feet of water frontage, plus a contemporary style that's not yet common in Cayman.
The home, also known as Sea of Dreams, is located in Bodden Town and has been listed for about two years. In late 2020, it was asking just under $40 million, and its most recent listing price was $29.9 million.
Listing agent Jonathan Sparrow of Cayman Island Sotheby's International Realty said, “the closing price is some $10 million above the last high benchmark sale, which was also this year.”
“It's interesting how much the market is moving at the moment in Cayman, but we've been basically COVID-free for a long time,” he added.
“There isn't another private home that sits on a beachfront side like that one,” Sparrow explained.
He pointed out that the house has “very clean, simple lines, a style that is becoming more popular in Cayman now but wasn't a few years ago. That combination of modern architecture and that beachfront side puts it in a league of its own.”
The eight-bedroom, nine-bathroom mansion sits on 6 acres and has a two-story great room with floor-to-ceiling windows with views of the Caribbean and the beach. There's also a chef's kitchen with Gaggenau and Miele appliances, a walk-in pantry, and a large center island. Outdoor dining and lounging areas and a 100-foot pool also overlook the water, the listing said.
Sparrow attributed the strength of the market in Cayman to more than the global trend of people looking for more space. The safety of the island as a place where affluent people “can walk on the beach without looking over their shoulders” is also a factor, he told Mansion Global.
In addition, people see the safety of their investment in the Cayman Islands, where the financial sector is the biggest industry.