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$12 million property up for auction

Development 28 Feb, 2024 Follow News

The Stone Island residence

The primary bathroom

The main bedroom

Anyone in the market for a stunning $12 million property might want to attend its auction by Platinum Luxury Auctions on 7th March, where this 9,500 square feet of pure luxury living is being auctioned off (without a reserve).

The estate is located within the highly sought-after Residences of Stone Island enclave, walking distance from Seven Mile Beach. The new development is a meticulously maintained waterfront community of 44 luxury residences and offers plenty of amenities. The buyer will enjoy a custom unit that offers three living levels spanning over its 9,500 square feet, with five beds and eight and a half baths (most of the other units are about half the size).  Its outstanding features include a gourmet kitchen, elevator, theatre, office, two garages, and a private pool with surrounding loggia and summer kitchen. It has never been occupied since completion in 2020 and is selling with $750,000 of fine furnishings included. This premier lot within the community offers waterfront views and a dock just steps from the rear terrace. The developer, Fraser Wellon, is one of the island’s most notable developers and is known for a series of luxury Caribbean developments.

The residence spans three levels and features a central, sleek glass elevator and a surrounding floating staircase. The lower level offers an expansive seating area and water views, complemented by a generously-sized wet bar, as well as a mud room/utility room, and a guest bedroom with an en-suite bath and private entry. The main level has an open-concept kitchen with a butler’s pantry and top-of-the-line Sub Zero and Wolf appliances. A haven for entertainment, the main level also features an open-concept living and dining area, and an oversized balcony with panoramic water views, plus a media room and a well-appointed office.

The upper level offers a spacious primary bedroom with a spa-like bathroom, spacious walk-in closet, and a private balcony with panoramic views. Three additional guest bedrooms with en-suite baths and a spacious utility room round out the upper level. There is a 32-ft private pool outside and an outdoor kitchen for leisurely afternoons. Secured parking is provided by two separate garages, and additional security includes a gated community entry and 24-hour on-site surveillance.

Designed with a sophisticated Caribbean elegance, this residence is a jewel within the gates of The Residences of Stone Island’s private peninsula, featuring a waterfront boardwalk, playgrounds, a park, and an array of amenities including a gym, soft play area for children, private screening room, and a waterside conservatory.

Platinum Luxury Auctions Founder and President Trayor Lesnock explained what makes this property so special.

“Very few properties on Grand Cayman offer a footprint of approx. 9,500 square feet of constructed area, like this property does. So, for those with larger families or who travel with staff, this property is ideal. It’s also just across the harbour from the Cayman Islands Yacht Club and Marina, and from two of the island’s best restaurants. Plus, it has never been occupied, so it is selling ‘brand new’ with $750,000 of unused furnishings included.”

Mr Lesnock said for those who prize the waterfront lifestyle and value privacy, the property is an exceptional fit.

“It offers a waterfront pool and summer kitchen, dockage for 30-40 ft vessels, and proximity to the island’s main yacht club and marina. A boat cruise to the ocean takes only 10-15 minutes. The community’s gated entry and 24-hr security assures the residents enjoy peace and quiet. The property’s interiors offer fine finishes that remain in “new” and unused condition, and the package of designer furnishings included with the sale which cost the owner $750,000.

Giving an insight into the auction process for this luxury residence, luxury auction audiences were always more about quality than quantity, he said, so their focus was rarely on the volume of bidders, but instead on the profiles of each bidder. A bidding audience of five to seven bidders was perhaps most common, though island properties could tend to have smaller audiences. Their last Grand Cayman sale in October 2022 had four registered bidders, for example.

The property is selling without reserve. It will go to the highest bidder regardless of the high bid amount. More than 90% of our luxury auctions are conducted this way, Mr Lesnock explained.

“There is a tremendous amount of work that an entire team of professionals puts into each luxury auction offering,” he advised. “That said, the process could be generally summarised thusly: When a luxury property fails to sell using traditional (brokerage) methods, a seller often finds value in the date-certainty (as we call it) that the luxury auction process provides: our sales occur quickly and without contingency or negotiation, thus removing many of the worst parts of a “normal” luxury real estate buying process - the haggling, broken/canceled contracts, excessive and over-nuanced negotiations or due diligence, long periods of waiting for a buyer to even proffer an offer in the first place, etc.”

“This streamlining provide by the luxury auction platform has benefits - both economically and for overall peace of mind - for the seller, buyer, and even the affiliated brokers,” he added.

Learn more at: : https://platinumluxuryauctions.com/listings/cayman-islands-retreat/


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