The property tops the list of expensive private homes in the Caribbean, according to Edward de Mallet Morgan, the head of international super-prime sales at Knight Frank, the property agency managing the listing.

“If Mustique is the quintessential private island paradise, The Terraces, being the largest and most visually prominent property on the island, is not just one of the Caribbeans foremost houses, but arguably one of the world’s foremost homes,” de Mallet Morgan said in a Knight Frank press release.

Where is Mustique?

If you’re wondering where Mustique is, it’s a private island in the Caribbean – more specifically, it’s a 45-minute plane ride from Barbados. Yes, we’re talking about that level of wealth.

Located in the southern Caribbean island nation of Saint Vincent and the Grenadines, Mustique is small, with only a smattering of private villas that are available for rent, as well as a luxury hotel.

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It looks and feels like a hotel

The property, which sprawls across a seven-hectare (17.5 acre) area, looks like a luxury hotel.

The property sits on an island that was developed in the late 1950s. Colin Tennant, a British aristocrat, bought it in 1958 for about US$45,000, Mustique’s website says.

He initially planned to build a cotton farm, but later had the idea to turn it into a holiday destination, per the website. The island is wholly managed by Mustique Company.

It boasts stunning views of the Caribbean and Atlantic coasts

The estate has nine bedrooms with en suite bathrooms.

The property was designed by architect Tom Wilson, who referenced Italian architect Andrea Palladio’s work for the construction of the estate, according to Mustique’s website. It pays homage to 16th-century palaces from Italy.

Some of the ceilings have also been hand-painted, according to Knight Frank.

As the rooms are designed to reflect the Palladium and Venetian period, they’re also spacious, modern, and airy.

To get to the island, the Mustique Company provides regular chartered flights from neighbouring St Lucia and Barbados, where visitors can get on international flights, according to Knight Frank.

The island has its own fleet of 18-seater Twin Otter aircraft which land on its small airstrip.

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The estate also has a pool bar, an outdoor fountain, gardens and tennis courts.

If it’s too big to explore on foot, the property also comes with four Kawasaki Mules to get around on. There are currently 18 staff members on site including a property manager, two butlers, three chefs, six gardeners and six housekeepers.

One of the three swimming pools spans 24 metres (80 feet) in length.

It’s the perfect getaway from the hustle of the city, and paparazzi, if that’s a problem for you.

There’s even a separate entertainment space, guest cottages, and buildings to accommodate staff.

The secondary building, which is called the “Annex”, is purely an entertainment space. It’s home to the estate’s second swimming pool, which has an infinity edge.

“We are discussing the property currently with buyers from around the world, from the US of course, as well as South America, the UK and Europe, plus the Middle East and China,” de Mallet Morgan told Insider.

“As a trophy property, although naturally buyers for Mustique are in the main from the US, Canada, the UK, and Europe – the nature of owning such a rare and incredible property actually widens the buying pool as global wealth likes to invest in rare assets in unique, high value and also low-tax threshold locations,” he said.

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“It is currently the most expensive residential property that Knight Frank are ‘openly marketing’ globally,” de Mallet Morgan added.

At US$200 million, the estate is currently one of the most expensive listings in the world. And if a foreign buyer wishes to purchase it, they will have to fork out 12 per cent taxes and fees on top of the estate’s original ask, which in itself comes to US$24 million, de Mallet Morgan told CNBC.

Luxury estate prices on Mustique increased by 12 per cent in 2022, CNBC reported. This made it the fifth-best performing market in the Americas after Aspen, Miami, the Bahamas and the Hamptons.

In good company

The estate’s US$200 million price tag puts the home in rare – and expensive – company, right alongside a US$175 million waterfront estate on the market in The Hamptons and a US$150 million hillside Bel-Air estate with nine bedrooms.

Other high-end properties currently listed in the Caribbean include a US$34 million villa in Grand Cayman, listed on Savills, as well as a private island for nearly US$35 million located in the Berry Islands.