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High Hope owner holds firm to price tag after failed auction

Published:Sunday | May 24, 2015 | 12:00 AM

The owner of the High Hope estate overlooking Montego Bay is holding firm to a US$900,000 price tag after a failed attempt to sell the property, but will be pitching in antiques and other furnishings that realtor Maura Watson says are worth close to half of the property's listing price.

The estate belongs to a Canadian whose identity is undisclosed. She has hired DC Tavares and Finson Realty to dispose of the expansive property, which has been in her possession since 1978.

Watson, a senior sales associate with DC Tavares, said the property failed to sell at auction last November but that the owner is now throwing in furnishings and rugs that are worth a combined US$400,000. They include a Mahogany custom dining table that seats 14 people, Mahogany four-poster beds, and custom Asian mosaic artwork in the bathrooms, as well as oriental rugs valued at US$75,000 and a Baby grand piano.

"The property's land value alone is worth more than US$900,000," said Watson. The price translates to just over $104 million in local currency.

High Hope, which overlooks Montego Freeport, was developed by the Maffesanti family in 1968. The estate comprises a 6,000 square foot villa and 10 cottages and sits on 87 acres at Wiltshire, Content, six miles from Montego Bay. The property was once the home of American diplomat and Reynolds Alumina executive Walter L. Rice.