US$5M being sought for Jamaican villa - American auction house selling property at Tryall
A bidding war is expected online and via telephone early in the new year as some of the world's wealthiest persons are set to bid for a 20,000-square foot ocean-front property on Jamaica's north-west coast.
The lavish property, which has been valued at some US$5 million, called L'Dor V'Dor (from generation to generation), will be auctioned by New York-based company Concierge Auctions on February 16.
This will be the first time the company, which has sold properties throughout the United States and the Caribbean, will be seeking to sell a Jamaican premises.
"We have not sold anything specifically in Jamaica, but right throughout the Caribbean we have sold several properties in The Bahamas, in St Martin, and we sold the largest privately owned island in the Exumas," said Sarena Irwin, vice-president of Concierge Auctions.
The villa, which is located approximately 12 miles west of Montego Bay, St James, is said to be the largest of all villas within the exclusive Tryall Club.
It was previously offered for US$5 million but will now be offered, without a reserved price, to the highest bidder.
"The Tryall Club is one of the premier and most luxurious private communities in Jamaica, and that in and of itself is key. It is a very exclusive club, highly 'amenitiesed'," said Irwin.
According to Irwin, the overall sales activity in the real estate market has been slow, but the auction could ignite the market.
"Our goal is to identify somewhere between five to 10 qualified bidders, which we would then, via the auction platform, put in a competitive situation," said Irwin.
"It's an absolute sale, there is no reserve and it will sell to the highest bidder regardless of the price. Whatever the high running bid amount is on auction day that is what it will sell for," added Irwin.
"The property is currently live on our website and we have had enquiries and (persons) are making arrangement to view the property.
The property boasts 10 en suite bedrooms and bathrooms - most with balcony access - and three additional powder rooms, a state-of-the-art chef's kitchen, a main dining room with seating for 16, and a private great room with two seating areas.