If you are looking for an eight-bedroom estate on 250 feet of Caribbean beachfront, then perhaps the Castillo Caribe fits the bill.
Q&A: Biggest hurdle is residency
Last Updated: May 06, 2011
Will Castillo Caribe fetch US$59.5 million (Dh218.5m)? Unlikely. Although the market has improved significantly this year and brokers are seeing more interest in Cayman Islands property than since 2008, the most expensive luxury properties are slow to move - none worth more than $6m sold last year.
How much does the average property cost? According to the lands and survey department, the average price of a residential home sold in March this year was $645,442.
Then it's a good time to snag a bargain? Probably, but residential prices have not dropped as much as many US markets, for example, because Cayman Islands property did not rocket in value so much during the boom years.
Is the tax-neutral status of the islands still under threat? Although buyers must pay stamp duty on property purchases, the islands do not levy property, income, capital gains or inheritance tax. Because the local economy has improved in 2011, new taxes now look unlikely.
What else should foreign buyers consider? There are no restrictions on foreign property ownership, but securing working or residency permits can be a hassle. Investors receive a residency certificate for 25 years if they spend $900,000 on property.
This 48,000 square foot Cayman Islands mansion was built only in 2008 when the 35-year-old software billionaire Jerry Beck decided to retire to the islands. It is situated on Grand Cayman, just south of George Town, and listed for US$59.5 million (Dh218.5m) with Sotheby's International Realty.
It is the most expensive home for sale in the Cayman Islands. The next dearest residential property available is the Twin Coves Estate, another eight-bedroom, ocean-front property on Grand Cayman, which is up for grabs for a mere $17.8m.
So what do you get for almost $60? The Castillo Caribe has a 5,000-sq-ft great room with two grand staircases and floor-to-ceiling windows looking out to sea. Then there's the banquet hall, wine cellar, spa, gymnasium, rooftop helipad, swimming pool and grotto that would surely meet the approval of the magazine publisher Hugh Hefner, tennis court, indoor golf and a cinema. Fortunately, since it is right on the beach, the house also meets the top hurricane resistance specifications.
Cayman Island residential sales since January 2010:
Last Updated: May 05, 2011
1 Four-bedroom house on Finger Cay Road, sold Dec 2010 $4.5m.
2 Three-bedroom Sovereign condominium, sold Jan 2011 $3.8m.
3 Four-bedroom Commonwealth condo, sold Jan 2011 $3.3m.
4 Three-bedroom Water's Edge condo, sold March 2011 $3.1m.
5 Three-bedroom condo at The Meridian, sold Feb 2010 $2.8m
Source: Cireba
Still, it has been on the market for almost a year, which is no surprise considering last year was a terrible time to try to sell property in the Cayman Islands, much worse than 2009. Residential prices fell between 10 per cent and 25 per cent compared with 2009 and land transfers declined 23 per cent.
That was because many financial institutions based in the Cayman Islands laid off expatriates during the recession, which reduced the resident population, and with it, demand for property. After the islands posted a budget deficit, there were also fears the UK government would impose direct taxation on the UK Overseas Territory. This made would-be investors wary and few properties changed hands, even along the popular Seven Mile Beach on Grand Cayman, which attracts many foreign buyers.
However, if you buy the Castillo Caribe, you do not just get the house and grounds. To sweeten the price tag, the owners are also throwing in all the furnishings, from the grand piano in the great room to the bouncy castle and ball pool in the kids' playroom.
The Quote: "Last year, there was the recession, the budget deficit and murmurings of a property tax, which led property investors to be nervous. But this year is a very different story." Jeremy Hurst, the president of the Cayman Islands Real Estate Brokers Association
business@thenational.ae
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
UAE currency: the story behind the money in your pockets
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Three tips from La Perle's performers
1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.
2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.
3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.
The specs
Engine: 0.8-litre four cylinder
Power: 70bhp
Torque: 66Nm
Transmission: four-speed manual
Price: $1,075 new in 1967, now valued at $40,000
On sale: Models from 1966 to 1970
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
The specs: 2018 Opel Mokka X
Price, as tested: Dh84,000
Engine: 1.4L, four-cylinder turbo
Transmission: Six-speed auto
Power: 142hp at 4,900rpm
Torque: 200Nm at 1,850rpm
Fuel economy, combined: 6.5L / 100km
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
More from Neighbourhood Watch:
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HEADLINE HERE
- I would recommend writing out the text in the body
- And then copy into this box
- It can be as long as you link
- But I recommend you use the bullet point function (see red square)
- Or try to keep the word count down
- Be wary of other embeds lengthy fact boxes could crash into
- That's about it
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The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
If you go
The flights
Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.
The rooms
Rooms at Fairmont Mount Kenya range from Dh1,870 per night for a deluxe room to Dh11,000 per night for the William Holden Cottage.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
Killing of Qassem Suleimani
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Stormy seas
Weather warnings show that Storm Eunice is soon to make landfall. The videographer and I are scrambling to return to the other side of the Channel before it does. As we race to the port of Calais, I see miles of wire fencing topped with barbed wire all around it, a silent ‘Keep Out’ sign for those who, unlike us, aren’t lucky enough to have the right to move freely and safely across borders.
We set sail on a giant ferry whose length dwarfs the dinghies migrants use by nearly a 100 times. Despite the windy rain lashing at the portholes, we arrive safely in Dover; grateful but acutely aware of the miserable conditions the people we’ve left behind are in and of the privilege of choice.
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
