What Is The Current Value Of Jeffrey Epstein’s Caribbean Islands?
The price of a pair of Caribbean islands originally owned by late businessman and convicted sex offender Jeffrey Epstein has dropped to $55 million each.
According to listing agent Adam Modlin of Modlin Group, who has been marketing the islands with Bespoke Real Estate and Christie’s International Real Estate, the Saints, the US Virgin Islands, known as Great St. James and Little St. James, is now available at a 12 percent discount and can be sold separately or together.
The buildings, which are located in the US Virgin Islands, are the concluding pieces of Epstein’s vast worldwide property portfolio, which has already sold for enormous sums. According to The Wall Street Journal, the estate sold Epstein’s Upper East Side Manhattan mansion for $51 million in March 2021 and his Palm Beach residence for $18.5 million in March 2021. Since then, the Palm Beach home has been demolished.
One of the agents promoting the islands, Adam Modlin of the Modlin Group, claimed that numerous possible buyers had indicated an interest in the assets individually rather than as a pair.
The Area Spans More Than 160 Acres
According to listing materials, Great St. James, which is located across the bay from St. Thomas, spans more than 160 acres and contains just a modest collection of structures as well as a marine sanctuary known as Christmas Cove.
Little St. James boasts a helipad, a private dock, a service station, two pools, a main residential compound, four guest villas, three private beaches, a gym, and a tiki hut on its 70-acre property.
In 2020, Virgin Islands prosecutors accused Epstein of taking girls as young as 11 to the islands and sexually assaulting them. Epstein died in an apparent suicide at a New York detention center in 2019.
The proceeds from the sale of the islands, according to Daniel Weiner, an attorney for the Epstein estate, will be used to settle outstanding lawsuits and cover the costs of the estate’s operations and will be subject to tax authorities, creditors, and other claimants, including liens placed on the properties by USVI Attorney General Denise George.
Mr. Modlin is promoting the homes with Bespoke Real Estate and Christie’s International Real Estate the Saints, a local Virgin Islands agency.
How to Price An Island
“There are a lot of different aspects that come into play when it comes to pricing islands,” explains Gavin Christie, a broker with Corcoran CA Christie Bahamas. “Is it in a highly desirable location?” he asks first. That would be in the center of Exuma Cays in the Bahamas; in the US Virgin Islands, it’s really whatever’s available because there’s so little on the market.
Christie says, “Islands that are both secluded and close to a larger body of land—filled with shops and restaurants—are certainly the ideal.” “Then there’s the question of whether there’s a runway, a helipad, or deep-water access.” Because many ultra-wealthy people own megayachts.” White-sand beaches and undulating hills, he adds, are other benefits that influence the price.
It’s also beneficial to consider what’s available on the market. “You’ve got a lot of islands up in the Bahamas,” Childs adds, “and when you have a lot of availability, pricing will be a little subdued.”
“We have nothing accessible in the BVI [British Virgin Islands], and there is very little available in the US Virgin Islands.” The trouble with valuing the two St. Jameses, which are located close off the coast of St. Thomas, is that there isn’t much to compare them to, at least not publicly.
Thatch Cay, a 230-acre undeveloped island off the coast of St. Thomas, is advertised for an undisclosed price, though the Virgin Islands Daily News claimed in 2019 that the price had been reduced from $27.5 million to $19.5 million. For $2.75 million, an undeveloped 29-acre block of land on St. Croix, which is also part of the US Virgin Islands, is on the market.
Bailey points to the $55 million sales of the 55-acre Little Thatch Island in the British Virgin Islands in 2014. He responds, “That’s a million bucks per acre.” “It makes the Jameses appear to be a good investment.” The islands owned by Epstein are valued at $543,000 per acre.
On The Epstein Islands
What would someone get in return for their money? According to the Modlin Group’s website, Little St. James has the main compound, four guest villas, three private beaches, two pools, a helipad, and a private dock.
The video depicts a terrain that has been entirely stripped of vegetation, with carefully planted hedges and palm trees to keep prying eyes away from terraces and pools. With only a small cluster of buildings visible from satellite images, Great St. James appears to be unspoiled.
Roads wind their way through the beautiful hills, leading to islets and additional beaches. A cove on the island’s west side, closer to St. Thomas, is a popular mooring spot for pleasure boats. “The side that overlooks St. Thomas has a very wonderful bay, but it’s very crowded,” Childs says, “so there’s a tiny difficulty with privacy on one side.” He adds that the other side, which faces Little St. James, is significantly more private.
Potential Buyers of The Island
Since the islands were listed at the end of March, a number of possible purchasers have expressed interest, although more were hoping for the chance to buy them separately than as a pair, according to Modlin of The Journal.
The bigger of the two islands, Great St. James, spans 160 acres and is home to a few tiny structures as well as a marine sanctuary known as Christmas Cove. Little St. James comprises the main residence property, four guest villas, a helipad, a private dock, a service station, two pools, three private beaches, a gym, and a tiki hut spread out over 70 acres.
Prosecutors in the Virgin Islands accused Epstein of taking underage girls as young as 11 to the islands and sexually assaulting them. In 2019, Epstein committed suicide in a New York jail.
According to Epstein estate counsel Daniel Weiner, proceeds from the sale of the islands will be used to settle outstanding lawsuits and cover the costs of the estate’s operations and will be subject to tax authorities, creditors, and other claims. Property in Santa Fe, New Mexico, is on sale for $27.5 million, in addition to the islands.
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