Jamaican billionaire investor, Michael Lee-Chin has reportedly put his mansion, on Grand Cayman’s Seven-Mile Beach, up for sale as he continues to offload some of his assets.

In Jamaica he has divested his holdings in CVM and Medical Associates. The businessman may be selling assets in anticipation of a global recession as inflation and interest rates continue to have a debilitating effect.

The Trinidad and Tobago Guardian reported that the asking price for the property, which was acquired five years ago, is US$35 million. The property was bought for US$12.5 million, according to a report in the news magazine Caribbean Journal.

At the time of the purchase, Caribbean Journal reported that the acquisition broke the record for the highest sales price in the Cayman Islands. The Grand Cayman property in question is called Coconut Walk Private Estate.

It is a spectacular two-storey, beachfront mansion, which is 8,400 square feet with seven bedrooms, 6.5 bathrooms, a den and a pool.

Details of the property

The land on which the mansion is located is nearly 75,000 square feet. The gated compound is completely private and encompasses a seaside pool and gazebo, three car garage, two separate one-bedroom residences, staff quarters, and a private three-bedroom guest house.

The grounds are lushly landscaped with mature trees and plants in a tropical, garden-like setting.

Space and privacy are abundant on the property with a substantial depth of 525 feet from the sea.

The sale is being handled by Kim Lund, the broker/owner of The Lund Team, which is the franchisee of RE/MAX, the US international real estate company.

He was also the broker, who handled the sale to Lee Chin’s property five years ago.

Offloaded assets

In recent time the businessman has been offloading a number of assets, particularly in Jamaica.

These include the sale of Reggae Beach in St Mary to MJR Real Estate Holdings Ltd, which is controlled by Barita Investments. This 250-acre property was reportedly valued at US$50 million.

Lee Chin also sold his interest in CVM Television in September 2022 to Verticast Media Group for an undisclosed price.

In February of this year, Our Today broke the story that Lee-Chin was selling his 377.6-foot AHPO superyacht for US$355 million which he acquired in December 2021 for US$300 million.