Globe Trotting: Five Megamansions in the Caribbean's Most Famous Tax Haven

× Like us and you'll find top breaking news in your Facebook newsfeed. Sign up for our daily email newsletter and get top stories and breaking news delivered to your inbox. Friday, August 26, 2011, by Rob Bear

The Cayman Islands have been a tax haven since the days of Weekend at Bernie's and the original Wall Street. The curious thing is that once the tax dodgers are done with the dodging they go and splash out on an extravagant island getaway. We don't even want to know what kind of tax savings are necessary to justify the purchase of this $60M beachfront behemoth, called Castillo Caribe. The 48,000-square-foot mega-mansion fronts on a spectacular white sand beach and boasts cavernous interior spaces that make this place seem more like a private resort than a home, for better or worse. Not surprisingly, the listing focuses more on the "tax neutral environment" than the luxe features.

? Sea Wind, a $10M mansion on the beach at North Sound is a little short on listing description, but at 23,000 square feet it's sure to pack some luxury features. There's a boat house, vaulted ceilings, an expansive chef's kitchen, and a sea-view bathtub, along with a party-ready pool and patio, and that's just in the photos.

? This seafront estate, dubbed Brisas del Mar (apparently a common name in all languages), is listed for $9.4M, but, like the last place, has a listing that's short on details. Here's what we do know: the 14,000-square-foot residence includes nine bedrooms, eight bathrooms, a three-car garage, and a caretakers residence.

? The brokerbabble returns with a vengeance on the listing for Villa del Mare, located on the white sand beaches of Rum Point. Despite the spectacular location and similar space—14,550 square feet—compared to the last place, this seaside manse is listed for $7M, which is starting to sound like a deal in these parts. The broker really fawns over this one, even the width of the lot: "The double width of 200ft increases the sense of grandeur and gives due deference to the stately proportions of this luxury beach front Villa."

? Casa Coyaba is a $12.8M Caribbean castle with 19,000 square feet, eight bedrooms, 12 baths, a 1,000-square-foot great room, two professional-grade kitchens with walk-in freezers, a tennis court, and a $1M home automation system. Plus, this place is being sold completely furnished, right down to the $8K custom mattresses, silk and linen sheets, and All Clad pans.

· Castillo Caribe [Sotheby's]
· Sea Wind [Sotheby's]
· Brisas del Mar [JamesList]
· Villa del Mare [JamesList]
· Casa Coyaba [official site]

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Builders Still Betting on Mega-Mansions

The National Association of Home Builders reported weaker than expected confidence in January, but apparently one builder in Potomac, MD didn't get the memo.

David Niroo, of Niroo Masterpieces, claims the luxury market is alive and well and ready to move in to the outskirts of the Washington, DC metro area. He's so sure that he's building a 32,000 square foot spec home, which he expects to price at $6 million when complete.

"People are realizing the value of Washington," notes Niroo, as we stood, freezing, in front of the monstrosity of a cement frame. "If you take this house, it’s 32,000 square feet, and you drop it in Aspen or you drop it in Jersey, it's at least double the price. So they can see the value and they can see the growth in this town."

Granted Washington, DC didn't take as big a hit as many cities during the housing crash, thanks to the constant support of government employment, but it was not unscathed. Out here in Potomac, there are dozens of mega-monstrosities that hail from a headier time in housing. Many are on sale at very reduced prices. Not only are enormous homes in less demand right now, they seem, at least to us plain folk, somewhat less in vogue.

Now I realize that I don't play in the sandbox of the mega-wealthy, I don't know what they deem necessary in a home post-banking collapse, and I nearly killed myself driving through an ice storm, getting stuck spinning on the iced-over private access road, so my mind might not be as open and accepting as it usually is. I have toured truly incredible homes all over this country, from the Hamptons to Greenwich to Jackson Hole. I guess I just thought we were kind of over that. Sure, rich people will always want more, but there are already so many here. And I won't even go into the environmental issues in a home this size, despite the fact that Niroo says it will have all foam insulation to keep heating and AC costs down.

"I would say to you quality. It all comes down to quality. If you are building classic design homes that last forever, for example, if you take a look here, this is all steel and concrete. That’s unique and they will pay for quality. They will pay for something that is unprecedented to others," Niroo says as he points proudly at a solid wall of concrete.

Niroo believes that if he builds it, they will come, and he's right.

He has sold seven enormous, luxury spec homes in the past few years, while dozens of other builders were going out of business.

His clientele don't rely on the mortgage market because most don't take out mortgages. Sure, there have been big price drops in very tony neighborhoods, as the ultra-rich slice off millions from their homes and expectations. Niroo is betting against that trend.

"The market is improving. People have money. People like to spend. As you know the housing is as bottomed out as it can be. And this is a great investment. It all goes back again to location, location, location."

Questions?  Comments?  document.write("");document.write("RealtyCheck"+"@"+"cnbc.com");document.write('');And follow me on Twitter @Diana_Olick

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