Billionaire’s playground for sale at $41M

A former member of the Bahamian Parliament, Ervin Knowles, 81, who has owned some Bahamian real estate since the 1960s, has decided to sell off some of the undeveloped land for luxury homes, asking price $41 million.

The 164 acres in Bahamas’ Berry Islands with plans for a “billionaire’s compound” is going on sale through luxury Miami Beach realtor Worldwide Properties.

Fraser’s Hogs Cay may be developed as a mixed-use subdivision.

However, listing agent Eddy Martinez told the Wall Street Journal that architectural plans have been drafted for a billionaire’s compound that includes a roughly 22,000-square-foot, eight-bedroom, 12-bathroom contemporary home with a moat crossed by walkways.

Plans are also in the making for two smaller mansions and 16 Tiki-style bungalows on stilts that cantilever over the water.

Located on the eastern end of Chub Cay, about 40 kilometres from the Bahamian capital Nassau, most of the property is raw land, with some infrastructure and roads leading to an airport on the island.

Knowles told the Journal it has been his lifelong dream to build on the island but now that he is older, he is willing to sell.

“At some point, you got to make a decision, and I want to see it succeed,” he said.

In addition to the 22,000-square-foot renderings for the mansion, the property also has tropical orchards and a marina. There are additional plans for staff quarters and sporting facilities including a soccer field.

According to architect Enrique Rene Gonzalez of Gonzalez Architecture, the billionaire’s compound could cost between US$20 million and $25 million to build. That’s in addition to the land’s $41 million cost.