Jamaican-Canadian billionaire businessman and philanthropist Michael Lee-Chin, who ranks as one of the world’s wealthiest black billionaires, has put his luxurious mansion on Grand Cayman’s Seven-Mile Beach up for sale for $35 million.
The sprawling Coconut Walk Private Estate boasts a stunning beachfront location and sits on almost 75,000 square feet of prime real estate.
The property features seven bedrooms, 6.5 bathrooms, and a den, making it the ultimate tropical getaway for those seeking luxury and privacy.
It also includes a seaside pool and gazebo, a three-car garage, two separate one-bedroom residences for staff quarters, and a private three-bedroom guest house.
With its unparalleled location and stunning amenities, the Coconut Walk Private Estate is sure to attract high-end buyers looking for a slice of paradise.
Lee-Chin purchased the estate for $12.5 million in 2018, which at the time was the highest sales price in the Cayman Islands. If the property is sold at the present asking price, the 72-year-old Black billionaire will pocket a profit of almost $22.5 million.
This transaction follows Lee-Chin’s recent divestment of assets, including his 377.6-foot Ahpo super yacht, which he put up for sale for $355 million earlier this year. He acquired the vessel in December 2021 for $300 million.
The Coconut Walk Private Estate is currently being handled by Kim Lund, owner of The Lund Team, the franchisee of RE/MAX.
In the past years, Lee-Chin, who accumulated his wealth through investments in financial companies such as National Commercial Bank Jamaica and AIC Limited, experienced a decrease in his net worth by $600 million since 2020, bringing it down from $2 billion to $1.4 billion.
Despite this decline, Lee-Chin still ranks among the wealthiest black billionaires globally. According to Forbes, with a fortune of $1.4 billion, he holds the 2,080th position on the list of the world’s richest individuals.
