Prince's five-acre Caribbean island estate will be on auction for the second time, this time the selling is taken care of by Premiere Estates Auction Co.
Taking place July 12 at 5 p.m. ET., the closed bid auction will not be held at the property. Still, the potential buyers can always contact the broker—David Jaffee to arrange a showing. The house shoppers are also welcome to do their own inspection of the place prior to the bidding.
The Turks and Caicos property first hit the market for $12 million in May 2016, a month after Prince's death, with Christie’s International Real Estate, but never sold. It is a lavish waterfront home at the tip of a peninsula on Providenciales Island in Turks and Caicos. The luxury compound itself is about 10,000 square feet. With its red tile roof and pale stucco facade, the entire place includes six bedrooms and six baths. There is a large main house, and the compound also features numerous other accommodations for guests. The late-signer was known for his flamboyant style, but his home is surprisingly more subdued. Its minimalist design has the vibes of the Caribbean's blue sea and white sands. The Mediterranean-style home was decorated with common materials from the area. It also has two private beaches, a tennis court, and a 200-foot personal dock. Even though the home's design is not so extravagant, Prince surely left his signature mark on the place. He painted the driveway in royal purple—the famous trademark of the Purple Rain singer.
The Grammy's, winner, Academy Award's recipient accomplished quite a bit in his 57 years. His legacy is untouched, and he surely was one of the biggest and most influential music icon of all time. Prince lived primarily in Minneapolis—his hometown, at his Paisley Park Studios compound. The estate in Turks and Caicos is the singer's private retreat location
An official FAQ released for this property mentioned that the real estate values in the area range quite dramatically. Premiere Estates Auction Co. suggest that all buyers do their own due diligence in regards to assessing the value of the place. They should all keep in mind that this is the only opportunity to purchase this property. More market data would be available upon a visit for the potential buyers to review. The owner's name itself was enough to make the place desirable. At the same time, the ownership makes it harder to value the property. Premiere Estates founder Todd Wohl expressed that, “The value is ultimately determined by the market — with a unique property like Prince’s Turks and Caicos estate. We anticipate significant interest and multiple bidders.”
The refundable Registration Deposit is at $100,000. Based on it alone, we can already make a guess that the starting point of the bidding will definitely not be a small figure. The Registration Deposit may be provided in the form of a cashier’s check (payable to Misick & Stanbrook Attorneys) and is due no later than July 11, 2018, at 5 p.m. ET. If you do not purchase the venue eventually, you will receive back your deposited amount. If you are the Winning Bidder, you must provide a total of 10 percent of the Total Contract Price as compensation, including the $100,000 Deposit. The Winning Bidder also is not required to pay all cash for the property. A 10 percent deposit is due when their bid is accepted, but the balance is due only at the close of escrow. The prospective buyers are suggested to submit their highest and best bid since it is the most effective method of presenting their bids.