BAHAMAS OVERVIEW
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The luxury home market of the Bahamas is full of grand residences reigning over the territory, penthouses overlooking the water, charming beachfront sanctuaries, and restored mansions that help recall the history of a truly spectacular place.
A beautiful archipelago comprised of 700 islands, the Bahamas has a history as colorful as its scenery. On his great voyage in 1492, Christopher Columbus first landed in what was dubbed the New World on San Salvador Island, which is on the eastern edge of today’s Bahamas. This gateway to the Americas has since evolved from an uncharted territory, to a British colony, to a fully independent nation that is the third wealthiest in the western hemisphere.
Of course, much of the booming Bahamian economy relies on tourism. Vacationers descend upon the Bahamas in droves to revel in relaxation or to immerse themselves in the rich culture of the islands. From the quaint villages and pristine beaches of Grand Bahama to the cosmopolitan capital city of Nassau, there is something for everyone. The prime setting is also ideal for those who simply cannot get enough from a vacation, and choose to have a primary or second luxury home on the islands.
The Bahamas: A Luxury Story
In 1959 Huntington Hartford II, heir to the Great Atlantic and Pacific Tea Company fortune, purchased a house and two acres on what was then known as Hog Island, Bahamas. The following year, he purchased the island’s luxurious Shangri-La estate for $13 million. He transformed the estate it into The Ocean Club- a 52-room hotel with restaurant and 18-hole golf course, becoming the island’s first developer. Before opening his lavish new getaway, Hartford had Hog Island renamed to the more resort-friendly Paradise Island. The island hosted Richard Nixon after his 1962 California gubernatorial loss, as well as the Beatles and Sean Connery as they filmed Help! and Thunderball, respectively.
The island is now home to the famous sprawling Atlantis resort, which boasts one of the most expensive and luxurious suites in the world – the $25,000 a night Bridge Suite. Today, that island which was essential purchased for $13 million nearly 50 years ago is now estimated to be worth around $2 billion. Not a bad investment.