WSJ News Exclusive | St. Barts Estate Sells for About $136 Million, a Record for the Caribbean Island
The roughly 130-acre waterfront property was once owned by David Rockefeller, who used it as a vacation home
www.wsj.com
Rockefeller Estate sells for a record price!!
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JEK
Senior Insider
A Journal article from 2020
Thread 'What will happen to the Rockefeller property in Colombier?'
https://www.sbhonline.com/forums/th...-the-rockefeller-property-in-colombier.99878/
Thread 'What will happen to the Rockefeller property in Colombier?'
https://www.sbhonline.com/forums/th...-the-rockefeller-property-in-colombier.99878/
mattdinzey
SBH Member
Damn... I was outbid by oh, only about $136 million...
No doubt about it — $136 MM is a lot of money (approximately $1MM/acre). However, I’ll venture the point of view that it’s a bargain price for this parcel — so rare in history, beauty, & island patrimoine.
Consider, by comparison, the selling prices of other SBH properties formerly owned by David Rockefeller — the “Rothschild estate” at Marigot Bay & the “Abramovich estate” at Gouvenour. The former, seven acres, sold North of $50MM in 2017, right after Hurricane Irma, which substantially damaged the property (asking price was $67MM); and the latter, 70 acres, reportedly sold at $90MM in 2009. Respectively, approximately $7MM/acre (six years ago) & $1.3MM/acre (14 years ago). For perspective, I believe that island real estate values have increased materially since these sales.
Admittedly, the Rockefeller / Horn parcel is said to be burdened by zoning that strictly limits development. I'm curious to know how “strict,” & I wonder about the process of amending zoning limits. (Could “Rockefeller Estates” be in our future, with the restored David Rockefeller home as its lovely clubhouse?)
The purchaser, reportedly Puerto Rico resident Adam Sinn, apparently controls a major “commodities trading firm,” with particular interests in oil & gas. He is said to be philanthropic (https://www.papercitymag.com/culture/houston-electricity-winter-storm-southern-smoke-adam-sinn/) . . . and appears not to be short of hubris (https://www.publicrecords.pub/). Perhaps the good news will be that Mr. Sinn finds a way to bolster the island’s over-taxed electrical grid (assuring adequate power for new megamansions?).
Sent from my iPad
Consider, by comparison, the selling prices of other SBH properties formerly owned by David Rockefeller — the “Rothschild estate” at Marigot Bay & the “Abramovich estate” at Gouvenour. The former, seven acres, sold North of $50MM in 2017, right after Hurricane Irma, which substantially damaged the property (asking price was $67MM); and the latter, 70 acres, reportedly sold at $90MM in 2009. Respectively, approximately $7MM/acre (six years ago) & $1.3MM/acre (14 years ago). For perspective, I believe that island real estate values have increased materially since these sales.
Admittedly, the Rockefeller / Horn parcel is said to be burdened by zoning that strictly limits development. I'm curious to know how “strict,” & I wonder about the process of amending zoning limits. (Could “Rockefeller Estates” be in our future, with the restored David Rockefeller home as its lovely clubhouse?)
The purchaser, reportedly Puerto Rico resident Adam Sinn, apparently controls a major “commodities trading firm,” with particular interests in oil & gas. He is said to be philanthropic (https://www.papercitymag.com/culture/houston-electricity-winter-storm-southern-smoke-adam-sinn/) . . . and appears not to be short of hubris (https://www.publicrecords.pub/). Perhaps the good news will be that Mr. Sinn finds a way to bolster the island’s over-taxed electrical grid (assuring adequate power for new megamansions?).
Sent from my iPad
JEK
Senior Insider
Speaking of reading - I found if you click on one image in a post you can then click through each one in a viewer function. A nice way to look at a gallery of photos.
JEK
Senior Insider
A few more tidbits from Le Journal.
21/04/2023
If there is a real estate transaction that deserves to be mentioned, it is undoubtedly the one that was concluded around April 7 in a notarial office in France. This concerns the Rockefeller estate of Colombier, owned by Linda and Steve Horn since the mid-1990s. The approximately 52 hectares, on which David Rockefeller had a villa built in the early 1960s after acquiring the land for $32,500 in 1957, were bought for nearly $136 million (just over 124 million euros) by Adam Sinn. Based in Puerto Rico since the early 2010s, the American businessman is at the head of a commodity trading company (Aspire Commodities) based in Texas.
It was the Wall Street Journal that unveiled the information in an article published on Tuesday, April 18. The author, E.B. Solomont, describes the estate and residence and traces its history through information gleaned from a 2014 book. He recalls that the house was greatly damaged by the passage of Hurricane Irma in September 2017 and quickly mentions the fact that a large part of the estate is now in a natural area, therefore protected. This implies many restrictions on accommodation.
"Preserve the beauty, spirit and history of the site"
During the transaction, it seems that no real estate agent was involved. However, the Wall Street Journal mentions the owner of Wimco Real Estate, Douglas Foregger, as having been "an advisor" during the sale. In fact, after the Horn couple and Adam Sinn personally negotiated the purchase of the property, they asked for the help of their American lawyers and Adam Sinn's French lawyer, Charles-Hubert Vanoverberghe, to carry out the first parts of the transaction. The future buyer then contacted Douglas Foregger, owner of Wimco Real Estate and partner of X Real Estate of St. Barths, to intervene as an advisor. Douglas Foregger specifies that he has been Adam Sinn's global real estate consultant in the past and that he has "also taken a minority stake in any potential future business concept, in the event that Sinn does not keep the property as his private residence".
In a statement to the JSB, Douglas Foregger notes: "This property is unique. It is not only the largest property in the Caribbean, as David Rockefeller thought at the time, it is one of the most emblematic holiday properties on the planet. According to the owner of Wimco Real Estate, Adam Sinn "embodies the next generation of owners because he recognizes the importance of the property for the community of Saint-Barthélemy as well as the need to preserve its beauty, spirit and history". He adds: "I have worked with Adam on a number of transactions. He is the perfect steward for the restoration and future of such a legendary property. ”
"I plan to keep both paths open"
According to his advisor, Adam Sinn is "honored and delighted with the opportunity to restore and revitalize the property". The businessman based in Puerto Rico assures: "Until now, I was very focused on the success of this very important and personal purchase. Given this, there are no current plans for the property other than the desire to restore it to its glory during the Rockefeller years. I am delighted to have acquired such an emblematic piece of history that has been part of the landscape and community of Saint-Barth for so long. Obviously anxious to allay any concerns related to this acquisition and its projects, he specifies: "Of course, I plan to keep the two trails leading to the beach open, as they have been in the past. I obviously want to keep the tradition of generational camping on the Colombier beach within the immediate limit of trees during Easter week an important part of the fabric of this large island. ”
"No big changes"
For Christian Wattiau, president of Sibarth Real Estate, the sale of the Colombier estate will "give a spotlight" on Saint-Barthélemy. He explains: "If the price I hear is that of the transaction, it is the highest for a single residence (in Saint-Barth, editor's note). For a site that is extraordinary, it is still very high. We have seen the effects of such sales in the past. That of Colombier to Rockefeller led to an interest in the island. People from all over the world came to see what Saint-Barth was. But after the sale of Governor to Roman Abramovitch (in 2009 for 90 million euros) or when, behind, we had a commercial operation in Flamands with Le Cheval Blanc Isle de France, there was the same effect with other hotel groups that were interested in the island. Today, this sale is already much talked about. But I don't think it affects the development of the island. On the other hand, it strengthens the strength of the market in Saint-Barth. ”
In addition, Christian Wattiau assumes "that there will be no major changes in the property" and specifies: "The new owner's project should adapt to that of the Territorial Collectivity regarding the urban planning map that has been created. There have already been changes in the past even if, when we offered the property to potential buyers, we always faced these development rules. Since then, the Community has been able to adapt the regulations. An adaptation that had not failed to raise protests from some elected officials during the vote on the new urban planning map in December 2020 (JSB 1401).
A contested urban planning map in 2020
Thus, Marie-Hélène Bernier, current 1st Vice-President but who then sits as an opposition territorial councillor, regretted that the new map "opens the way for the urbanization of Rockefeller". Marie-Angèle Aubin, then elected by the majority and a member of the executive council, had denounced "favoritism" before launching: "Can we explain to me why, under the pretext that the Horn family wants to sell, we give rights to build in a natural zone? The card was adopted by a majority, despite the "against" votes of Marie-Hélène Bernier, Marie-Angèle Aubin and Maxime Desouches, also an opposition councillor at the time. In any case, the Rockefeller estate in Colombier had received special treatment as part of the implementation of the new urban planning map. A specific zoning that, however, only allows only limited developments on small areas to be considered. It now remains to know as a whole the project of Adam Sinn, who has just invested $136 million in this historic transaction.
THE LARGEST PROPERTY ON THE ISLAND
The Rockefeller de Colombier estate, with its 52 hectares, is the largest in Saint-Barthélemy. However, it is closely followed by another large site: Morne Rouge. Below, the Gouverneur estate purchased in 2009 by Roman Abramovitch extends over approximately 27 hectares, like that of La Chaloupe to the west of Gouverneur.
ROCKEFELLER FOR... $32,500
If Adam Sinn paid 136 million dollars for the Colombier property, David Rockefeller had meanwhile released 32,500 dollars to acquire it in 1957 from the Gréaux family. Difficult to make a comparison. This, especially since Saint-Barthélemy had not known at the time the slightest real estate transaction other than family or neighborhood. After buying the land in Colombier, David Rockefeller had invested nearly 350,000 dollars (about 20 million dollars today) in the construction of the villa. He had also purchased land in Gouverneur from the Brin family for $25,000.
A GOOD DEAL FOR THE COMMUNITY
Following this sale of 136 million dollars, i.e. more than 124 million euros, the Collectivity should receive 5% of the amount of the transaction as part of the registration fees and the discharge of the right of pre-emption. This should represent around 6.2 million euros.
THE ROCKEFELLER ESTATE IN COLOMBIER SOLD FOR $136 MILLION
by T.F.21/04/2023
If there is a real estate transaction that deserves to be mentioned, it is undoubtedly the one that was concluded around April 7 in a notarial office in France. This concerns the Rockefeller estate of Colombier, owned by Linda and Steve Horn since the mid-1990s. The approximately 52 hectares, on which David Rockefeller had a villa built in the early 1960s after acquiring the land for $32,500 in 1957, were bought for nearly $136 million (just over 124 million euros) by Adam Sinn. Based in Puerto Rico since the early 2010s, the American businessman is at the head of a commodity trading company (Aspire Commodities) based in Texas.
It was the Wall Street Journal that unveiled the information in an article published on Tuesday, April 18. The author, E.B. Solomont, describes the estate and residence and traces its history through information gleaned from a 2014 book. He recalls that the house was greatly damaged by the passage of Hurricane Irma in September 2017 and quickly mentions the fact that a large part of the estate is now in a natural area, therefore protected. This implies many restrictions on accommodation.
"Preserve the beauty, spirit and history of the site"
During the transaction, it seems that no real estate agent was involved. However, the Wall Street Journal mentions the owner of Wimco Real Estate, Douglas Foregger, as having been "an advisor" during the sale. In fact, after the Horn couple and Adam Sinn personally negotiated the purchase of the property, they asked for the help of their American lawyers and Adam Sinn's French lawyer, Charles-Hubert Vanoverberghe, to carry out the first parts of the transaction. The future buyer then contacted Douglas Foregger, owner of Wimco Real Estate and partner of X Real Estate of St. Barths, to intervene as an advisor. Douglas Foregger specifies that he has been Adam Sinn's global real estate consultant in the past and that he has "also taken a minority stake in any potential future business concept, in the event that Sinn does not keep the property as his private residence".
In a statement to the JSB, Douglas Foregger notes: "This property is unique. It is not only the largest property in the Caribbean, as David Rockefeller thought at the time, it is one of the most emblematic holiday properties on the planet. According to the owner of Wimco Real Estate, Adam Sinn "embodies the next generation of owners because he recognizes the importance of the property for the community of Saint-Barthélemy as well as the need to preserve its beauty, spirit and history". He adds: "I have worked with Adam on a number of transactions. He is the perfect steward for the restoration and future of such a legendary property. ”
"I plan to keep both paths open"
According to his advisor, Adam Sinn is "honored and delighted with the opportunity to restore and revitalize the property". The businessman based in Puerto Rico assures: "Until now, I was very focused on the success of this very important and personal purchase. Given this, there are no current plans for the property other than the desire to restore it to its glory during the Rockefeller years. I am delighted to have acquired such an emblematic piece of history that has been part of the landscape and community of Saint-Barth for so long. Obviously anxious to allay any concerns related to this acquisition and its projects, he specifies: "Of course, I plan to keep the two trails leading to the beach open, as they have been in the past. I obviously want to keep the tradition of generational camping on the Colombier beach within the immediate limit of trees during Easter week an important part of the fabric of this large island. ”
"No big changes"
For Christian Wattiau, president of Sibarth Real Estate, the sale of the Colombier estate will "give a spotlight" on Saint-Barthélemy. He explains: "If the price I hear is that of the transaction, it is the highest for a single residence (in Saint-Barth, editor's note). For a site that is extraordinary, it is still very high. We have seen the effects of such sales in the past. That of Colombier to Rockefeller led to an interest in the island. People from all over the world came to see what Saint-Barth was. But after the sale of Governor to Roman Abramovitch (in 2009 for 90 million euros) or when, behind, we had a commercial operation in Flamands with Le Cheval Blanc Isle de France, there was the same effect with other hotel groups that were interested in the island. Today, this sale is already much talked about. But I don't think it affects the development of the island. On the other hand, it strengthens the strength of the market in Saint-Barth. ”
In addition, Christian Wattiau assumes "that there will be no major changes in the property" and specifies: "The new owner's project should adapt to that of the Territorial Collectivity regarding the urban planning map that has been created. There have already been changes in the past even if, when we offered the property to potential buyers, we always faced these development rules. Since then, the Community has been able to adapt the regulations. An adaptation that had not failed to raise protests from some elected officials during the vote on the new urban planning map in December 2020 (JSB 1401).
A contested urban planning map in 2020
Thus, Marie-Hélène Bernier, current 1st Vice-President but who then sits as an opposition territorial councillor, regretted that the new map "opens the way for the urbanization of Rockefeller". Marie-Angèle Aubin, then elected by the majority and a member of the executive council, had denounced "favoritism" before launching: "Can we explain to me why, under the pretext that the Horn family wants to sell, we give rights to build in a natural zone? The card was adopted by a majority, despite the "against" votes of Marie-Hélène Bernier, Marie-Angèle Aubin and Maxime Desouches, also an opposition councillor at the time. In any case, the Rockefeller estate in Colombier had received special treatment as part of the implementation of the new urban planning map. A specific zoning that, however, only allows only limited developments on small areas to be considered. It now remains to know as a whole the project of Adam Sinn, who has just invested $136 million in this historic transaction.
THE LARGEST PROPERTY ON THE ISLAND
The Rockefeller de Colombier estate, with its 52 hectares, is the largest in Saint-Barthélemy. However, it is closely followed by another large site: Morne Rouge. Below, the Gouverneur estate purchased in 2009 by Roman Abramovitch extends over approximately 27 hectares, like that of La Chaloupe to the west of Gouverneur.
ROCKEFELLER FOR... $32,500
If Adam Sinn paid 136 million dollars for the Colombier property, David Rockefeller had meanwhile released 32,500 dollars to acquire it in 1957 from the Gréaux family. Difficult to make a comparison. This, especially since Saint-Barthélemy had not known at the time the slightest real estate transaction other than family or neighborhood. After buying the land in Colombier, David Rockefeller had invested nearly 350,000 dollars (about 20 million dollars today) in the construction of the villa. He had also purchased land in Gouverneur from the Brin family for $25,000.
A GOOD DEAL FOR THE COMMUNITY
Following this sale of 136 million dollars, i.e. more than 124 million euros, the Collectivity should receive 5% of the amount of the transaction as part of the registration fees and the discharge of the right of pre-emption. This should represent around 6.2 million euros.
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