Former Morgan Stanley CEO Lists Virgin Islands Estate For $29.5M After $18M Renovation

Former Morgan Stanley CEO John Mack and his wife, Christy, are selling their beachfront estate in the British Virgin Islands for $29.5 million.

The British Virgin Islands, one of the world's best yachting and sailing destinations, doesn't have income tax, VAT or capital gains tax. It's also become a successful offshore financial center in a prosperous economy.

The Macks' property, which they purchased for $18 million, has undergone extensive renovations.

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According to Bloomberg, the couple discovered the undeveloped land while on a yacht vacation in 2011. Despite challenging weather conditions, they decided to purchase a plot in the emerging Oil Nut Bay community on Virgin Gorda's northeast tip.

However, their dream of a luxurious beachfront home became a lengthy and complicated design process.

The couple faced challenges in finding a suitable architect and design. In 2015, they exchanged their empty lot for a beachside house under construction but quickly realized it required extensive renovations.

According to Bloomberg, after spending a few days in the home, Christy Mack told her family that it needed to be gutted.

They demolished walls, relocated doors and redesigned the entire space. The result is a 6,000-square-foot beachfront oasis with six bedrooms, a pool, a hot tub and direct beach access.

While the Macks appreciated the property's prime location near the community's club, tennis courts and gym, Christy Mack said the original design was impractical and had wasted space.

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The Macks demolished the house to create a versatile space suitable for family gatherings and social events. After a hurricane damaged their renovations in 2017, they rebuilt.

The couple moved into their completed home four years later and spent significant time there during the pandemic. But now, they're ready to sell the property.

"Our kids want to do other things and don't want to feel obligated to go down there every winter," Christy Mack told Bloomberg.

As they seek to streamline their lives, the property, along with its custom furnishings, Teflon-coated wallpaper and soundproof media rooms, is now on the market at a price they say is reasonable.

"We're not trying to gouge anybody," Christy Mack said. "I think it's a very fair price."

It's not the only recent listing in Oil Nut Bay. In July, former New Hampshire Gov. John Lynch put his island home up for sale at $15.9 million.

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