Gov’t To Purchase Multi-million Dollar VG Property
The Government has been greenlighted to pursue the purchase of Toad Hall Estate, a private property at Spring Bay, Virgin Gorda.
Previous estimates placed the property at $6M prior to the hurricanes of 2017.
At a recent Cabinet Meeting, the acquisition by the Government for the purchase of Toad Hall Estate property was approved. It was decided that funding for the purchase would be sourced from the 2020 budget estimates or by a schedule of additional provision.
According to information from the Cabinet meeting, it was decided that subsequent to the purchase of the property, the Government, may in its discretion transfer the property to the National Parks Trust (NPT) in consideration of the NPT reimbursing the Government for the purchase of the property.
It is unclear what is the final purchase price for Toad Hall Estate which is said to cover 5.5 acres owned and operated by Steve Green who developed the property prior to the area, commonly known as The Bath’s, becoming a National Park.
Prior to 2017, the property was advertised for sale on the open market at $6M via a local real estate agency. It was described as an extraordinary property built between the mysterious boulders which comprise Spring Bay National Park, commonly known as The Bath's.
Then came the hurricanes which reportedly severely damaged the property. It was then re-listed for sale at $5.5M
It was reported that the physical structures sustained heavy losses, but the real property and the unique pool remain in pristine condition.
At a recent Cabinet Meeting, the acquisition by the Government for the purchase of Toad Hall Estate property was approved. It was decided that funding for the purchase would be sourced from the 2020 budget estimates or by a schedule of additional provision.
According to information from the Cabinet meeting, it was decided that subsequent to the purchase of the property, the Government, may in its discretion transfer the property to the National Parks Trust (NPT) in consideration of the NPT reimbursing the Government for the purchase of the property.
It is unclear what is the final purchase price for Toad Hall Estate which is said to cover 5.5 acres owned and operated by Steve Green who developed the property prior to the area, commonly known as The Bath’s, becoming a National Park.
Prior to 2017, the property was advertised for sale on the open market at $6M via a local real estate agency. It was described as an extraordinary property built between the mysterious boulders which comprise Spring Bay National Park, commonly known as The Bath's.
Then came the hurricanes which reportedly severely damaged the property. It was then re-listed for sale at $5.5M
It was reported that the physical structures sustained heavy losses, but the real property and the unique pool remain in pristine condition.
