Real Estate Expert Edward de Mallet Morgan on the Best Place to Buy a Private Island Right Now
No matter how smart, connected, and well resourced you are, sometimes you simply need an expert—and not just any expert, but that rarefied insider other specialists call when they need help. Luckily, Robb Report has a roster of such world-class pros on speed dial. This month we’ve tapped super-prime agent Edward de Mallet Morgan, the go-to wrangler for everything from Mustique estates to private islands, to answer your most pressing real-estate questions.
Have a conundrum you need solved? Email askrobb@robbreport.com.
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The Expert
Name: Edward de Mallet Morgan
Occupation: Head of super-prime sales, Estate Prestige Knight Frank
HQ: Côte d’Azur, France
Specialty: Off-market, seven-figure-plus piles
The Big Question
I have a large extended family—not just my grandchildren but also my siblings and their offspring. We want to invest in a vacation home, probably on the Amalfi Coast or Cap d’Antibes, where we can all spend holidays and vacations together, but I can’t find anywhere large enough with the facilities we’ll need. Any tips?
“If you want a 15- or 20-bedroom site, a turnkey house right on the sea, the answer is to buy a hotel,” says de Mallet Morgan, noting that, in many prime resort areas, the largest real-estate parcels likely started out as private villas but were converted into hotels long ago. Clients who go that route often opt to continue operating it as a business for periods each year—long-term vacancy in any house causes more problems than occupancy, after all—with guests welcomed for, say, 10 months each year but peak summer reserved solely for extended family.
“It’s not that the income matters,” de Mallet Morgan notes. “It’s just like how as soon as you have a boat bigger than 50 or 60 meters, it’s used for commercial purposes, too.” He also points out that smaller jurisdictions—the Côte d’Azur, for example—grant building permits for new homes sluggishly, if ever, so don’t assume you can buy adjoining plots and clear them to make a single-family home. Plus, the few residences of this caliber available to buy often need years of refurbishment, which is both inconvenient and likely to trigger its own wall of red tape.
For UHNW clients who have earmarked upwards of $100 million to secure their dream home, de Mallet Morgan’s advice is to think bigger—much bigger: “I suggest spending $1 billion and buying a hotel. It’s a spit-out-your-martini conversation, but two minutes later they say, ‘I can afford it, and financially it makes sense.’ ” Just keep an eye on legal and tax ramifications for longer stays in a given jurisdiction, as there’s no longer much leeway. He recounts the story of one client who recently exceeded his 90-in-180-days allocation in Europe without realizing it. “Now, even though he’s an owner in the country, he’s banned for overstaying his welcome. He’s going to court to overturn it.”
Speed Round
Where is no one buying but should be?
“Kitzbühel. Europeans know about it because of the Hahnenkamm. It still has that really fashionable edge, but it fits most people’s view of the Alps, like a ‘chocolate box’ town—no big resorts.”
Italy’s new UHNW-friendly tax-residency scheme—worth it?
“It still looks really attractive, even with the lump-sum amount increased [from €100,000 to €200,000 per year]. But many people are just moving for a period and don’t want three-plus years of planning and restoration, so it’s more about the availability of appropriate real estate.”
Best place to buy a private island?
“The Bahamas, no contest. Mesmerizingly beautiful, islands of all shapes and sizes and conditions, yet still an hour flight from mainland U.S.A. Islands are a lot about logistics—if you have a superyacht, for example, the draft is so shallow you may not be able to access every island.”
Best household-service provider?
“Webster Hart, a top property-management company that started in the U.K. They’re make-it-work kind of people—incredibly discreet, professional, and transparent.”
Should I insist a buyer provides references?
“If they throw a fit at being asked, 99 percent of the time they don’t have the money.”
Either | Or
Monaco | Cayman Islands
“Tough to beat Monaco for tax and lifestyle, and you can drive everywhere. The only downside is space, but that’s what villas in Cap Ferrat and Saint-Tropez are for.”
Cash | Crypto
“More and more people have a finger in crypto, but banks don’t like it because there’s no trail. I’ve had one conversation in the last 12 months about it. People say, ‘Potentially… ’ but then it gets to the family office.”
City penthouse | Country pile
“A country estate in Britain is a legacy project with history that multiple generations of a family can use.”
Amalfi hillside | Amalfi waterfront
“Waterfront. The last thing you want is to try to navigate a cliff face in a vintage Ferrari and not make it.”
Agency staff | Directly employed
“Labor laws in varying countries are different. Let an agency be liable for hiring and firing.”
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