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Ghost Development on Private Caribbean Island Asks $45M

Set to become an ultra-luxurious hotel under the Mandarin Oriental banner, the development on Dellis Cay in the Turks and Caicos fell victim to the financial crisis in a big way. Commenced in 2008, construction sputtered along for three years before the developers ran out of the cash necessary to complete the project. The result is a series of unfinished concrete shells, atop a breathtaking white sand beach, on a remote island only accessible by boat. The $45M asking price doesn't exactly inspire risk-taking either, but potential buyers might be encouraged by the success of the neighboring Parrot Cay resort. The Dellis Cay development may currently lie abandoned, but the teaser website is still alive and well, showing off plans for villas by starchitects like Piero Lissoni, Zaha Hadid and Shigeru Ban.

· Dellis Cay Redevelopment Opportunity [Sotheby's International Realty]
· Dellis Cay [official site]