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Prestigious Christie’s Comes to Belize For Luxury Real Estate Properties
posted (August 21, 2015)
In May, a Pablo Picasso painting called "The Women of Algiers" sold for a record 179.4 million dollars at a Christie's auction in New York. You're probably saying, so what does that have to with Belize, right? Well…not a whole lot, but it might - because the Christie's franchise is now in Belize, not to auction art, but to sell real estate - and the thinking is that those same folks who buy 200 million dollar artworks might also be interested in some prime beachfront properties.

Christie's Real Estate International was launched last night in association with San Cas Realty - which is an offshoot of Santiago Castillo Limited. That's a new turn for the San Cas Group which made its fortune as a wholesaler and retailer. But now, luxury real estate? We travelled to San Pedro yesterday last night to rind out about one of the oldest companies in Belize diversifying its portfolio:..

Jules Vasquez reporting
The Rain Terrace at the Grand Caribe was the venue for the launch of one of the most glamorous, upscale brands in the world - Christie's Real Estate the franchise for which has been acquired by Santiago Castillo Limited, one of the oldest merchant houses in Belize:

Gil Castillo, President, San Cas Realty
"Santiago Castillo Ltd. has been in the country of Belize as you know for 89 years and Christie's International has been around for 250 years. So we thought it was a good fit."

Lorena Castillo, President, Santiago Castillo Ltd.
"Seeing that Belize is really on a very sterning point right now for tourism and for investors to come and make Belize their second home. So it's a great synergy."

Rick Moser, Senior VP - Christie's Real Estate
"It's Belize's turn in our opinion for being the next best place to go."

This opens up the country to the development of luxury properties:

Gil Castillo, President, San Cas Realty
"It could be anywhere from $500,000 to $10 million dollars."

Rick Moser, Senior VP - Christie's Real Estate
"The value here is such that in their opinion, in their eyes, they are spending fifty cents of a dollar and getting fantastic beach and an opportunity for their investment to increase."

The launch brought out the Island and mainland glitterati in what is expected to be a rapidly developing market:

Hon. Santiago "Santino" Castillo, Jr., Advisor Santiago Castillo Ltd.
"Whenever a player like Christie's come in, it's simply a trickle-down effect. Just the marketing that they will do, Belize will benefit on a whole. Because when they advertise, they advertise big."

Rick Moser, Senior VP - Christie's Real Estate
"If anything, they are going to bring a whole different set of eyes to Belize. Investors looking for property, not just residential or commercial - developments. You got some of those pristine beautiful beaches and landscape in this whole part of the world."

Gil Castillo, President, San Cas Realty
"With water and both sides, three quarters of the country's covered by water, I think it shows great promise for the country."

And the San Cas group is also looking to increase its revenue base through diversification:

Jules Vasquez
"Explain to me how your family business is re-orienting itself for this venture?"

Hon. Santiago "Santino" Castillo, Jr., Advisor Santiago Castillo Ltd.
"Well a merchant house is actually very different in deed Jules, because many items we sell at our supermarket, in fact are controlled and real estate market, there is no control."

And maybe that's why - in a rare interview - the venerable matriarch of the family business, Addy Castillo told us that she is confident:

Addy Castillo, Matriarch, Santiago Castillo Ltd.
"I guess when you know how to run a business, it doesn't matter what business you are running. The fact remains that your skills are there and you know what you are doing."

She said the company founder and namesake, one of the most successful merchants and capitalists in Belize's history, Santiago Castillo Sr. would approve:

Addy Castillo, Matriarch, Santiago Castillo Ltd.
"I think he will give his blessings too, because he himself diversify in many things when he was running his business. He went into the theater business, he went into the Baghdad business, he went into a lot of other businesses, because that's the way he was."

Christie's joins Sotheby's - as the two high end luxury real estate agents in Belize. Sotheby's arrived in Belize last year.

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