Great St. James and Little St. James islands are finally off the market, as Stephen Deckoff’s investment firm has purchased both for $60 million.
Both islands were put on the market over a year ago. Deckoff purchased them for less than half the initial asking price of $125 million.
Little St. James is a 70+ acre property, whereas Great St. James 160+ acre property.
Stephen Deckoff is the co-founder of private equity firm Black Diamond Capital Management. He has been a resident of St. John since 2011 and has supported economic development, including following the hurricanes in 2017.
According to Forbes, he also owns multi-million dollar properties in Colorado, New York City, and Beverly Hills.
He’s an avid skier, hence the name of his investment firm Black Diamond Capital Management which manages $9 billion in assets.
A press release on the sale states, “Mr. Deckoff plans to develop a state-of-the-art, five-star, world-class luxary 25-room resort that will help bolster tourism, create jobs, and spur economic development in the region, while respecting and preserving the important environment of the islands.”
The resort is anticipated to open in 2025, but did not say which island Mr. Deckoff intends to build the resort.
The properties were brought to infamy by their previous owner, Jeffrey Epstein and the heinous alleged crimes that occurred there.
Epstein purchased Little St. James in 1998 for $8 million. He later purchased Great St. James in 2016 for $22.5 million.
The VI territory sued Epstein’s estate in 2020 to recoup money from the fraudulent tax benefits that had been granted to Epstein. The settlement will grant the territory half of the proceeds from the sale of the property – $30 million.
As we get more information regarding the new resort plans, we will keep you informed.