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NATION NEWS (Barbados' Leading Newspaper)
Nation News
Cove Spring 'not for sale'
Date June 30, 2005

A PRIME PIECE of real estate on Barbados' West Coast, quoted by the Wall Street Journal as being on the retail market for BDS$112 million, is not up for sale, says owner Ajmal Khan.

And Khan adds that he never told the world-renowned publication that his property, Cove Spring, was located on a "50-foot long private beach".

Khan said in a Press release yesterday that when he was interviewed by the Wall Street Journal, he was answering questions about real-estate investment opportunities in Barbados and merely gave a brief description of his property.

Khan, who is chief executive officer of Verus International, a New York investment firm, said: "Regarding the issue of the property being put on the market for sale, I would like to state that I do not intend to sell. Rather, I was seeking current valuations for insurance and other purposes."

He said he had been visiting Barbados for over a decade and had made significant investments on the island.

Cove Spring is located in The Garden, St James, and is built in an Italian Renaissance style. It is a two-storey Palladian estate with ten bedrooms and 12 full baths. The house space is almost 20 000 square feet on about two acres.

It has a full gym, spa, pool and jacuzzi. There is also a three-bedroom

guest cottage.

Since purchasing the property in 2002, Khan has added a 20-seat theatre with a 20-foot screen, an outdoor gazebo, and glassed-in steam showers.

When news broke of the price being allegedly asked for the property, several established real estate agents, including Big Mac Enterprises' Gordon Matthews and AAAltman Real Estate's Paul Altman, described the price as "nonsense" and madness.

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