The private island of Mustique in St. Vincent and the Grenadines is arguably one of the most prestigious in all the Caribbean, favored among royals (including Prince William and Kate Middleton), A-listers and the uber-rich.

The 1,400-acre island has around 100 homes, and this palatial estate, known as The Terraces, is the most expensive home to come to market in the entire Caribbean region at $200 million. Perched on Endeavour Hill, one of two summits on the island, The Terraces sits on a 17.5-acre plot of land and is designed with Palladium and Venetian styles. The architecture is an homage to 16th-century palaces in Italy. Thanks to its clifftop location, there are panoramic views of the ocean and peaks of neighboring islands within the Grenadines.

The home is defined by its symmetrical, peach-colored facade, anchored in the center by a temple-like structure and is wrapped with terraces and loggias on every side. The property features an expansive formal, manicured lawn, two swimming pools and a guest villa with the largest entertaining space on the island. There is also a small collection of guest homes, The Bali Cottages, which has its own pool. Inside the main residence, there are hand-painted ceilings and extensive murals by French artist Jean-Claude Adenin, and many of the walls feature opulent wallpaper. Equally as sumptuous are the gilded furniture and the classical screens reminiscent of Versailles or Italian palazzos. Many of the bedrooms feature wraparound verandas and en suite bathrooms.

"The Terraces is a true trophy asset, and Knight Frank is thrilled to bring it to the market," Edward de Mallet Morgan, head of super-prime sales at Knight Frank, said in a statement. "If Mustique is the quintessential, private island paradise, The Terraces, being the largest and most visually prominent property on the island, is not just one of the Caribbeans foremost houses, but arguably one of the world's foremost homes."

The property also features a 12,000-square-foot entertainment structure, The Annex, that includes a game room and bar, with room for a home cinema or additional indoor recreation options. It's accessed via a short walk or an underground tunnel. There's also a tennis court on the property, one of the finest on the island, for matches under the hot Caribbean sun.

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