Jamaican billionaire Michael Lee-Chin is suing a bank to stop it from selling his $35 million Cayman mansion

Michael Lee-Chin is fighting a bank in court over one of the most valuable private estates on Grand Cayman's Seven Mile Beach, and the stakes run into the tens of millions.

Two companies linked to the Jamaican-Canadian billionaire, Coconut Walk Estates Ltd. and Portland (Barbados) Ltd., filed an Originating Summons on April 28, 2026 in the Cayman Islands Grand Court's Financial Services Division against FirstCaribbean International Bank. The action seeks to block the bank from marketing or selling Coconut Walk, a beachfront private estate on Seven Mile Beach, pending a full accounting of all money owed between the parties.

The action was filed under Section 72 of the Registered Land Act (2018 Revision). It is the kind of legal move typically deployed in mortgage disputes where a borrower contests the outstanding amount a lender claims is owed. By demanding a full accounting before any sale can proceed, Lee-Chin's companies are effectively putting a legal hold on the property while the figures are disputed.

Coconut Walk is not an ordinary home. The compound sits on 1.45 acres of beachfront land on Seven Mile Beach, one of the most sought-after addresses in the Caribbean. It features a seven-bedroom main residence with 6.5 bathrooms, a seaside pool and gazebo, a three-car garage, two separate staff residences and a private three-bedroom guest house.

Lee-Chin purchased Coconut Walk in 2018 for $12.5 million, which at the time was the highest sales price ever recorded in the Cayman Islands. A real estate listing posted in 2025 put the asking price at $35 million. If sold at that figure, the gain from his 2018 purchase would represent a profit of approximately $22.5 million.

The lawsuit arrives at a difficult financial moment for Lee-Chin. In January 2026, he said he was considering selling his controlling stake in NCB Financial Group to pay off a $94 million bond debt, with total bond obligations running to approximately $297 million. He called it a structural review of his options.

NCB Financial Group is Jamaica's largest financial services provider and one of the cornerstones of Lee-Chin's Portland Holdings empire. His decision to explore a stake sale in January, followed now by a legal battle over his most prominent personal property, paints a picture of a billionaire managing significant asset pressure across multiple fronts simultaneously.

Lee-Chin's net worth is estimated at approximately $1.1 billion. He built his fortune by transforming AIC Limited from a modest Ontario investment firm into a $6 billion mutual fund powerhouse before selling it to Manulife in 2009, then diversifying into financial services, real estate and infrastructure across Jamaica and the Caribbean.