Gumbs says Mullet Bay sale still awaits clarity on property boundaries

GREAT BAY--Minister of Finance Marinka Gumbs told Parliament during the continuation of the 2026 Budget debate that the eventual sale of the Mullet Bay property remains an important part of the wider financial arrangements surrounding the resolution process, but an outstanding legal issue concerning the property's boundaries must first be resolved.

Responding to questions about the financial status of Mullet Bay, Gumbs explained that proceeds from an eventual sale remain important because they are connected to funding obligations toward policyholders under the broader financial arrangements involving St. Maarten and Curaçao.

The Minister said Government is therefore continuing its preparations while awaiting clarity on the outstanding boundary matter.

According to Gumbs, there is currently an ongoing legal issue concerning the boundaries of the Mullet Bay property. She indicated that certainty over those boundaries is important before the property can properly proceed toward sale.

The issue means that while the sale remains financially significant, the property is not yet at the stage where the transaction can simply move ahead.

Gumbs also disclosed that St. Maarten has secured a matching right connected to the Mullet Bay property.

This means Government may have the opportunity to exercise that right once the property is formally offered for sale, depending on the terms and circumstances at that time.

The Minister did not indicate during this portion of the debate that Government has already decided to purchase the property. Rather, she explained that Government is preparing itself so that when Mullet Bay is formally placed on the market and the bidding process begins, the country will be in a position to properly assess its options.

That preparation, she said, is necessary to protect St. Maarten's interests.

From the Finance Ministry's perspective, the Mullet Bay sale is not being treated simply as a private real-estate transaction. The anticipated proceeds form part of wider financial arrangements and remain important to meeting obligations connected to policyholders.

Gumbs told Parliament that this is why developments surrounding the property continue to be monitored from a financial perspective, even while the legal boundary issue remains unresolved.

The Government's immediate position is therefore to ensure it is prepared for the point at which the property can formally proceed to sale, rather than committing itself prematurely while important legal questions remain outstanding.

Once the boundary matter is clarified and a formal sale and bidding process begins, Government would then be able to determine whether exercising its matching right is in the country's best interest.

For now, Gumbs indicated that the Ministry of Finance will continue the necessary preparations so that St. Maarten is not caught unprepared when the Mullet Bay property eventually moves to the market.

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