A Saudi prince has sued a commercial company for more than five million dollars (4.6 million euros) in his purchase of a stake in a lush private island in the Bahamas. Called Cave Cay, the island offers a luxury akin to a hideout for the fictional British secret agent, which has earned it the nickname “James Bond Island.” He is the latest member of the extremely wealthy House of Saud, the royal family dynasty of Saudi Arabia, to go to Delaware Court to settle a dispute.
Prince Salman bin Sultan bin Salman bin Abdulaziz Al Saud claims that Cave Cay LP, controlled by the investment fund Yntegra Group, is violating a side agreement under which he and Yntegra members must each pay 5 million dollars to society. The prince alleges that society demands the sum from him but not from Yntegra. In his lawsuit, which has been unsealed, he asks the court to make Cave Cay honor the pact. Yntegra’s representatives have not commented on the matter.
The association is selling interests in the 90-hectare island, Big Cave Cay, as part of a project to build an “upscale residential community, luxury resort and marina” offering “unparalleled barefoot luxury” in the property, which also includes its little sister, Little Cave Cay.
The property is something of a “James Bond island,” complete with its own airstrip, as described in a 2015 story in The Guardian newspaper. Two years later, La Vanguardia revealed that it was being sold for 50.2 million euros. “The island boasts a series of white beaches and coves that make this a special place to enjoy,” the listing for the island from Private Islands, Inc. detailed. “The views are breathtaking from the 40-foot elevations where there are a series of structures for residential and recreational use. The main house sits on top of this ridge,” it added.
The Saudi royal family has a combined net worth of at least $105 billion, according to the Bloomberg Billionaires Index. The prince is the grandson of King Salman bin Abdulaziz of Saudi Arabia and a cousin of the country’s de facto governor, Crown Prince Mohamed bin Salman and prime minister.
The prince is the son of Prince Sultan Bin Salman Al Saud, who headed the Saudi space agency for three years before leaving in 2021. His father became the first Muslim astronaut in 1985 when he joined the crew of the US space shuttle Discovery in a mission to bring a satellite into Earth orbit.
In his lawsuit, the prince claims that Cave Cay “misrepresented Yntegra’s ability to raise outside capital.” He is asking the court to prohibit the company from declaring him in default on the $5 million “discriminatory principal call.”
Delaware is the corporate home of more than 60% of the Fortune 500 companies. The judges of its Chancery Court are experts in business law who hear cases without a jury. Among the Saudi royals with cases, two are at odds over their Beverly Hills mansions and are arguing over who will replace the stained carpets and withered gardens at the once-luxurious shared compound so it can be sold.
The Big Cave Cay settlement requires that all disputes over the settlement be heard in the state. The Delaware court is the room that brought the case of Elon Musk and Twitter.