The sale of a single-family home on Grand Cayman’s Seven Mile Beach has broken the record for highest sales price in the Cayman Islands.

The beachfront Coconut Walk Estate on Seven Mile Beach sold for $12.5 million, according to Kim Lund of RE/MAX Cayman Islands, who sold the home.

The seven-bedroom, 6.5-bathroom, 10,155-square-foot property had been listed by Sheena Conolly of Cayman Islands Sotheby’s International Realty.

It’s the first residential home sale in the Cayman Islands for more than $10 million; there have been 11 residential homes in the Cayman Islands that have eclipsed the $5 million sales mark.

There are currently 12 homes actively on the market in Cayman through the MLS system that are listed for more than $5 million.

Lund has also handled sale of the highest-priced condominium in Grand Cayman, at Water’s Edge, which sold for a record price of $13 million.