This house is at the centre of a controversy between ex-BOJ boss and the Government. - Ricardo Makyn/Staff Photographer

Derick Latibeaudiere's dream house captured the spotlight in 2008, when information surfaced that he borrowed $51 million from the central bank to construct, furnish and landscape the grounds. The issue became controversial when it was disclosed that there was no evidence the central bank had properly collaterised the loan.

The central banker, who was lead negotiator with the International Monetary Fund, from which the Government is seeking to borrow US$1.2 billion, was fired on Friday, October 30, because of concerns about the $23 million per year he was to be paid in rent and maintenance allowance for living in his own house. This would have increased his overall compensation package to J$38 million.

value for money

Latibeaudiere

But, while the nation continues to chew on details of the ex-governor's salary package, Derick Latibeaudiere could easily argue that his recently built palatial spread is value for money.

'The entire property, inclusive of the house, is way beyond the $51 million mark," a realtor who deals with high-end properties told The Sunday Gleaner.

"It's a very luxurious dwelling, with many environmental and energy-saving factors considered," she said while looking at photographs of the house.

The two-storey house, while blending prettily with the natural flora of the saddle it sits in, is set apart from its neighbours. A paved driveway with concrete retaining walls curves gracefully from the road to the courtyard.

Eclectic, the design is typical of most modern buildings in Jamaica. A cluster of shingled hip peaks catches the attention as one looks down on the house. This type of roof is constructed of wooden shingle, which is expensive, but has a lifespan of more than 15 years.

picturesque house

The stately entrance is accentuated by twin columns and a double door, portico style. To the right is an arbour, adding even more character to the picturesque house.

Characteristic of actual architectural development of residences in Jamaica, this house has sash and casement windows, which allows for the different configuration in the design of the windows.

It is obvious that Latibeaudiere, with a taste for aesthetics, is also mindful of energy-saving techniques. His split air-conditioning units are well hidden and he makes use of solar panels.

Obviously built for functionality, the gardens have cut stone footpaths while a large swimming pool occupies one side of the grounds.

Latibeaudiere's housing troubles began 11 years ago. Since then, the dismissed governor and successive governments have been at odds with finding a 'suitable' place of residence for him. In 1998, the bank bought a Jacks Hill property for J$22 million for the official residence of the governor from a budget of J$35 million to acquire, refurbish and furnish the property.

Unhappy with this house, the then governor suggested that it be sold and advised the board that he had no desire to move there.

The house was subsequently refurbished and furnished at a total cost of $40.37 million. Governor Latibeaudiere had expressed an interest in buying the house and the board agreed to sell him at a price of $42 million, but he declined. The property was sold in 2003 for $40.48 million, and the BOJ went back to paying rent and maintenance for the house the governor occupied.

monies paid

Over a two-year period (between 2006 and 2008), the ex-governor then secured loans to build a new house, which he has been occupying since September 2008, and for which the bank continues to pay $8.45 million in rent and maintenance. As of September 2009, a total of $23,818 had been paid in maintenance alone.

Latibeaudiere's contract states that he must be provided with a fully furnished and fully maintained official residence, inclusive of household and gardening staff and unlimited expenses for telephone, electricity and water.

The contract also states that in the event that an official residence is not provided, the governor shall be paid rent for the premises, he occupies, based on the average rental value determined by two independent valuators. The bank is required to pay full maintenance with no limits for rent or maintenance.

lovelette.brooks@gleanerjm.com