with his impressive plans for the Castle Point estate in Tucker's Town.

Mr. Flottl bought the estate for $23 million last year and plans to demolish the main house to build a grander house.

And this week's meeting of the Development Applications Board gave the application the green light to go ahead.

The new two-storey house will be built on 3,000 square feet of land zoned open space under the old Development Plan.

Mr. Flottl, a 36-year-old Austrian-born investment banker, bought the house privately in December from Dr. Henry Clay Frick, whose father had the house built in the 1930s.

The eight-acre estate includes three beaches and a dock, and is believed to have been in a rundown condition.

Mr. Flottl owns Bermuda-based International Asset Management Ltd., and has lived next door to the property since March 1989. He was not available for comment.