$23 million Castle Point estate in Tucker's Town, is seeking to demolish the main house and build a grander home elsewhere on the property.

He has also applied to the Development Applications Board to knock down the guest cottage, add onto the caretaker's cottage and alter the one-bedroom watchtower.

Subject to approval, the new two-storey house will be built on about 3,000 square foot of land zoned "open space'' under the old Development Plan.

Although building on land zoned "open space'' is restricted, it is at the DAB's discretion to grant permission.

Designed by local architects at the Studio Limited, the new house will feature seven Bermuda chimneys, top-hung and side-hung Bermuda shutters on all windows, a huge swimming pool with a staircase leading up to the house and a grand circular driveway leading up to its main entrance which will be flanked by white columns.

The caretaker's cottage will be enlarged to include two bedrooms.

Mr. Flottl's application was submitted in May and advertised in the newspapers last week. Anyone wishing to object has 14 days to do so.

Flottl, a 36-year-old Austrian-born investment banker, signed a contract to buy the estate last December.

The deal was made privately between Mr. Flottl and the former owner of Castle Point, Dr. Henry Clay Frick, whose father had the home built in the early 1930s.

It is not known exactly what Mr. Flottl offered for the eight-acre estate with three beaches and a dock, but it was listed at several real estate agents for $23 million. According to several sources it was somewhat rundown.

Mr. Flottl, who owns Bermuda-based International Asset Management Limited, had lived next door to Castle Point in Sounion West since March, 1989.

He is divorced from his wife, Ann Eisenhower, granddaughter of the late US president.