A sprawling six-bedroom mansion has become the most expensive property sold in Puerto Rico this year.
The 14,000-square-foot villa is located in the Ritz Carlton Reserve in Dorado, a luxury five-star resort community about 30 minutes from the capital, San Juan.
Since 2019, Puerto Rico — a US territory — has witnessed an influx of mainlanders, particularly wealthy ones, drawn to its shores by tax breaks.
Mainlanders who take up residency in Puerto Rico receive a 15-year tax break under Act 60, meaning they only pay a 4% fixed rate on income and enjoy a reduction in property taxes of up to 75%.
Intended to help boost Puerto Rico’s economy, the legislation angered some locals who don’t qualify for the tax break. A group of Democrats has called for its abolition, saying that it encourages tax evasion and the displacement of local communities, Reuters reported.
Not everyone is a fan of Act 60, but it might explain why the island has been on the up since it was introduced.
Blanca Hebe Lopez Pierluisi, boss of Corcoran Puerto Rico, the real estate agency that represented the buyer of the $20 million mansion, told Business Insider via email that Puerto Rico has “seen an incredible boom in real estate during these last five years as well as numerous new development projects that speak to the healthy demand across the island.”
“This record-breaking sale is a strong indicator that the real estate market in Puerto Rico is thriving and resilient,” she added.
Take a look inside.
The size of the property within the gated community was a draw.
“The key feature that most attracted the buyer to this property was the rarity of finding a one-acre lot within a five-star gated community,” Pierlusi said.
While she declined to share further details about the owner, Pierlusi said that they own a property in San Juan and intend to use their new place in Dorado Beach as a second home.
That’s also pretty standard for homeowners in the neighborhood, she said.
“I wouldn’t compare it to Beverly Hills necessarily, except for the fact that both are highly desirable locations offering the most expensive real estate in their respective states,” Pierlusi added. “Celebrities, notable entrepreneurs, renowned athletes, local families, and the who’s who of the island frequent or live here.”
The open-plan layout stretches over four levels.
On the ground floor, the airy interior features a sitting room connecting to a dining area and open-plan kitchen.
“Some elements of the interiors of the home, the spaciousness and smart layout, as well as the privacy offered by the large acreage, were significant factors in the decision-making process,” Pierlusi said of the new owner.
She said the buyer also kept all of the furniture in the home, including paintings, sofas, beds, and tables, as part of the sale. “The home was sold turn-key.”
The kitchen has easy access to the surrounding patio and garden.
Like any other property in Dorado Beach, one of only two ultra-luxury resorts operating on the island, the new owner can explore the 2,000-acre reserve by walking or driving along its network of golf cart trails.
Originally built by the Rockefellers in the 1950s, the reserve was bought by Ritz-Carlton in 2012 and now boasts a five-star hotel. It sits within one of the priciest neighborhoods in Puerto Rico.
According to Realtor.com, the median listing price in Dorado is $2.4 million, over double that for homes in San Juan.
The villa has six bedrooms.
The property also has seven full bathrooms and four half-bathrooms, per the listing.
Elsewhere, some of the standout features include a movie room.
The movie room can accommodate six people in reclining chairs. Other amenities include a wine cellar, a pool table and lounge.
The owner can enjoy ocean views from the rooftop terrace or swim in their infinity pool.
Beside breaking sale records for the year, Pierlusi said the mansion is a key indicator of the “sustained demand for diverse property types” in Puerto Rico.
It “further affirms that Puerto Rico continues to be a desirable destination and a true paradise for those seeking both luxury and a beach lifestyle,” she said.
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