Tax Breaks Draw Buyers To Puerto Rico As $20 Million Seaside Villa Sets Sales Record

A stunning six-bedroom villa in Puerto Rico has set the island's real estate market ablaze. It recently sold for a record-breaking $20 million. The luxurious property in Dorado Beach's Ritz-Carlton Reserve is now the most expensive property sold in Puerto Rico this year.

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The 14,000-square-foot home boasts jaw-dropping features. These include ocean views, a rooftop terrace, an infinity pool and a movie room with reclining seats. The buyer, whose identity remains undisclosed, reportedly purchased the property fully furnished – paintings, sofas and all. “The home was sold turnkey,” said Blanca Hebe Lopez Pierluisi, head of Corcoran Puerto Rico, the agency that brokered the deal, in an email to Business Insider.

Dorado Beach, just 30 minutes from San Juan, has become a magnet for the rich and famous. It's where luxury meets exclusivity. The gated Ritz-Carlton Reserve community is a gem. It offers privacy, high-end amenities and a slice of paradise. “Celebrities, notable entrepreneurs, renowned athletes, local families and the who’s who of the island frequent or live here,” Pierluisi shared.

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Originally developed by the Rockefellers in the 1950s, Dorado Beach was revamped in 2012 by Ritz-Carlton. The resort now spans 2,000 acres of walking paths, golf cart trails and pristine beachfront.

The villa’s sprawling one-acre lot was a key selling point. "The rarity of finding a one-acre lot within a five-star gated community was a significant factor," said Pierluisi.

What's causing the buying rush on the island? Puerto Rico's Act 60 is driving its luxury real estate boom. This tax incentive program offers U.S. mainlanders who relocate a 15-year tax break, including a 4% fixed income tax rate and up to a 75% reduction in property taxes. While this has attracted wealthy buyers to the island, it has also stirred controversy. Critics argue it contributes to gentrification and economic disparity.

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Still, Act 60 has brought many buyers and boosted the local economy. Billionaires are getting in on the deal – in February, Google's Larry Page reportedly purchased a private island off the coast of PR for $32 million. Pierluisi described the market as “thriving and resilient,” adding, “This record-breaking sale is a strong indicator of the sustained demand for diverse property types.”

So what's inside the villa? The home’s open-plan design stretches across four levels. Its spacious kitchen connects seamlessly to outdoor patios and gardens, perfect for entertaining. Other features include seven bathrooms, a wine cellar and a pool table lounge.

Pierluisi emphasized that the property offers more than just luxury. It provides an unmatched lifestyle. "Puerto Rico continues to be a desirable destination and a true paradise for those seeking both luxury and a beach lifestyle," she said.

With a median listing price in Dorado of $2.4 million – double that of San Juan – the sale of this $20 million villa shows the growing demand for ultra-luxury homes on the island.

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