$30 Million Home in Dorado

The property was sold for $30 million to a family from California.

The most expensive home in Puerto Rico was sold last week for $30 million, according to Mansion Global.

The property, located in the municipality of Dorado, has a large number of amenities and is near the Ritz-Carlton Reserve.

According to the portal, the house was sold by Oriana Jovieler and had been in the market since last year. The property was acquired by a family from California that will move soon to the island.

The home features a spa that was completely built to replicate the famous spas at the Ritz Carlton Reserve, and the massage rooms used volcanic rocks, said Ms. Lonergan, one of the property's former owners.

Moreover, Lonergan explained that the house was built with all-natural local materials, including hardwood floors, wooden beams, and sand and stone walls. The furnishings in the house were also created by local artists and included in the sale.

The property has nine rooms and 12 bathrooms.

The purchase of this house arises in the midst of the controversy caused the implications of the Law to Encourage the Transfer of Individual Investors to Puerto Rico, known as Act 22 of 2012.

THE WEEKLY JOURNAL previously reported that, in December 2019, the Internal Revenue Service (IRS) conducted an analysis on these investors —which was revealed in October 2020— and concluded that the hundreds of Americans who had moved to Puerto Rico had stopped paying millions in contributions to the federal treasury.

Act 22 encourages individuals who have not been residents of Puerto Rico for the last 15 years before the approval of the law, and who maintain investments in or outside the U.S. mainland, to establish residence on the island. To incentivize the arrival of these investors, the law exempts them from the payment of tax for passive income: interest, dividends and capital gains on the sale of shares, cryptocurrencies, etc.

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