A luxurious property in Puerto Rico has just hit the market with a price tag of $44.95 million, which would break the record for the most expensive property ever sold in the U.S. territory. The listing agent, Ricardo Rodriguez of Puerto Rico Sotheby’s International Realty, revealed that the house is located in the Dorado Beach Resort, a high-end community about 25 miles west of San Juan with some of the most expensive homes in Puerto Rico.
The seller, Christopher Harding, is an entrepreneur, professional sports-team owner, and art collector who moved to Puerto Rico in 2018 from Florida. Harding initially decided to move to Puerto Rico for the tax benefits, but he has stayed for the climate, culture, and lifestyle. The property in Dorado was purchased by Harding for $10 million in 2020, according to records. The house overlooks a golf course and is located about 50 yards from the ocean, boasting 5,600 square feet of air-conditioned space, including extensive outdoor patio space, four bedrooms, staff quarters, 15-foot-high ceilings, and a chef’s kitchen.
Mr. Harding has approved plans to add a second floor and rooftop terrace to the house, but decided not to move forward. He filled the house with art from his collection, including pieces by Domingo Zapata, Brendan Murphy, and others. The furniture is included in the sale price, but the art is not.
Despite the steep price tag, Mr. Rodriguez believes that the asking price is justified by massive price appreciation in Puerto Rico in recent years, driven by an influx of buyers drawn by tax incentives and remote work opportunities. In Dorado Beach, the median sales price for the first three quarters of 2022 was $6.22 million, up from $3.4 million a year prior, according to data from Sotheby’s. Furthermore, several homes in Dorado Beach Resort have sold for north of $37 million in the past three years.
The Dorado Beach Resort was originally developed by Laurance Rockefeller, son of John D. Rockefeller Jr., in the 1950s, according to the resort’s website. Owners at the Ritz-Carlton Reserve have access to the hotel’s amenities, which are within walking distance from Mr. Harding’s house.
Mr. Harding said selling the house will be “bittersweet,” but he wants to experience other parts of Puerto Rico, such as Culebra, a small island to the east of Puerto Rico. “I’m in Puerto Rico for the long term,” he said. “It’s the adventure of trying something else out here.”
Currently, an estate on the southeastern side of the island is listed for $48 million, and the island’s sales record of $40 million was set last year, according to the local multiple-listing service. With the influx of buyers drawn to the tax incentives and remote work opportunities, it remains to be seen whether this record will be broken again soon.
