A villa in Thailand has been declared a luxury property after the owners sold it for $13.5 million.
The property was listed in the Cayman Islands, a wealthy jurisdiction with low taxes and tax-free status, and has a villa kitchen, two bedrooms and a small garden.
The sale price is about $11 million, according to the listing.
A woman who lives in the villa said the sale was done quietly and without a press conference.
The owner of the villas in Bangkok, Thich Pham, told The Associated Press on Monday that he sold his villas because he did not want to put up the huge investment in construction costs, which have been rising at a rate of nearly 10 percent a year.
The Thai government has not issued a statement about the sale.
The villas, which were built in a style similar to a French chateau, were purchased in the early 2000s and are valued at about $2 million, said the woman, who asked to remain anonymous because she did not have permission to speak to the media.
Her husband, a retired army general, had sold his house in Thailand to pay for the construction of the new villas.
The villas are being used as a luxury resort and are part of a larger development in the city of Pattaya, Pattaya province, said a statement by the villabartel, which owns the property.
Thich Phum said he was considering building another villa on the island, but could not afford it because he had invested heavily in construction and other assets.
The island of Phuket is known for its secluded beaches, pristine beaches and natural beauty.
It is home to the popular Phuktah temple, the main tourist attraction, which has been the site of frequent attacks on tourists.
The resort also has the world’s most expensive restaurant chain, The Phukts.
It was not immediately clear whether Phuks or Phan-Thai would get the new property.
In a previous case in Thailand, a villas owner bought an estate in the capital Bangkok and moved it to the island of Koh Samui after a court ordered the property’s sale.
The buyer of the Koh Samu property, a man named Nong-Keng, said he did so because he wanted to make more money.
In another case, a property owner in Bangkok was ordered to sell a villae on the south side of the city.
He did so after a judge said he had sold the property to pay off debts.