IN THE EARLY EIGHTIES, the then-president of Venezuela decided that he needed a place on the beach. The result became ISLA DE ORO, a members-only Beach Club and Presidential weekend retreat built with government money to what was back then the highest standards of luxury.

For years, the "island of gold" was the President's personal playground. He surrounded himself with the nation's top people: Owners and residents in the private towers included top generals, the governor of the capital, cabinet members, a senator, several congressmen, models, plus famous names from show business, media, banking and private industry.

As soon as the Beach Club was completed, a new nationwide law restricted the height and placement of other oceanfront property to no more than three stories high and no close proximity to the coastline ... turning this property into an exclusive real estate treasure, with towers so tall and so near the waterfront that they can no longer legally be built anywhere else in the country.

As the country's political situation deteriorated, many of the original owners left and a new group of owners took over to keep the Beach Club operating as it deserved. It is today an oasis of peace in a country which has seen its share of political uncertainty, and remains a special getaway destination for escaping to the beach from the nearby capital city.

For value and jurisdictional diversification, a condo here for pennies on the dollar is a unique risk-reward play like few anywhere else right now in the world. HERE'S WHY.