Jamaica: A mansion sold for $7.3 million

A man who spent more than $10 million to purchase a mansion in Jamaica has sold it for $1.5 million, the real estate institute said Tuesday.

The property, located in the rural hamlet of Boulogne, was purchased in 2011 for $3.4 million and is now valued at $7 million, according to the Jamaica Real Estate Institute.

In 2010, a man named Daniel Ponce de Leon bought the home for $2.9 million, but he paid only $1 million for the entire property.

Ponce was sentenced to three years in prison in 2011 and later spent nearly $2 million on legal fees.

He was arrested in February and has been in prison since.