La Dolfina Arrives in Punta del Este Real Estate

Cambiaso-Constantini: The Synergy of Sport and Properties.

"It is a pearl within a pearl." This is how property experts at Engel & Völkers Uruguay describe the new La Dolfina Punta del Este project. Boasting 415 metres of Atlantic Ocean frontage, it is nestled within the highly sought-after area of José Ignacio, a former Uruguayan fishing village now known internationally as the "Hamptons of Latin America".

Named after one of the world's most prestigious polo teams, La Dolfina, the project sits along Route 10 between the coastal resorts of Manantiales and José Ignacio—a corridor famous for its spectacular sunsets.

The 145-hectare site was acquired for US$ 11.2M at a Uruguayan government auction in January 2025. The buyers were Argentine property developer Eduardo Costantini and polo player Adolfo Cambiaso, owner of the La Dolfina Polo Team.

Combining premium residences with an equestrian centre, the development aims to cement the area as a top destination for investors and polo enthusiasts. As POLOBIZ previously reported, Uruguay—and this region in particular—is seeing a surge in polo-related investments. This growth is largely driven by recent changes to horse import regulations, making it easier to attract international players and events.

The Costantini-Cambiaso Partnership

Eduardo Costantini, founder of the Museum of Latin American Art of Buenos Aires (MALBA), heads the property firm Consultatio. The Argentine businessman has strong ties to Uruguay, where he is both an investor and a resident of the Punta del Este area. His large-scale development, Las Garzas, set across 240 hectares just minutes from José Ignacio, has been featured in leading global architecture and design publications. His portfolio furthermore includes Oceana Bal Harbour and Oceana Key Biscayne in Miami, in the US.

Meanwhile, Adolfo Cambiaso is not only one of the most prominent players in polo history but has also successfully led several personal property developments. Notably, these include the La Dolfina Polo Ranch estate in Cañuelas, south of Buenos Aires—a vast complex of residences and polo pitches that serves as a global standard for similar projects.

The Masterplan

Although a polo club previously operated on the site, the developers intend to elevate La Dolfina Punta del Este to an entirely new standard. The project features 471 residential plots ranging from 1,000 to 1,500 square metres, with prices between US$ 150,000 and US$ 420,000, depending on size and location. Regarded by Uruguayan property experts as being below market value in certain instances, these prices have already drawn interest from both domestic and international buyers, particularly those with ties to the polo community.

In compliance with Uruguayan laws that provide tax incentives for low-density projects, 80% of the 145-hectare site will be dedicated to green spaces and communal areas.

Planned facilities include a beach club with direct ocean access and a restaurant serving local produce under the direction of an internationally recognised chef, complemented by a network of walking and cycling trails. The architectural design, spearheaded by international firms, focuses on sustainability. It will feature green roofs and recycled water irrigation systems, carefully adapted to blend with the natural dune and pine forest environment.

The core facilities are complemented by a dedicated Kids' Club and children's pool, alongside lounge areas featuring adult swimming pools. Polo will not be the sole attraction; the site will moreover offer tennis, pickleball, padel, and football pitches. The overarching aim is to create a club where well-being is paramount. The wellness area will include massage rooms, state-of-the-art saunas, hydrotherapy, a gym, and an indoor swimming pool open year-round.

On the equestrian front, 12 hectares will be dedicated to stables, a training track, and an operational sector. These will sit alongside an athletic and equestrian circuit, complete with communal spaces ideal for hosting the traditional asado (barbecue). Furthermore, two high-quality polo pitches will be constructed to international tournament specifications.

Equestrian Hub

Adolfo Cambiaso is a regular visitor to Manantiales, located about 15 kilometres from Punta del Este. His father, a Latin American surfing legend, owns a home there, where the family often enjoys water sports along the coast.

Reiterating its core vision, the development seamlessly blends premium housing with elite equestrian facilities, further solidifying the region as a premier destination for investors and polo fans alike. Punta del Este is setting its sights on international recognition within the sport, aiming to rival established locations such as Palm Beach. The recent easing of horse import regulations—implemented by the government of former centre-right President Luis Lacalle Pou and supported by prominent local players like multi-champion David "Pelón" Stirling—is set to transform Uruguay into a natural, world-class hub for polo, akin to Sotogrande in Spain or Wellington in the US.

Punta del Este already serves as a crucial international meeting point, attracting a large number of foreign visitors each year who view the polo season here as a central part of their itinerary.

Project stakeholders informed POLOBIZ that foreign investors are in talks with the Maldonado municipality—the authority responsible for approving building works—to develop additional polo-related ventures in the area. Should these materialise alongside existing summer tournaments, Punta del Este could seamlessly extend the Argentine Triple Crown polo season, which concludes every December. The current trend shows an increasing number of team patrons and players moving to Uruguay to play while destinations in Europe and parts of the US are in the grip of winter.

"In two or three years, Punta del Este will be the new Careyes for those of us Californians who used to spend the winter playing on the Mexican coast. It offers safety, great weather, expansive beaches, and the chance to play alongside the best players from Argentina," a Santa Barbara-based patron told POLOBIZ.

This year, tournaments have featured participants from England, South Africa, Brazil, the US, India, Australia, the Netherlands, Chile, Mexico, New Zealand, and various Arab nations. Beyond polo matches, Punta del Este hosts significant horse parades and auctions, while the capital, Montevideo, stages the country's most important  event in horse racing, the Gran Premio José Pedro Ramírez, every 6th of January at the Maroñas Racecourse.

The Launch

Following its presentation to the press, La Dolfina Punta del Este has generated substantial interest among high-net-worth individuals, largely driven by Cambiaso's prestige and the site's strategic location. Property market analysts suggest that the combination of competitive pricing and flexible payment terms is likely to accelerate sales. The project aligns perfectly with the growing trend of regional property developments that merge exclusivity with nature and sporting activities.

Eduardo Constantini highlighted the project's immediate success, with 75% of the plots already sold during the pre-sale announcement.

According to consulted property sources, only very few plots are still available. The financing plans have been designed with flexibility in mind: prospective investors provide an initial payment of 30% of the total value upon signing the preliminary contract, with the remaining balance payable in up to 60 fixed monthly instalments in US dollars.

The Estate's History and the Conflict

The "El Entrevero" (The Tangle) estate carries a history tied to the Argentine judicial case known as the "K Money Trail." Launched in 2013, the investigation exposed a money-laundering network and the diversion of public funds by businessmen closely associated with Néstor and Cristina Kirchner (Presidents of Argentina between 2003 and 2015), who were convicted of moving millions in illicit funds to tax havens.

Lázaro Báez, a former construction entrepreneur and central figure in multiple Argentine corruption scandals, is currently serving a combined 15-year prison sentence. The Argentine courts defined the relationship between Báez and the Kirchner family as a criminal enterprise aimed at defrauding the state and laundering money.

The saga of the "El Entrevero" land began in 2011 when associates of Báez sought ways to channel the businessman's fortune. At the time, the property was reportedly purchased for approximately US$ 16M through a corporation linked to Báez, using funds that the courts later proved were derived from money-laundering operations.

The transaction involved transfers through financial institutions in Buenos Aires, along with a cash deposit of between US$ 400,000 and US$ 500,000. Following a formal complaint from Argentine legislators in 2018, the Uruguayan Specialised Court for Organised Crime seized the land. Báez was ultimately sentenced for money laundering directly linked to the purchase of this estate.

Confiscated by the Uruguayan courts, the property was handed over to the National Drug Board's Confiscated Assets Fund. In January 2025, it was put up for auction before a packed room at the Jean Clevers Hotel in Punta del Este.

Around ten interested parties had pre-registered for the event. Participants were required to place a US$ 10,000 deposit to bid, which was refunded immediately after the auction closed. The starting bid, set by the Uruguayan court, was US$ 3.5 million.

The winning bid was placed by the Uruguayan subsidiary of Consultatio. This sale officially transferred the property to the Costantini-Cambiaso partnership, signalling the start of a fresh chapter for the estate.

It is important to note that neither Costantini nor Cambiaso has any connection to the land's controversial past or any involvement in the aforementioned judicial cases. On the contrary, the former "El Entrevero" site is being entirely repurposed into a premium development designed to attract polo enthusiasts from across the globe. Ultimately, Cambiaso has a proven track record of turning his professional and property ventures into undeniable successes.

• Explore the project renders and masterplan on POLOBIZ Instagram.