Punta Cana Attracts Real Estate Dollars With Celebrity Investors

Oscar de la Renta, Mikhail Baryshnikov and Julio Iglesias living on a Dominican Republic golf course: Sort of sounds like a punchline for a "what do you get when you have..." kind of joke. But it's actually a marketing dream team that's put Dominican Republic real estate on the purchasing map.

These multimillionaires (who happen to be friends) joined forces to do what really rich people (who already top their industries) do second or third best: invest in real estate.

It's what Billy Joel, Sean Combs and "The Real Housewives of New York City" do for East Hampton. Or what Brad Pitt, Angelina Jolie, and Shiloh did for Namibia. And even what Courtney Cox, David Arquette, and Jennifer Aniston and her dog Norman do when they vacation together in Cabo San Lucas, Mexico.

In this case the investment properties are in Punta Cana, Dominican Republic -- the most eastern and most recently developed part of the island -- and the location of the real estate that the celebrities have loaned their name to: Corales.