This beautiful villa is one of Puerto Vallarta's newest and most spectacular oceanfront homes. Villa Las Peñas, a 4 bedroom, 3 1/2 bath, 5000 sq. ft. is located six miles south of the city in a sheltered cove overlooking the majestic Los Arcos islands. The magnificent master bedroom/penthouse boasts two private terraces with ocean views, an outdoor jacuzzi, TV, stereo and marble bathroom. Adjoining the master suite is a cozy tropical palapa terrace with hammock, and a bar and dining area. Two bedrooms have private ocean view terraces, while the third has an ocean view and shares a bathroom. The main living area, with white marble floors and oversized sofas, also offers a cozy bar and a dramatic heated infinity pool. It also offers a 2-car garage, two TV's, stereo/CD, air conditioning throughout, and a delightful cook, maid and houseman.