To be gifted doesn’t carry the same meaning and English and Spanish. If you want the meaning of this expression, you’d say ‘está tocado/a por la varita’, but still there’s a confusing expression you might hear people use with two distinct meanings:

1#

Estar regalado can mean something is unreasonably cheap (a bargain):

-¡Mirá el precio de esa tele! Re barata.
-Sí, la verdad que está regalada.

The opposite is ‘un robo’ or ‘un choreo’ (a rip-off):

-¡Mirá el precio de esa tele! Muy cara, ¿no?
-Sí, la verdad que es un robo/un choreo.

2#

The second meaning comes from the idea of something or someone being exposed to theft or robbery:

-No camines por ahí de noche porque estás regalado.

-No saques el teléfono en la calle porque quedás regalado. Te lo sacan al toque.

In football conversations a person may say:

-Mirá qué mal salieron los defensores. El arquero quedó regalado…

Hope you liked learning this today,

Until next time,

You might also want to read these articles:

• Expressions with MIERDA
  As a sequel to our previous post, today we focus on MIERDA and its multitude of meanings.
• The body and bodily functions
  A handy list of things we all do but rarely (care to) learn in a foreign language.
• Spanish Class | SNL
  A fun sketch from Saturday Night Live where students are in class ‘learning’ Spanish.
• How to go about with reading in Spanish
  In this post I want to make you want to read, even if you feel you’re not ready for it.
• Implied subject
  This post deals with a little tweak that can make your Spanish sound more natural —dropping the subject pronoun.
• Start Shadowing now!
  Today I’ll get you started with shadowing, so your Spanish speaking skills go through the roof.