After 20 years of building multimillion-dollar mega-mansions, real estate developer Frank McKinney is betting $29 million that what luxury home buyers want now are environmentally-friendly estates. His speculative 15,000 square foot mansion, named Aqua Liana, in Manalapan, Fla., will be the first home of its size to be certified green by the U.S. Green Building Council and the Florida Green Building Council. This $29 million speculative mansion in Manalapan, Fla., will be the first home of its size to be certified green. The home is situated at 620 South Ocean Boulevard in Manalapan, FloridaIn addition to eight bedrooms, 11 bathrooms, two elevators, two laundry rooms, two wine cellars (one for red, one white), a movie theater and guesthouse, the house will also have a state-of-the-art air purification system and eco-friendly light fixtures that will reduce energy consumption by 90 percent.
Making this mansion green probably tacked on additional costs of between 7 and 10 percent for McKinney and, ultimately, his buyer. It also required him to explore using different materials than he normally might.
For instance, instead of using a rare Brazilian cherry for the home's hardwood floors, he's using reclaimed teak - thus sparing 7.5 acres of Brazilian rain forest, he said. The house will also have a massive solar panel system (price tag: $120,000), a water system that uses "gray water" from the showers and sinks to irrigate the lawn and gardens, as well as a series of pools, reflecting ponds and water gardens to cool down the 1.5 acre property by 2 to 3 degrees.
The $29 million home is slated to be completed and has been sitting for over a year waitign for a buyer. It's a remarkable leap of faith, but that's just the way McKinney is accustomed to doing business. McKinney recently sold one of his developments, located in Palm Beach, Florida, for about $50 million.
