Tech company founder sells waterfront Fort Lauderdale mansion for $17M

The founder of a technology firm and his wife sold their waterfront Fort Lauderdale mansion for $16.8 million, a nearly 50 percent discount off its original listing price nine years ago.

Records show Donald K. and Rebecca M. McKinney sold the home at 1600 Ponce De Leon Drive to PC UT Holdings, a Delaware corporation.

Rachel Alexander of Whitaker Realty, the buyer’s agent, said the true buyer is from out of state, but she declined to provide further details.

Donald McKinney founded International Network Services, a Mountain View, California-based network consulting and security services provider, in 1991. According to the New York Times, Lucent Technologies bought International Network Services in 1999 for $3.7 billion in stock. After the deal, McKinney’s stake was worth nearly $1.2 billion.

McKinneys bought the Fort Lauderdale property, under a trust, for $3.2 million in 1999. Records show the trust filed to construct a new home in 2003. The home was finished in 2006.

According to Realtor.com, the current 12,476-square-foot mansion was first listed in 2012 for $32 million. The most recent asking price was $18.9 million in November. Julie Jones-Bernard with Florida Luxurious Properties had the listing.

The property has eight bedrooms, eight bathrooms and three half-bathrooms, according to the listing. Landscaped by Raymond Jungles, the 1.9-acre property has 500 feet of water frontage. Records show it also includes a guest house.

Among other recent waterfront sales in Fort Lauderdale, the owner of a barbershop for men bought a mansion for $7.3 million, and the founder of BurgerFi sold his waterfront property for $7 million.