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

Seller built the home in 2006 after buying the land for $3.2M

Miami /
Feb.February 25, 2021 03:30 PM
1600 Ponce De Leon Drive, Fort Lauderdale (Google Maps)

1600 Ponce De Leon Drive, Fort Lauderdale (Google Maps)

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.





    Related Articles

    arrow_forward_ios
    2855 West Commercial Boulevard
    Cedar Health scoops up Fort Lauderdale assisted living facility for $39M
    Cedar Health scoops up Fort Lauderdale assisted living facility for $39M
    1 East Broward Boulevard in Fort Lauderdale and Pacific Coast Capital Partners’ co-founders William Lindsay, Aaron Giovara and Donald Kuemmeler (PCCP, Google Maps)
    Lease roundup: West Marine moves HQ to Fort Lauderdale
    Lease roundup: West Marine moves HQ to Fort Lauderdale
    Prime Group Holdings’ Robert Moser and the self-storage site at 2401 West Broward Boulevard in Fort Lauderdale
    Prime buys Fort Lauderdale self-storage facility for $35M
    Prime buys Fort Lauderdale self-storage facility for $35M
    Adriana Lilly , Sarah Desamours and Silvia Lopez de Mesa (Native Realty, Douglas Elliman, Getty)
    Movers & Shakers: Native Realty brings in Adriana Lilly
    Movers & Shakers: Native Realty brings in Adriana Lilly
    Rishi Kapoor and Alex Witkoff
    “We’re at the teenage years of Miami”: Next gen developers see opportunity
    “We’re at the teenage years of Miami”: Next gen developers see opportunity
    Air Communities’ Terry Considine with Southgate Towers at 900 West Avenue and The District at Flagler Village at 555 Northeast Eighth Street (Air Communities, Google Maps)
    Air paying $471M for South Florida apartments
    Air paying $471M for South Florida apartments
    Buyers and developers Tal Levinson and Eric Malinasky and the First Eben Ezer Missionary Christian Church at 312 Northwest Seventh Street in Fort Lauderdale (Google Maps, Tal Levinson and Eric Malinasky)
    Developers plan 300-plus rentals on Fort Lauderdale church site
    Developers plan 300-plus rentals on Fort Lauderdale church site
    From left: Fuse Group’s Eyal Peretz and Shimon Elkabetz along with a rendering of The Arcadian project (Fuse Group, TBA)
    Eyal Peretz’s Fuse gets final OK for multifamily near Flagler Village
    Eyal Peretz’s Fuse gets final OK for multifamily near Flagler Village
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...