Floating Luxury: At Home ... On The Water

(CBS)  Rollin and Amy Wittington have no complaints about their second home - and why should they? It has a commercial-style kitchen with a big refrigerator and double ovens, five bedrooms and marble baths.

The laundry room "has plenty of working area and all kinds of cabinet space," Rollin says.

From the magnificent to the mundane and the water views, their house isn't exactly on the water - it's in it.

The Wittingtons are living large in a maritime McMansion -- a million-dollar custom-built 2,300-square-foot houseboat in Lake Cumberland, Ky.

"How is it on gas?" asks CBS News correspondent Richard Schlesinger.

"Two gallons per mile, maybe, if you're lucky," Rollin says.

Steve Lochmueller depends on the lucky few who can afford these boats to keep his business afloat. If you want it, he can build it

"We've done atriums, we've done elevators, we've done solar panels," and he says he'd even try a bowling alley if asked.

There is nothing about this industry that's mass market. Just two-tenths of one percent of the people who buy recreational boats buy houseboats, and just a tiny percentage of those people buy the monster mansions.

From the hull on up, each boat is built to suit the owner's taste and is ready to sail in just 12 weeks.

"This is bigger than my apartment in New York, much bigger," says Schlesinger.

"And your apartment in New York probably cost more than this, Richard," Lochmueller replies.

Maybe. Maybe not. But this is still no bargain. The houseboats cost anywhere from $500,000 to $1 million.

It is money well spent, say the Wittingtons, who could probably afford to spend their vacations on the French Riviera ... if only they wanted to.

"So this is sort of your Riviera" asks Schlesinger.

"Yes," Rollin says. "The Cumberland Riviera."

[jerry_harden]

We''re one row over from Rollin and Amy at Lake Cumberland and built a 2006 Sumerset. We have a much more modest houseboat at 1,500-square-feet. Rollin and Amy have a very beautiful houseboat. The reality is that there are a great number of more modest houseboats where the owners do consider the overall cost of ownership. In my experience houseboat ownership parallels other second-home options. Just like any other living option; you have basement apartments to penthouse condos. You can have a home on the water with a more modest approach. And, I might add, have just as much fun...

[jerry_harden]

We''re one row over from Rollin and Amy at Lake Cumberland and built a 2006 Sumerset. We have a much more modest houseboat at 1,500-square-feet. Rollin and Amy have a very beautiful houseboat. The reality is that there are a great number of more modest houseboats where the owners do consider the overall cost of ownership. In my experience houseboat ownership parallels other second-home options. Just like any other living option; you have basement apartments to penthouse condos. You can have a home on the water with a more modest approach. And, I might add, have just as much fun...

[jerry_harden]

We''re one row over from Rollin and Amy at Lake Cumberland and built a 2006 Sumerset. We have a much more modest houseboat at 1,500-square-feet. Rollin and Amy have a very beautiful houseboat. The reality is that there are a great number of more modest houseboats where the owners do consider the overall cost of ownership. In my experience houseboat ownership parallels other second-home options. Just like any other living option; you have basement apartments to penthouse condos. You can have a home on the water with a more modest approach. And, I might add, have just as much fun...

[jerry_harden]

We''re one row over from Rollin and Amy at Lake Cumberland and built a 2006 Sumerset. We have a much more modest houseboat at 1,500-square-feet. Rollin and Amy have a very beautiful houseboat. The reality is that there are a great number of more modest houseboats where the owners do consider the overall cost of ownership. In my experience houseboat ownership parallels other second-home options. Just like any other living option; you have basement apartments to penthouse condos. You can have a home on the water with a more modest approach. And, I might add, have just as much fun...

[mitywhity]

I think it is understood that if these minor expenses are a problem then you should not even be on the water. Cadillac once sent you an invitation when they felt that you had reached a comfortable position in life and could afford to own one of their fine automobiles. Today we find the most expensive of automobiles parked in front of the tackiest trailers thanks to creative financing. Clearly a problem as it distorts the market. The current foreclosure "crisis" is evidence of people financing their way into status that they have not achieved. So, your comment is the typical "If you have to ask, then you can''t afford it" mentality who feel like they must have a say even where it doesn''t concern them.

[donbl1]

They did not go into the maintenance and average monthly fees to live in one of these.......

Hull detereoration
Docking fees
Painting
License
Machinery maintenance
etc.

[mitywhity]

How sweet it is! I have a bota on Allatoona and Lanier in Georgia and in Tampa - it truly makes for an anxious winter when you want to get back out on the water! They didn''t mention that there are some fantastic house boats to be had on the resale market and some people buy a boat through a private "timeshare" agreement. There are lots of ways to get yourself afloat in one of these babies.