"It was a troubled property but it had three miles ofbeachfront," Wright says. "Its appraised value today is at least$40 million, not accounting for the development."

Wright says he was slowly putting plans together when the localeconomy took off thanks to an incredible amount of American capitalcoming into the area in search of beachfront or ocean views."America has a love affair with the beach; there's probably $1trillion of capital looking for beachfront and Hawaii and theCaribbean are too expensive," he says. "The Baja Peninsula on thePacific coast also has been bid up, so I decided to seize theopportunity; we now have 70 employees and will be building these upand down the Pacific coast here."

People can buy a fully furnished Kiana beachfront condo for $250per sf. "That's what's driving this," he says. "I was just in theboondocks of the Bahamas and beachfront condos are $1,000 persf."