An Iowa couple chose cash instead of the $2.2 million HGTV Dream Home in 2008; nearly 20 years later, the expanded Florida estate is listed for $11.5 million
Nearly two decades after it was awarded as the grand prize in HGTV’s popular Dream Home sweepstakes, the iconic 2008 HGTV Dream Home in the Florida Keys has returned to the market, this time with a $14.9 million price tag.Originally unveiled as the grand prize in the long-running annual competition, the 3,200-square-foot waterfront home was valued at $2.2 million in 2008. It was won by Iowa couple Stephanie and Tommy Dee, who chose to take the cash equivalent of the prize instead of moving into the property.
From Dream Home to private resort
The 2008 HGTV Dream Home in the Florida Keys is back on the market for $14.9 million. (Photo: Keys Property Visuals)
Since the giveaway, the home has changed hands twice. It was first sold in 2009 before being purchased again in 2021 for $8 million. According to the current listing, the latest owner has transformed the estate into a luxurious “private resort.”The sprawling waterfront property now features three separate buildings: a two-bedroom, two-bathroom main residence, a three-bedroom, three-bathroom guesthouse, and a one-bedroom, one-bathroom media house complete with a two-car garage.
The former giveaway home has been transformed into a luxurious private resort. (Photo: Keys Property Visuals)
The estate also boasts a resort-style backyard with a 100-foot swimming pool, a cabana and panoramic views from all three structures, creating a private tropical retreat in the Florida Keys.
A beloved HGTV tradition
The HGTV Dream Home giveaway has been held annually since 1997, with custom-built homes awarded in destinations across the United States, from Jackson, Wyoming, to Stowe, Vermont.The most recent 2026 HGTV Dream Home, built on the shores of Lake Wylie near Charlotte, North Carolina, was valued at $2.4 million and awarded to Atlanta resident Eileen Reimer.Note – The HGTV Dream Home giveaway offers the winner a choice between taking the fully furnished house package or a large cash alternative payout.
