Home on the high seas

Without ever leaving their home, Mark and Deb Bennett can spend a few nights in Copenhagen. And Italy. And even Antarctica. Between 2011 and 2012, their residence on the high seas sailed to the seven continents, where adventures included visiting a tropical rain forest and watching walruses in the wild. If the couple feels like staying in, chefs are on standby to whip up cuisine in their home. Or they can choose among the six restaurants that are within walking distance of their one-bedroom apartment.

The Bennetts own one of the 165 private residences aboard the World, the oldest and largest residential ship on the water. Now, two new competitors are on the horizon: the Utopia, a $1 billion, 200-unit residential ocean liner that developers say is about three years from being finished; and the Marquette, a planned $110 million condo boat with up to 180 residences that would travel on inland waters in the U.S.

Owners of the World units, which range from studios to a penthouse with room for 12, pay annual fees of 10% to 15% of the purchase price to cover everything from staff salaries to vessel maintenance. Residences have sold for between $700,000 and $10 million, and some are currently available for resale.

Click here for the full Wall Street Journal report by Dawn Wotapka. You'll also find video, audio and interactive graphics.