$1.5 million floating home prototype sinks into the water at unveiling

Hopes for the seamless unveiling of an impressive floating home in Panama quickly sank when the structure ended up becoming partially submerged.

If there's one quality you're looking for in a floating home, it's that it floats. Without that, the only home it's really going to provide is one for fish.

You could argue that millions of floating homes already exist in the form of canal boats and fancy yachts designed for living on the water, but this new prototype built by technology company Ocean Builders takes the floating home to a whole new level.

Unfortunately, that level was much closer to the water than intended:

On its site, Ocean Builders explains the SeaPod features 'three half floors' and more than 300 square feet of living space, all housed 7.5 feet above the waves. Prices starts at around $295,000 (£263,000), but can reach up to $1.5 million (£1.3m).

Explaining how the house stays above water, the site explains: "Just like an iceberg, the hidden magic of a SeaPod lays beneath the surface. You have to look deeper. We use over 1,688 cubic feet of air-filled steel tubes which results in so much buoyancy that it is able to push the entire SeaPod up 3 meters above the water. This results in superior comfort and stability because you are floating above the waves."

Footage from the event shows the structure leaning at a dramatic angle, with some people actually on the home slowly trying to make their way back to safety as part of it became submerged.

The company said: "At roughly 4:35pm on Thursday Sept 22nd, our SeaPod experienced a ballast tank and pumping system malfunction which caused flooding in the jacuzzi spar. This flooding quickly passed through to the other spars causing what we’re referring to as 'The Tilt'."

Ocean Builders went on to stress that 'not a single person was injured' in the incident, and that no one 'even got their feet wet'.

"The SeaPod itself has some minor cosmetic touchups that need to be done, there was absolutely zero contamination to the marine environment since our homes are eco-friendly. We are extremely grateful for this because safety is our top priority," the company added.

After footage of the event went viral, Ocean Builders made sure to deny claims that the prototype home entirely sank into the ocean following the initial slip.