No one knows if the Lost City of the Atlantis is real or just a myth. But there are some folks in Florida just off the coast of Miami have decided to build their own Atlantis. Part of it is already in place, and we sent NBC's Kerry Sanders 45 feet down to check it out. Good morning, Kerry.

Oh, good morning, this is the gate here to the mythical city of Atlantis. It will cover eventually an entire 16 acres, a huge underwater area, in fact, it will be the largest of its type, costing almost 15 million dollars. How do ya pay for something like that? Well, as the Mafia says, first you gotta swim with the fishes.

In the blue green waters just off the Key Biscayne Florida, the Lost City is under construction. More than 30,000 tons of artwork, including bronze sculpted lions, placed in a precise layout and artists' vision of Atlantis all possible because of what will eventually be cemented into those holes, cremated remains. We are not a cemetery, we are a memorial, and so a memorial city. This is all concrete.

Businessman Gary Levine figures selling underwater plots would no only pay for this project; it'll also turn a heavenly profit.

With the average cost 2000 dollars and 80,000 sets of cremated remains, we're looking at about 160 million dollars.

Cookie idea? You see this, right here, was a big sailfish. N. Laverne Smith who was surrounded her living days with treasures from the sea, at 80 years old, she and her husband bought two plots in Atlantis to continue that theme in the afterlife.

We kind of want in somewhere if our grandchildren and great-grandchildren wanted to come and pay their respect and say hi grannie and papa, they could.

Sculpting this undersea world, artist King Brandout. He says to get this far required environmental approvals from 8 federal state and local government agencies.

If you are lucky enough to get passed all the obstacles, you can make the dream come true. This is one of those examples right here, here and now.

So your ready-made-market in your mind is what? Baby booms?
Baby boomers.
Because? Because there are 50,000 people are weak and dying in United States. And baby boomers are looking for something different? Something very different and money is not the question mark.

And so the cost to be buried here is about twice a normal funeral but for somebody who wants something completely different, I guess this is it. Once a guy might know guys, it is open free for divers anytime you wanna come.

Ha, that's a little weird. Yeah, why not, dive the memorial today...