HONOLULU, Hawaii -- A Honolulu realtor said he has found a way to make a piece of a regal mansion affordable by selling parts of a Kahala home to different owners.

Donald Eovino said that the beachfront residence is the first major Oahu property offered for sale under what's called "Fractional Ownership."

Eovino said the idea differs from a timeshare because it is limited to six owners, each of which would buy a deeded, fee-simple share of a single property for two consecutive months a year.

"It makes so much sense because a lot of second home owners only want to use the house for a couple of months out of the year," said Eovino.

Eovino and partners said they offered the house for fractional sale when the $12.5 million price tag failed to attract a buyer -- now they hope to sell each of six deeds for $2.5 million.

"One of the reasons that the market is emerging is that as the prices have gotten higher the affordability of second homes becomes harder to afford," said Eovino.

Some Kahala neighbors said they are worried that fractional ownership might become a trend and change the face of their neighborhood into a wall of party houses. Eovino, however, said fractional buyers are still high-end individuals who will be paying $25,000 annually for centralized property management

"Not to say that they wouldn't have parties, but it is no different than any other normal real estate use," said Eovino. "It is actually a better use of the property because it is more maintained. Its watched over and there is a pride of ownership."

Intervals can be rented out but for no less than 30 days -- as required by Hawaii law for all vacation rentals.