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Taste? It's gone a bit overboard
“They can’t build motor yachts fast enough,” said Colin Squire, publisher of Yachting Matters, the posh owner’s title that is hand-delivered to 3,000 craft around the world. “Buyers will happily pay a premium for a clean second-hand boat, rather than wait five years for a new one.”
The result is easy to spot: 20 years ago, if you had visited Portofino, home to the rich and famous on the northern coast of Italy, you would have seen perhaps two fancy yachts moored in the harbour. Today it is choc-a-bloc.
But while the boats themselves look sleek and refined on the water, a big bank balance doesn’t necessarily bring good taste. Owners have a bad habit of trying their own hand at interior design with all the finesse of a 1970s porn movie. Result: shag-pile carpets, leopard-skin chairs and mirrored cabins.
“You can expect everything from chandeliers to saunas, fish tanks to satin sheets. There are some very beautiful boats out there that look like a horror story down below,” said Squire.
Specialist boat fitters are brought in to cater for the owner’s every diamond-encrusted whim. Features include full-size squash and tennis courts, themed swimming pools with wave machines, cinemas, nightclubs and even an Italian pizza restaurant.
The 150ft Regina d’Italia is one of the most extravagant private ships in the world. The decor was inspired by its owner, Stefano Gabbana, the fashion guru, and is making waves wherever she is sailed. The interior sparkles with gold everything, including the loo-roll holders serving sheets of black paper.
“I don’t think people have any idea of the amount of money that is poured into fitting out these boats. The cost when it leaves the boatyard is nothing compared with the final price when all the luxuries are added,” said Squire.
Most companies that supply superyachts to the mega-rich are based in Europe or the United States, with Italy’s Azimut-Benetti and Germany’s Lürssen dominating the top-end market.
Azimut-Benetti built Nabila, one of the first superyachts, for Adnan Khashoggi, the billionaire Saudi businessman. It starred in the Bond movie Never Say Never Again before being sold to Donald Trump, who added a 150ft extension and renamed it Trump Princess. This year the company handed over Lionheart to Philip Green, the British retail mogul. His 163ft vessel is based in Monaco and was commissioned in time for him to watch the grand prix from the harbour.
Boats measuring more than 100ft usually have five decks above the waterline and two below, with enough space for bodyguards, cooks, waiters and a crew of up to 35.
The broker Camper & Nicholsons claims it currently has an order for a boat that will break all records. Its London-based spokesman Toby Walker was giving nothing away: “It will take four years to build. The confidentiality agreement is enormous and I can’t even tell you the nationality of the buyer.”
The super-vessel could be destined for Roman Abramovich, owner of Chelsea football club, who already has a fleet of four luxury craft. Abramovich, who made his fortune as an oil tycoon, bought his 377ft Pelorus in 2003. It was built by Lürssen, and security features include two helicopter pads, a submarine for detecting limpet mines and a missile-detection system.
The world’s largest sailing yacht at 286ft is the $100m Maltese Falcon, which was launched this summer. Owned by the American businessman Tom Perkins, it boasts a $5m set of sails with sensors that relay atmospheric information to the crew below.
Potential owners, however, should be aware of the full cost of running a boat. This includes paying a full-time crew, fuel, maintenance, mooring costs and insurance.
“On a large vessel this could be several million euros a year,” said Walker. “The good news is that the market is pretty much recession-proof and isn’t affected by interest-rate rises and what is going on in the high street. Swings in the exchange rate can make a difference, though.”
One way of offsetting the monthly bills is to charter the boat out. Fees rarely cover the total cost but can be lucrative if the vessel is moored in prime locations, such as Monaco or the Bahamas.
For those who are tempted to take the plunge, now is a good time to buy before the spring rush. At the “budget” end of the market there is plenty of choice. BCK of Majorca (www.bckspain.com) is selling the 116ft Sirea for £4.7m, complete with a jet boat, Jacuzzi and extravagant interior. More up to date, and new, is Cavendish White’s Planet. At 120ft it has space for eight guests and six crew, spread over three decks. A snip at £6.3m. Log on to www.cavendishwhite.com.
More traditional is the Wyuna, sister ship to the Royal Yacht Britannia. Recently sold by the Australian Maritime College, she is undergoing a £12m rebuild and could be fit for a king in two years’ time. Visit www.super-yachts.com.au.
So what is the most you can expect to pay for a garishly decorated yacht? “The most expensive yachts in the world usually cost about £1m a metre, but the most expensive is not necessarily the largest,” said Amanda McCracken, editor of the glossy magazine Boat International. “In the end a yacht is worth as much as the owner wants to pay.”