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The 50 most expensive yachts for sale now

How much does a superyacht cost? The answer is not so simple. Much like a luxury watch or car, the asking price depends on a variety of factors such as age, pedigree and finish, with the largest and newest vessels peaking into the hundreds of millions. To give you a better idea, BOAT International rounds up the 50 most expensive yachts currently listed for sale, starting with the 105.3-metre H3 ...

Builder : Oceanco Length : 105.3m Designers : Reymond Langton Design , Lateral Naval Architects

The most expensive superyacht for sale is H3 . What began as a refit project escalated into a three-year rebuild that completely transformed the 95-metre Indian Empress. Twenty two years after her initial delivery, she was relaunched as the 105.3-metre H3, with virtually nothing left from her original design except the hull (which had also been extended a further 10 metres). This "rebirth" won her international acclaim and a World Superyacht Award . Her amenities are too numerous to mention but some standouts include a large pool with a waterfall feature, a huge spa and wellness area with a hairdresser and nail salon, a gymnasium and a climate-controlled winter garden in the owner's suite.

More about this yacht

Builder : Lürssen Length : 91m Designers : Reymond Langton Design

Lady Lara joined the market in September 2023, marking the first time she had been available for sale since her delivery in 2015. She boasts a range of entertainment amenities, including two swimming pools – the largest of which can be transformed into a dancefloor – and a custom surround sound set-up. The second pool is found on the sundeck with a swim-up bar, with a large daybed and sunlounger also on this level. Accommodation is for a total of 16 guests across eight cabins and the master suite is positioned on a dedicated owner's deck. It includes a private exterior terrace accessible from the cabin, a library, his and hers bathrooms and dressing rooms.

Yachts for sale

Here comes the sun.

Builder : Amels Length : 89m Designers : Tim Heywood , Azure Yacht Design and Naval Architecture , Winch Design

Here Comes the Sun was delivered in 2017 as the flagship of the Amels fleet, a title that she has held for the past six years. She was commissioned by a repeat client with a penchant for The Beatles and has an exterior and interior from the boards of design royalty: Tim Heywood and Andrew Winch . Her outdoor spaces are certain to impress, housing a two-metre-deep swimming pool with contraflow jets and a beach club and bar that leads into a wellness centre with its own sauna, massage room and beauty salon. A full rebuild in 2021 won her a Neptune at the World Superyacht Awards .

Builder : Oceanco Length : 90m Designers : Luiz De Basto , Azure Yacht Design and Naval Architecture , Nuvolari Lenard

DAR was delivered in 2018 and won Motor Yacht of the Year "by a good margin" at the World Superyacht Awards the following year. Standout features include an owner's deck – complete with private saloon and Jacuzzi – as well as a wellness area, with Hammam, sauna and massage and beauty room. The upper deck sports a fresh water pool with counter current and the yacht also has a gymnasium with floor-to-ceiling windows. A six-person elevator serves all guest decks, with an owner's party of up to 14.

Yachts for charter

Builder : Lürssen Length : 114.5m Designers : Tim Heywood , Terence Disdale

Pelorus was delivered in 2003 as the 11th largest superyacht in the world and easily the largest yacht to be built by Lürssen at the time. She was commissioned by a Saudi businessman who enjoyed a single cruise aboard his new vessel before a new buyer made an offer too good to refuse. Exterior designer Tim Heywood stocked the yacht with a top deck lido featuring two swimming pools, two helicopter pads and a vast sea-level platform that is revealed by opening the transom. The immense task of designing the interior was carried out by Terence Disdale, who opted to use natural materials wherever possible to maintain a "casual" atmosphere to offset the yacht’s imposing frame. Pelorus can welcome 18 guests with room for an additional 46 crew members.

Builder : Feadship Length : 83.5m Designers : Feadship De Voogt Naval Architects , Cristina Gherardi Design

Savannah 's boundary-pushing design landed her the Motor Yacht of the Year Award at the World Superyacht Awards in 2016. She was the first superyacht to receive a completely metallic paint job and was equipped with a first-of-its-kind hybrid power plant, making Savannah one of the first truly "eco-conscious" members of the international fleet – though she's more popularly known for her Nemo Lounge. Another first, the lounge is designed with a semi-submerged sheet of glazing that provides an incredible view beneath the waterline. The glass wall is also fitted with a drop-down screen for impromptu cinema nights. 

Builder : Benetti Length : 107.6m Designers : Reymond Langton Design , Giorgio M. Cassetta , Zaniz

With rotating seating areas, an interactive, 18-metre-high forest wall and 800 square metres of windows, Luminosity set a new standard for yacht design when she was delivered in 2022. Accommodation is across an impressive 11 cabins, not including the dedicated owner's deck with its own helicopter pad.  Meanwhile, her counter-flow swimming pool is the exterior centrepiece, kitted out with underwater speakers, an adjustable bottom and a custom chandelier inspired by a diamond. An accompanying four-degree plunge pool is decorated with on-theme visual cues such as mirror-backed acrylic "ice-cubes".

Builder : Lürssen Length : 74m Designers : Winch Design

Constructed to Lloyd’s classification, Aurora ' s key figures include an impressive volume of 2,113GT (split across four decks) and a beam of 13.2 metres, while a crew of 22 waits on an owner’s every need. 1920s Art Deco-inspired interiors house up to 16 guests in eight stately cabins. Among these is the private owner’s suite which features wraparound views and access to a private lounge foredeck. She also features an intimate top deck observation lounge with a daybed and a lounge with three bar stools forward, while a gym and Jacuzzi are found aft.

Builder : Lürssen Length : 90m Designers : Winch Design

Phoenix 2  takes a page (or two) from Art Deco styling with her cherry velvet flooring and gilded details. The owner commissioned Winch Design to create her intricate cityscape-inspired design concept, including a 5.7-metre phoenix figurehead modelled after the Chrysler building's mounted eagles. Roaring highlights include a sommelier room, multiple swimming pools, a plush cinema room and a custom Steinway for some musical accompaniment at mealtimes. Accommodation is for up to 14 guests in seven cabins, including a full-beam owner's cabin accessible via a glass spiral staircase.

Builder : AKYACHT Length : 85m Designers : Michael Leach Design , Marco Yachts , H2 Yacht Design

After beginning life as a 77-metre explorer 14 years ago, the completion of Victorious was long-awaited. Key features include an indoor pool in the beach club, cocktail lounge, observation saloon and a wine and cigar “clubroom” which features its own fireplace. Accommodation is for 24 guests in 12 cabins, with further quarters for a crew of 22. The owner's suite is located up on the bridge deck and benefits from direct access to the Jacuzzi and sunpads aft. On the foredeck is a "touch-and-go" helipad that can also be used as an entertainment space.

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A Look Inside a $100 Million Superyacht

Wealthy boat owners are trading life on land for the high seas—but some are finding living on a large yacht for months on end comes with a cost

Vural Ak, 54, a Turkish entrepreneur and speed enthusiast whose interests include a rental car company, agricultural businesses and a motor sport racetrack, completed his superyacht, the roughly 280-foot motor yacht Victorious, last year.

Superyachts are generally defined by brokers as those over 25 meters in length.

Mr. Ak, who normally lives in Istanbul, said he intends to spend four or five months a year on the boat and, as such, like many other yacht owners, is looking to maximize its autonomy.

The main corridor

The nearly 280-foot -long superyacht is designed to appeal to Mr. Ak's family as well as to charter passengers.

A children's playroom

The long-distance Victorious has a range of about 15,000 miles and enough refrigerated food storage and freezers to provision for six months at sea.

A lounge on the upper deck

It has a gentleman’s club with a wood-burning fireplace, a beach club, a gym, a massage room (pictured), a beauty salon, a hammam and a flexible workspace that can be transformed into an entertainment area.

The cost: roughly $100 million.

He purchased the incomplete yacht from Graeme Hart, New Zealand’s richest man, in 2016, he said.

The master cabin

Then, struggling to find a shipyard that could complete the boat to his desired specifications, he eventually resorted to starting his own shipbuilding company in Istanbul.

The main stairs

His wife, Nur Ak, and friends thought he had lost his mind, he said.

A bathroom on board

But the new venture has given Mr. Ak a front-row seat to the frenzied state of the yachting world.

After taking his boat to a yacht show in Monaco earlier this year, he entered contract talks to build four yachts, a striking wave of demand for such a new company.

Storage for sea toys

Meanwhile, he’s finding that “the logistics chain is nearly broken,” he said. “You order something and it comes only after many, many months,” he said.

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SYNTHESIS Yacht – Stunning $100 Million Superyacht

The yacht is an Amels 242 model and was delivered from the shipyard in 2021 featuring interior design by Winch Design.

The exterior is designed by Tim Heywood Design. The yacht is the epitome of luxury, and features multiple elements that make her the ultimate wellness centre on the water.

SYNTHESIS yacht interior

The interior of the SYNTHESIS yacht is designed by Winch Design , a British design house. The yacht has accommodation for 12 guests in 6 cabins. The configuration of the suites is 1 master suite, 2 VIP rooms, and 3 doubles.

There is accommodation for 19 crews. The yacht is all about luxury in combination with wellness.

The award-winning ship has a Jacuzzi, hammam, and sauna with an outside window to watch the views outside the yacht, and a massage or a beauty room.

The Jacuzzi area is surrounded by sun pads and is elevated so guests can enjoy the sea views.

There is also a juice bar onboard. The yacht has wonderful living and dining spaces with glass windbreakers for uninterrupted views of the ocean views.

The ship features a unique foldable sea terrace that folds down from the starboard side. The beach club offers an indoor/outdoor area for guests to enjoy. The guests can jump right into the ocean from the swimming platform.

There is also an external stairwell that connects the sea terrace to the main deck and the swimming pool. The swimming pool is surrounded by coffee tables and seating for guests to enjoy.

The swimming pool also features a counter-current jet so guests can swim laps in the 6.7m pool. The garage is filled with water toys and tenders for guests to enjoy the water below.

The exterior of the SYNTHESIS yacht features a design from Tim Heywood Design . She is an Amels 242 model and was delivered from the Amels shipyard in 2021.

She features underwater lights and a string exterior with a white steel hull and aluminum superstructure and teak decks. She underwent a refit in 2021 as well.

Specifications

The SYNTHESIS yacht has a length of 74m, and a beam of 12.46m with a draft of 3.85m. She has a cruising speed of 14 knots, and a maximum speed of 17 knots thanks to her twin Caterpillar engine.

She has a displacement of 1790 gross tons and a range of 5000 nautical miles. She was built to a Lloyd’s Register classification society rules.

The $100 million yacht has an annual running cost of $5 – $10 million.

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A Saudi billionaire is selling his palatial $100 million superyacht after it was vandalized by an angry mob in France with red paint and garbage. The vessel, longer than an Olympic-sized swimming pool, features a helipad, a massive beach club, a movie hall, and a cards room.

Correction – An earlier version of this article claimed that Sheikh Fahad al Athel has a home in Cologne, Switzerland. It is in fact Cologny, Switzerland a community in the canton of Geneva. We apologise for the error and thank our readers who pointed it out. This news article has been updated on 31st May 2023 at 1.10 am EST to reflect the change.

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Why buy a superyacht when you can permanently live on a megayacht twice the size of Jeff Bezos’ Koru? This 1063-foot long Goliath will feature 132 cabins, multiple swimming pools, world-renowned chefs, a wine cellar, submersibles, and a well-equipped medical facility.

Billionaires may soon be able to rejuvenate in AI-driven wellness centers onboard their superyachts

The auction of the $120 million Alfa Nero superyacht begins today as no one claimed ownership of the 267 feet long vessel from Antigua and Barbuda authorities

Anant, the youngest son of Asia’s richest man, Mukesh Ambani, turned heads as he hand-delivered his wedding invitations in a brand new custom Rolls-Royce Cullinan worth $1.5 million, escorted by a convoy of personal bodyguards in G-Wagens.

LVMH’s Bernard Arnault breaks the Internet by flexing his ultra-rare Patek Philippe.

The Redskins owner is getting a $100M superyacht that will have its own Imax cinema

French billionaire, who is an heir to the Hermès fortune, wants to adopt his 51-year-old former gardener as his son and leave him half of his $12 billion fortune

Belonging to a Walmart billionaire heiress, the $300 million Kaos is not just the largest superyacht owned by a woman, but also one of the most controversial vessels afloat today.

From floating cities to Immortality – Take a look at the outlandish, absurd yet meticulously planned dream projects of the ultra-rich that will make you forget hyperloops and rockets.

See inside President Vladimir Putin's opulent $100 million superyacht

• Russian President Vladimir Putin spent $32 million refitting a superyacht, a new report suggests.
• The yacht, called Graceful, was renovated while Russian soldiers were fighting in Ukraine.
• Photos of the vessel were shared by an investigation from dissident Alexei Navalny's team.

While his troops flooded into Ukraine, Russian President Vladimir Putin was spending millions of dollars on an opulent refit of one of his superyachts, according to an investigation from opposition leader Alexei Navalny's team.

The imprisoned anti-corruption campaigner's team released plans for the yacht called Graceful and said to belong to Russian President Vladimir Putin, that show a helipad, a sauna, an indoor swimming pool that can convert into a dancefloor, and an elaborate dining room with seating for 12 people.

Photos of the lavishly decorated interior also show marble bathrooms, champagne-colored carpets that cost as much as $88,000, and lavish bedrooms containing beds worth around $34,000.

The investigation also shared pictures of an elegant bookcase that it said contained a photo album of Saint Petersburg, a Russian-German dictionary, and a book about former Russian Prime Minister Pyotr Stolypin, assassinated in Ukraine in 1911.

The total cost of the works came to $32 million, according to the investigation.

"Half of the country is forced to raise money for underwear and socks for mobilized soldiers and to make trench candles, while the person who unleashed this war spends three billion roubles just on repairs and purchases for his yacht," the report says.

The 269-foot yacht, which left Hamburg, Germany , just before Russia's full-scale invasion of Ukraine in February 2022, is worth around $100 million.

The Navalny team also published an email from January 2022 to the managers of the Blohm & Voss shipyard, which says that the "owner of Graceful is not happy with refit execution."

"They are dissatisfied with delays in construction schedule," it continues, before adding that the "owners wish to remove Graceful on 01 of February to Russian Federation to complete refit."

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The message also mentions concerns about potential delays caused by rising COVID-19 cases and asks the shipbuilders to "accelerate all works which may interfere with Graceful sailing out on 01 February."

The ship was finally seen departing Hamburg on February 7 as it made its way to Kaliningrad, Russia.

The vessel has been under investigation by the US Department of the Treasury's Office of Foreign Assets Control since last year.

"OFAC is identifying Russia-flagged Graceful and Cayman Islands-flagged Olympia, as blocked property in which President Vladimir Putin has an interest," the US Treasury website said in a June 2022 press release.

"While the leader of Russia, Putin has taken numerous trips on these yachts, including a 2021 trip in the Black Sea where he was joined by Alyaksandr Lukashenka, the OFAC-designated corrupt ruler of Belarus, who has supported Russia's war against Ukraine," it adds.

The Navalny team also highlighted a phone shown in one of the photographs of an office on the yacht in which a "Prestige-CB" telephone can be seen.

The report says that these phones, which have no buttons and are decorated with the Russian coat of arms, are used for "top secret" state communications and cannot be bought by the general public. It adds that Putin has the same phone in all of his offices.

The Russian president is reportedly also the owner of the 450-foot, $700 million Scheherazade , one of the largest yachts in the world. The superyacht was impounded in an Italian port last year due to its connections to the Russian government.

Putin is also thought to be the owner of a smaller, Cayman Islands-flagged yacht called Olympia, a gift from the billionaire Russian oligarch, Roman Abramovich.

Watch: Inside Putin's secret bunker and billion-dollar palace

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Costs of food provisions will vary dependent upon how eloborate food Preferenaces are

Location will play huge factor in food provisons and thing may have to be folws into remorte locations.

Crew is one of the largest expenses on a superyacht and critical to the owner’s enjoyment of their vessel. As the largest crew agency in the world, we know crew. Our cost calculator contains customized crew lists for yachts ranging from 80ft to 600ft with salary information based on our reference verified salary data.

Our users also have the ability to completely tailor the crew list to the specific needs, schedule and requirements of their vessel. Each yacht is unique and may have specific owner requests in addition to the yacht’s safe manning requirements.

Management of the supplemental crew costs and strategic budgeting can help avoid significant overspend on categories such as food and uniform. This tool contains default values based on our industry expertise and recommended budget for an efficiently and safely run superyacht.

To learn more about each crew position in detail, including salary ranges, please visit our yacht department directory .

Drag the sliders to modify your results. These are not linear scales and we expect most yachts to operate within the 20-80% window. Above 80% and below 20% costs increase or decrease at exaggerated levels and we only see numbers in these levels in very rare circumstances.

This sunburst diagram is interactive. You can click into each block to see the expense break down and mouse over each block for more details.

Our chart of accounts displays seven major categories, 20 sub-categories plus a further 80 detail categories for a total of 107.

Our yacht operating cost calculator is now on it’s third major revision. We start with actual yacht expense data from our yacht management accountants and then generate formulas to extrapolate out the budget for a wide range of yachts. We have been providing accounting services to large yachts for the past 18 years.

Our operating cost calculator is tuned for yachts from 80 to 600 feet. We find operating variables create the largest variances for yachts smaller than 100 feet and larger than 250 feet. We have tested the numbers the most in the range from 100 to 250 feet.

Our budget calculator factors in the fuel burn for a range of engine sizes typically seen installed on yachts by length. By dragging the green “fuel dockage” slider to the right you will increase the projected fuel burn rate and therefore the budget cost for fuel. Our default position would be for a typical displacement fuel burn. Position the slider in the 60-80% range for fuel projections for planning hulls.

Our default values produce a budget number that we believe is generous to run a yacht to a high standard. Perfect is a very expensive word to use in the yachting industry where standards are already high. Moving the crew and maintenance sliders to 80% will provide an “industry best” quality of crew and give them the maintenance budget to operate to a very high standard. If you need to go over the 80% area then you may have unusually labor intensive equipment on the yacht.

Yes, our yacht operating cost calculator can output a budget suitable for this situation. Adjust the owner use to 2 (minimum value), owner slider to 0, crew slider to 10%, Administration to 10%, Fuel and Dockage to 0, Maintenance to 10% and then Capital Repairs to 0. This will remove all of the large charges associated with owner use and vessel movement but leave the essential base maintenance and insurance in place.

Lift on and float in yacht transport is a popular way to transport yachts across large ocean passage. The yachts that this service certainly applies to are ones that may not have the motoring range or structural integrity for blue ocean cruising. The cost of transporting a yacht twice per year is put into our budget once the “Fuel Dockage” slider hits 75%. If your yacht has the range we recommend self-sufficient ocean passages whenever possible. Whilst the transport companies sell their services based upon reportedly well oiled operated schedules the reality is that your yacht may stay waiting for pickup for a week or more with no compensation due. When factoring in all secondary factors of self-sufficient passages (increased fuel, maintenance, potential storm damage, crew time off, extra delivery crew) compared with transporting your yacht (insurance, potential loading / unloading damage, loss of schedule control, no work whilst underway, crew flights, crew accommodation) we believe that there is a 100% premium associated with float in transport and a 75% premium with lift on transport compared with self-powered.

Abandoned yachts crash in value. We recommend that even if you are trying to sell your yacht that you use the yacht for a minimum of two weeks per year so that systems are tested and working every six months. There is nothing worse for a yacht than not being used. If you truly are not going to use the yacht then you should sell it immediately for the first genuine offer as every dollar you put into maintenance will not be recovered at the time of the sale.

We did not build this version with sailing yachts in mind. Early in our development of this version we decided to exclude sailing yachts as a few of the major cost drivers scale very differently for sailing yachts compared with motor yachts. For example: To calculate paint costs we reviewed the surface area of over 100 large yachts and created a formula for painted surface area to length. Sailing yachts just don’t scale in a consistent way. Similarly crew numbers don’t scale in the same manner that they do for motor yachts. If there is sufficient demand we may build a sailing selector switch into a future version of this tool.

We hate to hear when yacht owners were told by their broker to factor in 10% of the purchase price to operate the yacht. This over used saying is sadly right occasionally (particularly for newer yachts in the $20-30M range)… but just because a broken watch tells the right time twice a day you shouldn’t rely upon it to tell the time. As yachts get older their capital value decreases but their maintenance costs increase. There is no way that a fixed 10% of purchase cost rule can be true… if your broker told you this rule then you need a new yacht broker… we know some good ones. 😊

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Why A Doomed $325 Million Saudi Superyacht Had A Mysterious Hidden Compartment

Even billionaires have their secrets...

Image: BOAT

We’ve seen plenty of big-money superyacht stories here at DMARGE — take the slew of controversy around Jeff Bezos’ $700 million passion project or the $3 billion superyacht-submarine as prime examples — but this retro yacht puts nearly every other vessel to shame thanks to its unrivalled opulence and salacious secrets…

Adnan Khashoggi — the Saudi billionaire arms dealer — was a man whose luxury tastes were as infamous as his business dealings. At the height of his wealth in the 1980s, he was one of the richest men on the planet, with an estimated net worth of US$4 billion (that’s closer to US$16 billion today, adjusted for inflation). This fortune and the tastes of the man behind it were embodied by his purchase of what was unarguably the most luxurious yacht of its time: the Nabila .

Nabila : Raising The Bar

In 1979 the Cold War reached a fever pitch and a slew of global conflicts came with it, For most, this was bad news, but for an arms dealer and his chosen shipbuilder, it provided the perfect opportunity to change the world of luxury yachting forever. Nabila — a 282-foot masterpiece launched from the Benetti shipyard in Viareggio, Italy — was named after Khashoggi’s daughter.

Designed by the renowned Jon Bannenberg, the Nabila was an engineering marvel with suitably over-the-top aesthetics to match. It featured five decks, 11 suites all named after precious gems, a fully equipped hospital, a three-chair hair salon, and a cinema with an 800-film library. As with all superyachts, we can comfortably conclude that the Nabila was more than just a yacht; rather, it was a mobile symbol of Khashoggi’s immense (perhaps excessive…) wealth and influence.

A Glimpse Into Khashoggi’s Kingdom

Step aboard the Nabila , and you would quickly notice that the interiors were adorned with gold, diamonds, and chamois leather. One room even featured chinchilla bedspreads, while another boasted enormous marble bathtubs with golden taps. The pièce de résistance, however, was undoubtedly Khashoggi’s owner’s suite — a lavish sanctuary that boasted a tortoiseshell ceiling, an onyx-lined bathroom, and a private elevator leading to a private sun deck.

But wait, dear friends, there’s more: perhaps the most intriguing aspect of Khashoggi’s suite was a secret compartment, designed to allow discreet guests to leave the vessel being seen. If we told you that Khashoggi’s wife had her own suite at the opposite end of the ship, you’ll get a flavour of what we’re talking about here…

Nabila’s Legacy

Despite its grandeur, the yacht’s construction ultimately led to financial disaster for the Benetti shipyard. The contract, which proved ruinous for Benetti, pushed the company to the brink of bankruptcy by 1984. As Khashoggi’s fortunes similarly waned, so too did his hold on the Nabila. In 1985, after defaulting on a US$50 million loan , the yacht was seized by the Sultan of Brunei. Having once stood as a symbol of Khashoggi’s unmatched wealth, Nabila all too quickly became a cautionary tale about the dangers of overindulgence and the fleeting nature of fortune.

Nabila’s legacy lives on, not only as a benchmark for subsequent luxury yachts — from Jeff Bezos’s Koru to Larry Ellison’s Musashi — but also as a symbol of an era marked by unabashed excess. Khashoggi’s Nabila may no longer be the crown jewel of the seas, but its impact on luxury yachting is pretty much impossible to deny. A telling chapter in the history of opulence, we advise that you aspire with caution…

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Sunken Superyacht Likely to Cost Insurers at Least $150 Million, Experts Say

Insurers of the Bayesian superyacht that sank this month, killing tech entrepreneur Mike Lynch and six others, could be on the hook for at least $150 million, according to the first estimates by industry experts.

The British-flagged 56-meter-long (184-foot-long) yacht, which the experts estimated cost around $40 million, capsized and went down on Aug. 19 within minutes of being hit by a pre-dawn storm while anchored off northern Sicily.

The superyacht’s hull was insured against physical damage by yacht insurance provider OMAC and a consortium of insurers including Travelers Cos. Inc., Navium Marine, and Convex, Reuters reported last week.

Yacht Insurer OMAC Is Hull Carrier for Yacht Sunk Off Sicily, Sources Say

Its protection and indemnity (P&I) insurance, which typically covers third-party liability claims including for environmental damage, injury and death, was provided by British Marine.

The hull was likely insured for around $40 million, while the P&I cover would be larger, insurance sources said.

“Our understanding is that the cost of the boat was between $40 and $50 million, so the limit of the hull & machinery policy was probably around those values,” said Marcos Alvarez, managing director, global financial institution ratings at Morningstar DBRS.

The P&I policy would likely be “several multiples” of the hull policy, or $200-300 million, Alvarez added, noting it would also likely cover liability payments even if the captain or crew are found to be negligent.

Prosecutors in the town of Termini Imerese, near Palermo, are investigating the captain and two other crew members. An investigation does not imply guilt or mean formal charges will follow. Prosecutors have said the probe would take time and require salvaging the wreck.

Oscar Seikaly, CEO of broker NSI Insurance Group, that provides yacht insurance, estimated the hull value at $40-70 million, but said P&I cover might not total more than $100 million.

P&I insurance would also cover recovery of the Bayesian, said Francesco Dubbioso, country manager for Italy for insurer Alta Signa Europe, who estimated the superyacht’s value at $30 million to $40 million.

Reuters is the first to report the potential insurance costs. OMAC, Travelers and Navium Marine did not immediately respond to Reuters’ for comment. Convex declined to comment.

The Bayesian disaster, which has puzzled experts who said the boat would have been built to withstand a severe storm, adds to recent woes for yacht insurers, who have faced a raft of hurricane losses in the past few years.

Premium rates have risen by four to five times in the past couple of years in parts of the U.S. and the Caribbean, and yacht insurers have cut the amount of cover they provide because of the risks, Seikaly said.

As a result, insurers have increased rates and re-evaluated their guidelines and risk appetite, according to industry experts.

As well as hurricanes, insured losses have mostly stemmed from severe storms, floods, and other weather events in North America, the Caribbean, and Europe, according to a report by broker Marsh.

Seikaly said four clients had last week been ready to buy boats but changed their minds because of the high cost of insurance.

Climate change was also likely to add to yacht insurers’ worries, Seikaly added, as it throws up more unexpected events.

“Whoever thought a storm in the Mediterranean in the month of August is going to sink a ship?”

(Additional reporting by Sinead Cruise; editing by Michelle Price and Sandra Maler)

Photograph: Italian Firefighters scuba divers bring ashore in a blue bag the body of one of the victims of the UK flag vessel Bayesian, on Wednesday, Aug. 21, 2024. (AP Photo/Salvatore Cavalli)

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Written By Noor Zainab Hussain

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• Categories: International & Reinsurance News Topics: British Marine , Convex Group Ltd. , marine insurance , marine liability insurance , Navium Marine , NSI Insurance Group , OMAC , protection and indemnity (P&I) , superyacht insurance , The Travelers Cos. , yacht insurance
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One of the richest people in the world moors yacht off Mallorca

Lakmish mittal’s aalto shelters off portals, crowdfunding site set up in mallorca to support the crew of sicily tragedy, after yacht sinks, experts say mediterranean growing more dangerous, qatar megayacht dwarfs mallorca.

M/Y AALTO sheltering from the storm offf Portals. | M Stadler

It might not be sailing weather but if you own a 2310 tonnes superyacht , one should be quite safe close to the coast of Mallorca . AALTO, formerly known as Amevi, is the personal motor yacht of Indian steel magnate Lakshmi Mittal. Mittal ordered the yacht in 2007; it was built at Oceanco shipyard in the Netherlands.

Mittal is an Indian steel magnate, based in the United Kingdom. He is the executive chairman of ArcelorMittal, the world’s second largest steelmaking company , as well as chairman of stainless steel manufacturer Aperam. Mittal owns 38% of ArcelorMittal and holds a 3% stake in EFL Championship side Queens Park Rangers.

In 2005, Forbes ranked Mittal as the third-richest person in the world , making him the first Indian citizen to be ranked in the top ten in the publication’s annual list of the world’s richest people. He was ranked the sixth-richest person in the world by Forbes in 2011, but dropped to 82nd place in March 2015. He is also the “57th-most powerful person” of the 72 individuals named in Forbes’ “Most Powerful People” list for 2015. His daughter Vanisha Mittal’s wedding (in 2005) was the second-most expensive in recorded history.

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Mittal has been a member of the board of directors of Goldman Sachs since 2008. He sits on the World Steel Association’s executive committee, and is a member of the Global CEO Council of the Chinese People’s Association for Friendship with Foreign Countries,[18] the Foreign Investment Council in Kazakhstan, the World Economic Forum’s International Business Council, and the European Round Table of Industrialists. He is also a member of the board of trustees of the Cleveland Clinic.

In 2005, The Sunday Times named him “Business Person of 2006 ”, the Financial Times named him “Person of the Year”, and Time magazine named him “International Newsmaker of the Year 2006”. In 2007, Time magazine included him in their “Time 100” list. AALTO is worth US$ 125 million .

AALTO’s interior exudes luxury with its public areas and 8 VIP staterooms . Each guest cabin comes with twin and quarter-sized beds, en suite bathrooms, toilets, and large TV sets. The owner’s suite doubles the grandeur with its spacious living area, luxury furnishings including Italian marble in the bathroom, cherry furniture, and a personal jacuzzi. The yacht also houses a large jacuzzi for all guests and two outdoor bars. In 2012, AALTO underwent a refit, which saw her hull painted a fresh shade of blue, according to Superyachtfan.

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September 6, 2024

Lifestyle blogger pays $43.5m for Bellevue Hill house that sold last year for $30m

Fashion designer-turned-lifestyle blogger Stephanie Conley-Buhre has again emerged as Sydney’s most bullish trophy home dealer, this time snapping up a Bellevue Hill house for $43.5 million.

The purchase follows the property flipper’s recent sale of her nearby Bellevue Hill mansion for about $80 million .

Both deals – under the advice of Cohen Handler’s Simon Cohen – are a masterclass in the steep capital gains that can be made in Sydney’s high-end real estate market.

The newly purchased residence of Conley-Buhre and her husband – venture capitalist Oskar Buhre – is known as Monkton. It’s an Espie Dods -designed home that last sold 18 months ago for $30 million by veteran investment banker Tim Burroughs and his wife Judith .

Lawyer and Uber Carshare senior executive Sarah Druce , wife of stockbroker Keiran Horth , had exchanged to buy the property in February last year but didn’t settle on it until a year ago. Its resale for 45 per cent more than she paid translates to a $1,125,000 capital gain each month she owned it.

Druce had not listed Monkton for sale, but well-placed sources familiar with the deal say she was tempted to sell after an unsolicited offer by McGrath’s prestige agents William Manning and Luke Hogan on behalf of Conley-Buhre.

Manning declined to comment when approached for this story, but his sale marks a triumphant return to the McGrath agency, where he started in real estate almost 30 years ago.

Monkton comes with a pedigreed list of former owners on title. In the 1920s it was owned by High Court judge Sir Dudley Williams , who sold it in 1958 to British Conservative MP Lord Angus Maude of Stratford-upon-Avon .

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At the time, Lord Maude had come to Australia on the invitation of the Fairfax family to be editor of The Sydney Morning Herald . More recently, Burroughs, who was appointed to the Westpac board early last year, purchased it in 2001 for $8.9 million.

Conley-Buhre, the daughter of the late aviation pioneer and philanthropist John Conley , did even better on her former home, a Spanish Mission-style residence known as Alcooringa. She purchased it in 2021 for $28.5 million and undertook a dramatic upgrade before selling it for $80 million.

It sold to Aussie expat Hannah Chapman , whose purchase incurred a $5.5 million stamp duty.

Sydney’s highest-profile accountant, Anthony Bell clearly sees investment potential in the Rose Bay harbourside, given he has ploughed $9,657,000 into the Rosewater building opposite Rose Bay Marina.

The Bell Partners chief purchased the four-bedroom spread from architect Andre Heyko-Porebski and his wife Louise after it was listed by Ray White Double Bay’s Thomas Popple. It is one of eight in the north-facing block and upstairs of the $9.75 million pad purchased last year by Susan Balagiannis , of the Reserve Hotels family.

Don’t expect to see Bell in the building. He remains based on the Dover Heights clifftop, where, in 2017, he purchased the home of his mate, Seven’s star presenter Larry Emdur .

The Southern Highland’s largest private landholder has struck again. Peter Crown , the tech investor who bought the Hume Coal mining site aggregation for $100 million in 2021, has quietly purchased one of the oldest farms in Sutton Forest for $38.5 million.

Newbury Farm is a 400-hectare property founded in 1822 thanks to a land grant to Sydney’s first harbour master, Captain John Nicholson . It has been owned by the Simpson family, of MinterEllison law firm fame, since 1936.

Edward Telford Simpson , the second of three generations at the helm of the law firm, purchased Newbury Farm in 1936 for £859.14. It later passed to his son, also of MinterEllison, Philip Simpson and his wife Caroline , the daughter of newspaper proprietor Sir Warwick Fairfax .

Following Philip’s death in 2008, Newbury Farm has been owned by the couple’s four children Edward , Louise , Alice and Emily .

Crown’s purchase, in a company name, takes his total holdings in the Southern Highlands to 1290 hectares, of which 780 hectares were sold by Hume Coal in 2021 after the state’s Independent Planning Commission knocked back a proposed coal mine by Korean steel giant POSCO.

Grand designs

Finally, the Centennial Park property “Formentera”, owned by former J.P. Morgan senior executive Annabelle Mooney and Novotech chief financial officer Rob Speedie, is up for sale with a $20 million guide through The Agency’s Ben Collier.

The six-bedroom residence on Lang Road was previously called “Sibylla” by the late doyenne of market research Liz Dangar after she undertook a redesign in the 1990s in the Italian Renaissance style.

It last traded in 2021 for $12.5 million, when car dealer Paul Warren and his wife Elizabeth sold it when they decamped for Palm Beach.

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