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Here's how much it costs to own a superyacht — and what that money is going toward. Billionaires like Jeff Bezos, Mark Zuckerberg, and Steve Jobs each spent nine figures on their megayachts. Some superyachts have space for dozens of crewmembers, including a chef, engineer, and masseuse for the guests onboard. If a superyacht has a support yacht — or a support superyacht, in Bezos' case — expect to pay another 10% of that boat's price annually. "If you charter the boat for 50 days a year, it's going to help a lot," Anders Kurtén, the CEO of brokerage firm Fraser Yachts, told BI.
Persons: you'd, Jeff Bezos, Mark Zuckerberg, Steve Jobs, Jeffrey Beneville, Eric Schmidt's, Matthew Fleissig, NFP's Beneville, it's, Anders Kurtén, Beneville Organizations: Palm, NFP, BI, Yachts Locations: South China, Russian, San Diego
Justice Clarence Thomas denounced on Friday “the nastiness and the lies” that have shadowed him in recent years as public scrutiny has mounted over his wife’s efforts to subvert the 2020 election and luxury gifts he has accepted from billionaire friends. It amounted to some of the most extensive public remarks he has made since revelations that he failed to disclose years of lavish trips from wealthy conservatives, like the Texas real estate magnate Harlan Crow, including on private jets and a superyacht. “My wife and I, the last two or three years, just the nastiness and the lies,” said Justice Thomas, who did not specify what he was referring to in addressing a full ballroom of lawyers and judges gathered for a judicial conference in Alabama. “There’s certainly been a lot of negativity in our lives, my wife and I, over the last few years, but we choose not to focus on it.”The justice faced calls for recusal after text messages and emails showed that his wife, Virginia Thomas, known as Ginni, sought to overturn the election, appealing to administration officials and lawmakers. Justice Thomas has continued to participate in a number of cases related to the 2020 election, including three about Jan. 6 on the docket this term.
Persons: Clarence Thomas, Harlan Crow, , , Thomas, “ There’s, Virginia Thomas, Justice Thomas Locations: Texas, Alabama
NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . On the agenda:But first: Why Wall Street is so happy to see the job market slowing down. New data from Vanguard shows a two-tier job market: one divided between a blue-collar boom and a white-collar recession. Also read:AdvertisementiStock; Rebecca Zisser/BIThe portfolio-manager whisperersThe new power figures in hedge funds do not manage money.
Persons: , it's, Brian Rose, It's, Christie Hemm, Jan Sramek, Goldman Sachs, Reid Hoffman, Marc Andreessen, Alyssa Powell, Stefano Spicca, Jenny Chang, Rodriguez, Rebecca Zisser, whisperers, Gates Organizations: Business, Service, Federal Reserve, Fed, UBS Global Wealth Management, Big, Silicon, California, Vanguard, Microsoft, Big Tech Locations: Austrian, Solano County, Napa, Sacramento, California, Silicon Valley, New York City
Aston Martin opens 66-story residential tower in Miami
  + stars: | 2024-05-02 | by ( Jack Guy | ) edition.cnn.com   time to read: +5 min
CNN —Miami has a new addition to its skyline – a 66-story residential tower built by Aston Martin, marking the British luxury sports carmaker’s first foray into the residential real estate market. Comprising of 391 units, Aston Martin Residences Miami sits at the mouth of the Miami River on Biscayne Bay, the firm said in a statement Tuesday. Aston Martin touchesHomeowners are able to customize their interior space with the help of the Aston Martin design team, with three style packages – Timeless, Covert and Indulgent – drawing on the company’s British heritage, as well as the building’s context. Aston Martin Residences MiamiAston Martin said that 99% of the properties sold before the building was completed. Aston Martin isn’t the first luxury carmaker to enter the residential property market.
Persons: Aston Martin, Rodolfo Miani, Bodas Mian Anger, , Aston, Germán Coto, , Coto, Marek Reichman, Reichman, ” Reichman, you’ve, Aston Martin Residences Miami Aston Martin, Aston Martin Vulcan, Aston Martin isn’t Organizations: CNN, Miami, Aston Martin Residences Miami, G Business, Formula, Prix, Martin Residences Miami, Aston Martin Residences, Aston, Aston Martin, Aston Martin Residences Miami Aston, Residences Locations: Miami, Biscayne Bay, jacuzzis, cabanas, Bentley, Sunny, Beach , Florida
It says the M5 will be able to travel 820 feet underwater and stay submerged for a month. A promotional concept rendering for the Migaloo M5, a proposed submersible superyacht. The Migaloo concept clearly aims to cater to an increasing desire for privacy and security among the world's richest people. Bobbing about underwater in a Migaloo M5, Elon Musk wouldn't have to worry about a jet-tracking student any longer. A promotional concept rendering for the Migaloo M5, a proposed submersible superyacht MigalooIt remains to be seen if and when any prospective buyers will bite.
Persons: Christian Gumpold, , there's, Gumpold, Migaloo, Bond, It's, Elon Musk, it's Organizations: Service, Elon, SAFE, Fast Company Locations: Austria, Austrian
Jefferies CEO Rich Handler sold $65 million of stock — some of which he used to buy a superyacht. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . According to the yacht's shipyard, Westport Yachts, the off-market deal was pending as of last month. I just love it," Fertitta told a local ABC affiliate in 2017, referring to Boardwalk's $40 million price tag.
Persons: Rich Handler, Tilman Fertitta, , Handler, van, Fertitta, I've, Forbes, Michael Organizations: Jefferies, Boardwalk, Service, Houston Rockets, Westport Yachts, ABC, Yachts International, Feadship —, Boat Locations: Westport, Fort Lauderdale , Florida, St
Olympic luxury packages are already on sale, offering exclusive access to the sporting spectacle, alongside very upscale travel and accommodation experiences. And this year, there’s no bigger sporting event than the Paris 2024 Olympic Games. Tour operator Kensington Tours says it has two clients coming into Paris for the first seven nights of the Games. “Paris presents a wealth of opportunities for luxury travelers to indulge in during the Olympics,” Adto Teppa says. Pierre MonettaTo ensure their clients have access to Paris’ most prestigious hotels, many luxury travel advisers have made blanket bookings at properties across the city.
Persons: cher, Barnabas Carrega, , ” Carrega, ’ Carrega, Ducasse, Alain Ducasse, won’t, They’ll, they’ll, AZA, Angela Adto Teppa, ” Adto Teppa, Palais, Paris, Andrea Galvez, , Galvez, Pierre Monetta, We’ve, Dave Guenter, Crillon, Nicolas De Gols, De Gols, Fraser Yachts, Askari, Patrick Locqueneux, Clément Bru, Charles de Brosses, Cookoon, “ We’ve, ” Bru, Henri Jayer Vosne, Domaine, Conti, de Mars, Simone Biles Organizations: CNN, Paris, CNN Travel, Michelin, Olympic, Kensington, Eiffel, Palais Garnier, Travel, Opera Ballet, Travel Group, Le Bristol Paris, Paris ’, Royal, Raffles, , Royal Monceau’s, Nice, Tahiti, Fraser Locations: Paris, American, Alma, Kensington, Oahu, Hawaii, New York, Rosewood, Le Bristol, Raffles Paris, Marseille, Polynesia, Teahupo’o, Tahiti, Monaco, France, Burgundy
Superyacht sales fell 17% in 2023, but still stayed above pre-COVID levels. Sanctions imposed on Russian oligarchs dented the market, but America helped split the difference. AdvertisementBoth new and used superyacht sales of vessels longer than 100 feet fell again 2023 — in part due to sanctions imposed on Russian oligarchs. AdvertisementSales for superyachts over 200 feet slowed more than their smaller counterparts due to high pricing and longer build times, according to the report. That said, SuperYacht Times' head of intelligence, Ralph Dazert, told Business Insider that sales in America are helping to fill some of the void.
Persons: , Ralph Dazert, Dazert Organizations: America, Service, SuperYacht Times, Yachting Locations: Florida, America, Russian
Dazert said he expects new superyacht sales to "go down a little bit further this year" given the continued costs and delays. Sales of new superyachts (yachts over 100 feet long) fell 17% last year, according to the new SuperYacht Times' State of Yachting report. Superyachts sales took a dive in 2023, as long waiting lists, soaring costs and oligarch sanctions hit demand, according to a new report. Americans are picking up some of the slack, accounting for nearly a quarter of all superyacht sales last year. There are now nearly 6,000 superyachts, triple the number in 2002, according to SuperYacht Times.
Persons: Dazert, Ralph Dazert, Robert Frank Organizations: SuperYacht Times, Times, of Yachting Locations: Times ', Russia, Ukraine, Eastern, Saudi
A 25-year-old private tutor told BI about his experiences working in the UAE. He said he had taught the children of some of Dubai's richest people. One of his pupils paid him $3,000 to do his homework, he said. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThis as-told-to essay is based on a conversation with a 25-year-old private tutor and academic governor in Dubai.
Persons: , Catherine Boudreau, I'd Organizations: Service, United Arab Emirates Locations: UAE, Dubai, Maiden Shanghai, Russia, France
Read previewMusic mogul Sean "Diddy" Combs is once again entangled in legal problems related to sex crimes, AP reports. The plaintiff, Grace O'Marcaigh, filed a lawsuit against Sean Combs and his son, rapper Christian "King" Combs. In the suit, she alleges that Christian Combs assaulted her on a yacht chartered by his father in December 2022. Christian Combs' "penis was erect, and he grabbed her arms"The suit claims O'Marcaigh was then drugged and sexually assaulted by Christian Combs. AdvertisementThe suit accuses Sean Combs of intentionally failing to ensure a safe environment on the yacht.
Persons: , Sean, Diddy, Combs, Sean Combs, Grace O'Marcaigh, Christian, King, Christian Combs, O'Marcaigh, Fraser, Aaron Dyer, Lucas Jackson Sean Combs, Rodney Jones Organizations: Service, Business, Los Angeles Superior Court, BI, REUTERS, Los Angeles, Superior Court Locations: The Bahamas
The unwritten rules of superyachting
  + stars: | 2024-04-02 | by ( Madeline Berg | ) www.businessinsider.com   time to read: +7 min
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. That means that, aside from basic safety guidelines, most of the rules of superyachting are unwritten. Superyachts are expensive to build and expensive to maintain. For a $100 million yacht, that's at least $10 million yearly going to crew, regular maintenance, insurance, fuel, and dockage. So, the most important unspoken rule of superyachting is actually that the only thing better than owning a superyacht is knowing someone else who does.
Persons: , centimillionaires, they're, Rich, Fraser, he's, Jeff Bezos Organizations: Service, Business, SuperYacht, Palm, Breed Media, Fraser Yachts Locations: superyachts, Aiden
Jeff Bezos just bought a third mansion on the Miami-area island known as "Billionaire Bunker." Bezos paid $90 million for the home, which last sold for $2.5 million in 1998, Bloomberg reports. Bezos previously purchased multiple neighboring Seattle-area homes for his security and staff. The billionaire Amazon founder purchased a third home on Indian Creek island for $90 million in an off-market transaction, Bloomberg reported. Bezos first bought a $68 million waterfront mansion on Indian Creek in August.
Persons: Jeff Bezos, Bezos, , Ivanka Trump, Tom Brady, snagged, Blue, Madeline Berg, Katherine Long Organizations: Bloomberg, Service, Amazon, Seattle Locations: Miami, Seattle, Biscayne Bay, Canaveral, Beverly, Texas, Hunts
And if you don't have someone on board who can whip up a Michelin-star-worthy meal, you might as well stay on land. AdvertisementThe massage room aboard the Talisman C, a $60 million superyacht for sale at the Palm Beach show. The total value of the 203 superyachts over 30 meters delivered last year was $6.4 billion, according to data from SuperYacht Times. Pampering options, be it a massage room, manicure station, or a professional-grade facial machine, are a dime a dozen. Courtesy of Breed MediaAnd what good is a massage room if no one on board can give one?
Persons: , Ralph Dazert, Burgess, Anders Kurtén, Kurtén, Nero superyacht, Giovanna Vitelli, Champagne, Benetti's, Donald Trump, Trump, Vitelli, they're, It's, Jeff Bezos, Dazert, everything's, Nero, Jeffrey Beneville, Lana, Bill Gates Organizations: Service, Michelin, SuperYacht Times, Palm, Yachts, , Monaco Yacht Locations: Russian, superyachting
Read previewIt's been just about a year since Koru, Jeff Bezos' $500 million megayacht, set sail from the Oceanco shipyard in the Netherlands, capturing the attention of yachting insiders and land dwellers alike. Unlike many other megayachts, Koru, which media billionaire Barry Diller's Eos inspired, is designed as a sailing yacht. AdvertisementLike most other megayachts, Koru is powered by her engines, which are reportedly innovative in their use of a kinetic energy recovery system. AdvertisementTeak or not, the yachting industry isn't generally known for being all that environmentally friendly — or indeed lowkey, so many who BI talked to didn't buy into the idea that Koru is "too much." It's the latest superyacht to capture the yachting world's attention.
Persons: , Jeff Bezos, Koru, they'd, Federico Rossi, Barry Diller's Eos, he'd, Bezos, Lauren Sanchez, Origin's, Shephard, That's, Anders Kurtén, I'm, Jerry Jones, Bernard Arnault, Mark Zuckerberg Organizations: Service, Palm, Business, Industry, Yachts Locations: Netherlands, St, Myanmar
Many of their superyachts were seized or frozen, leading industry insiders to question their fate. The war prompted many governments to enact sanctions against Russia's richest, including seizing their superyachts worth hundreds of millions of dollars. At least a dozen superyachts — worth well over $1 billion combined — have been affected. Russia's sanctioned superyachts are hard to buy and sellThe first problem is that many of the yachts are "frozen" — not seized. "How does it look if you bought a Russian boat?"
Persons: It's, , Russia's, I've, Julia Simpson, Thompson of Monaco, it's, Joshua Naftalis, Ralph Dazert, Alfa Nero, Eric Schmidt, Simpson Organizations: Service, Russia's, Palm, SuperYacht, Thompson, Pallas Partners, SuperYacht Times Locations: Russia, Ukraine, Russian, San Diego, Antigua, Barbuda, Maldives, Montenegro, Dubai
The 118-meter superyacht Launchpad made her maiden voyage last week. The yacht world is speculating that her owner is Meta CEO Mark Zuckerberg. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Yet some in the boat blogging world are speculating that Meta CEO Mark Zuckerberg is the new owner of Launchpad, a megayacht currently moored in Fort Lauderdale, Florida after she made her maiden voyage from Gibraltar to St Maarten last week. Launchpad clocks in at 118 meters long, about nine meters shorter than Jeff Bezos' superyacht Koru.
Persons: Mark Zuckerberg, , St Maarten, Jeff Bezos Organizations: Service, Business Locations: Fort Lauderdale , Florida, Gibraltar, St
Armed with EDSea’s success, Vibee wants to dive deeper into the cruise segment — this time with a luxurious spin. A spokesperson for Vibee said it anticipates travelers would range from affluent guests to people with "less discretionary income" who would save money to attend. Vibee"We see the desire for cruise and yacht experiences continuing to rise," Harvey Cohen, president of Vibee, told Business Insider, echoing sentiments of the cruise industry's booming demand. And not just the mass-market players: Over the last year, luxury cruise lines have also seen a rise in interest. The latter had launched its latest $517.9 million luxury ship a few months prior, complete with caviar and a $6 million art collection.
Persons: Vibee, Harvey Cohen Organizations: Business, Cruise Line Holdings, Regent Seven Locations: Oceania
His fiancée, Elena Zhukova, was once married to Alexander Radkin Zhukov, a Russian oligarch. Her daughter, Dasha Zhukova, was married to Roman Abramovich from 2008 to 2017. Daniele Venturelli/WireImage via Getty ImagesZhukova shares a daughter with Zhukov, Dasha Zhukova. Dasha Zhukova is now married to Stavros Niarchos, the grandson of a Greek shipping tycoon. AdvertisementDasha Zhukova married Stavros Niarchos in January 2020.
Persons: Rupert Murdoch, Elena Zhukova, Alexander Radkin Zhukov, Dasha Zhukova, Roman Abramovich, , Murdoch, Vladimir Putin, Zhukova, Wendi Deng, Zhukov, hasn't, Daniele Venturelli, Dasha, Abramovich, Putin, backchannel, Vladimir Putin's backchannel, Mikhail Svetlov, Stavros Niarchos, Lexie Moreland, Murdoch didn't Organizations: Service, The Daily Mail, Guardian, Times, Getty, Premier League soccer, Chelsea Football Club, European Union, Penske Media, News Corp, Business Insider Locations: Russian, Italy, London, Russia, Ukraine, New York, Switzerland
CNN —The US government is spending nearly $1 million a month to maintain a luxury superyacht seized from a sanctioned Russian oligarch as part of the Justice Department’s effort to put pressure on the Kremlin. The superyacht was seized while docked in a port in Fiji in 2022 by local law enforcement officials and the FBI. Now, federal prosecutors have asked a judge for permission to sell the vessel saying its expenses are excessive and has cost the government about $20 million, according to recent court filings. The monthly costs total roughly $600,000 to maintain the yacht, plus $144,000 in insurance, according to court records. Maintaining the Amadea is certainly expensive, and Claimants never intended for U.S. taxpayers to shoulder that burden.
Persons: Suleiman Kerimov, Eduard Khudainatov, they’ve “ Organizations: CNN, Kremlin, FBI, US Marshals Service, Millemarin Investments, ” Prosecutors Locations: Russian, Fiji, San Diego
A mega-yacht seized by U.S. authorities from a Russian oligarch is costing the government nearly $1 million a month to maintain, according to new court filings. The U.S. Department of Justice is seeking permission to sell a 348-foot yacht called Amadea, which it seized in 2022, alleging that it was owned by sanctioned Russian billionaire Suleiman Kerimov. The government said it wants to sell the $230 million yacht due to the "excessive costs" of maintenance and crew, which it said could total $922,000 a month. European Commission President Ursula von der Leyen said last week that the European Union should use profits from more than $200 billion of frozen Russian assets to fund Ukraine's war effort. Yet, nearly two years later, the legal process for proving ownership of the Russian assets and selling them has proven to be far more time-consuming and costly.
Persons: Suleiman Kerimov, Ursula von der Leyen, Vladimir Putin, Eugene Shvidler, Sergei Naumenko, Phi Organizations: U.S, U.S . Department of Justice, Amadea, European Union Locations: San Diego , California, Amadea, Ukraine, European, London, Russian
Photographer Ben McDonald accused Taylor Swift's dad of punching him in Sydney, Australia. He said he's never been "punched in the chops, particularly by the talent's dad." AdvertisementA photographer accused Taylor Swift's dad, Scott Swift, of punching him as he tried to take her photo in Australia in the early hours of Tuesday morning. "Police have been told a 71-year-old man allegedly assaulted a 51-year-old man at Neutral Bay Wharf about 2.30am before leaving the location," a New South Wales Police spokesperson told Business Insider. "In 23 years, I haven't been assaulted and punched in the chops, particularly by the talent's dad," McDonald told the Associated Press.
Persons: Ben McDonald, Taylor Swift's, McDonald, he's, , Scott Swift, Taylor, haven't, didn't, Nicole Kidman, Nicole, Ben McDonald's Organizations: Service, Police, New South Wales Police, North Shore Police Area Command, Swift, Daily Mail Australia, Associated Press, Business Locations: Sydney, Australia, New, Australian
Read previewAmazon's Jeff Bezos, JPMorgan's Jamie Dimon, and Meta's Mark Zuckerberg have all sold big chunks of shares in their own companies. Bezos is way out in front after offloading 50 million shares of Amazon in just nine trading days this month, pocketing an estimated $8.5 billion. Zuckerberg cashed in almost 1.8 million shares of his social-media empire for more than $400 million in the last two months of 2023. Zuckerberg hadn't sold Meta shares for almost two years prior to his latest transactions. University of Nebraska-LincolnIt's worth emphasizing that Bezos, Zuckerberg, and Dimon's sales only represent small fractions of their stakes, so they're still heavily invested in their respective companies' success.
Persons: , Jeff Bezos, Jamie Dimon, Meta's Mark Zuckerberg, Zuckerberg, JPMorgan's Dimon, Bezos, Mark Zuckerberg, Brendan Smialowski, it's, Dimon, Warren Buffett, Berkshire Hathaway, He's, they've Organizations: Service, Amazon, Business, JPMorgan, Berkshire, Warren Buffett . University of Nebraska, Lincoln Locations: Berkshire
Lawyers for New York State concluded their case against the National Rifle Association on Thursday, bringing an end to a closely watched civil showdown that accused leaders of the nation’s most prominent gun rights group of financial misconduct and corruption. Over the last six weeks, lawyers for New York’s attorney general, Letitia James, have outlined a case that paints the N.R.A. as a mismanaged organization with little fealty to its mission of defending the Second Amendment or to the gun owners who prize that right. funds to pay for private jets, luxury vacations, and the occasional spin on a superyacht. “This case is about corruption: Misuse of funds spent on jets, black cars, five-star hotels, hundreds of thousands of dollars of suits, million-dollar deals to insiders, payments to loyal board members and pervasive violations of internal controls,” Ms. Connell said to the nearly full courtroom in Manhattan.
Persons: Letitia James, Monica Connell, , Wayne LaPierre, Ms, Connell Organizations: New York State, National Rifle Association, New Locations: Manhattan
The US wants to auction a $300 million superyacht seized from a Russian oligarch due to high maintenance costs. Another Russian oligarch, Eduard Khudainatov, claims to own the yacht and wants it back. AdvertisementThe US wants to sell a $300 million superyacht seized from a Russian oligarch because it's getting too expensive to maintain it, a court filing from Friday shows. The problem is that another Russian oligarch, Eduard Khudainatov, claims to own the yacht and wants the vessel back. They told Bloomberg in a statement that the seizure was "unlawful" and that their client would pay the US back for the maintenance of the Amadea yacht.
Persons: Suleiman Kerimov, Eduard Khudainatov, , it's, Amadea, Khudainatov hasn't Organizations: Service, US Department of Justice, US, Khudainatov, Bloomberg, Court, Southern District of Locations: Fiji, Russian, Southern District, Southern District of New York
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