Luxury Real Estate

By Jim Walberg of Carribean Islands Realty

In the midst of one of the world’s worst economic crisis, the ultra-luxury super yachts are not only thriving, they are flourishing! Here is Jim Walberg’s 2009 update on this necessary item for the truly wealthy.

OK, so the venue was St. Bart’s “Bucket Regatta” last March. The scene is one that would take the breath away of any sailor worth his/her salt - there was not enough room in the massive marina of Gustavia Harbor to dock just 35 super yachts!!! The St. Bart’s Bucket Cup is the time each year for the super rich to keep things in perspective - SPEND.

THE current example of a super yacht in 2009 is the venture capitalist, Tom Perkin’s s/y Maltese Falcon. It is a gigantic 88 meters in length and as tall as the tablets on the Statue of Liberty!!! It takes 12 berths to dock this amazing yacht! The sails disappear into self-standing carbon fiber masts, which rotate with a computerized system that monitors the direction of the wind. It cost Mr. Perkins $130,000 to build his luxury yacht, and it has ALL of the high tech bells and whistles that one could ever dream imagine. Eat your heart of out Larry Ellison.

This is mainly a group of super rich men who are OK with losing millions of dollars a year on their many various ventures. So building a super yacht is just a hobby. Just to give you an idea of what it cost to build one of these super yachts - it is about $2 million for every three feet of length. Then, in addition, it cost another $2 million a year just for the maintenance, fuel, supplies, docking fees, and crew. According to The Yacht Report there will be 4,162 of these super yachts sailing the seven seas by the end of 2009!

Size does matter in the rarified air of the super rich who own these super yachts. So hang on to your hats… Sheikh Mohammed bin Rashid Al Maktoum, ruler of Dubai and prime minister of the UEA of Dubai has just took the wraps off last March of the world’s largest yacht, the 531-foot Dubai. The $350-million motorboat accommodates 115 and has eight decks and even a helicopter pad. Not to be outdone by the Sheikh, Roman Abramovich, the Russian billionaire, will top him this summer with the 555-foot Eclipse. According to the yachting press, the Eclipse will be equipped with an armor plated master suite, bulletproof windows, a missile-detection system and even an escape-submarine.

Back to the Bucket Regatta…the informal motto of this regatta is “Win The Party!” We are talking about parties at the docks of Gustavia Harbor that are beyond belief. Four years ago a Canadian billionaire flew in live lobsters from Prince Edward Island for his dinner. A couple of years ago a billionaire from Minnesota turned his super yacht into an all night disco for the 700 guests attending the Bucket. Jimmy Buffett and the Coral Reefers surprised the Regatta this year with a surprise concert that raised money for the local hospital to buy a CT-scanner.

Despite the all night partying the Bucket Regatta is serious business for these super wealthy men who are only accustom to winning - at all costs. The challenge is that they are all going head to head with Mother Nature, because it is all about wind and the weather, as to who will claim the Bucket. The slowest boat gets the Escargot Cup - an empty can of snails. Because no one wants to be humiliated with the distinction of “winning” the Escargot Cup, these billionaires hire Americas Cup talent to steer their super yachts to victory.

The St. Bart’s Bucket Regatta is at the very top of the luxury yacht scene. It is a week of an ostentatious display of what unlimited resources are capable of. I have to say that a vast majority of the money spent in this arena could create a legacy of service to others in this world. But, as a sailor I still really like looking at what money can buy for a sailboat. Until next time…your Caribbean lifestyle detective is on duty.