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Has the World Finally Had a Glimpse of Jeff Bezos’s $500 Million Mega-Yacht?

By Shivani Vora

Amazon founder Jeff Bezos is appears to be getting closer to welcoming the superyacht he reportedly commissioned in 2018: a fancy toy fitting for the world’s second-richest person, given that it costs a reported $500 million and breaks one world record after another.

Called Y721, this vessel of all vessels is being custom designed by Dutch builder Oceanco and was spotted at a shipyard last week in Zwijndrecht, a town in the western Netherlands. It’s reportedly heading to another Netherlands town, Alblasserdam, for a final fitting. With a length of 417 feet, Y721 is the biggest sailing yacht in the world and the longest vessel to be built in the Netherlands. Features include a black hull, classic shape, three large decks, and three masts.

Superyacht Bravo Eugenia , belonging to the U.S. billionaire Jerry Jones, owner of the Dallas Cowboys, was built by Oceanco, which is also rumored to be behind Bezos’s new massive vessel.

Y721 is going to totally change the world of yachting with its design and innovation, says Fernando Nicholson, a luxury yacht sales broker with the yachting company Camper & Nicholsons. “It’s a boat with the latest technology and bells and whistles that have never been seen,” he says. “This will be the standard for all superyachts to follow, but in years to come, when its features become more affordable. Right now, only someone with Bezos’s wealth can swing the cost.”

The superyacht is said to be modeled after Oceanco’s famous yacht, the Black Pearl , which the company site says , “is one of the largest and most ecological sailing yachts in the world. She can cross the Atlantic without burning even a liter of fossil fuel.” Y721 will go through sea trails following its fitting-out in Alblasserdam and is expected to be ready sometime next year.

The Flying Fox , allegedly owned by Bezos.

However, it’s only one of two new boats for Bezos: He has also commissioned a shadow vessel called YS 7512 from builder Damen Yachts. This support ship measures 246 feet in length and accommodates 45 additional crew and guests. It will also feature a helipad and meeting space and have a vast amount of storage for Bezos’s endless number of water toys, with diving and snorkeling gear, jet and water skis, waterslides, and surfboards among the bunch. Shadow vessels are a growing phenomenon in the superyacht industry and one more extra toy that their owners want to have at the ready, says Nicholson. “You see them more and more now as an add-on to a superyacht purchase,” he says. “They’ve almost become a must.”

There’s no doubt that Bezos will be sailing the high seas in full panache and style come 2022. But really, is there any other way when you have more money than almost anyone else in the world and attract an endless amount of attention too?

By Katherine McLaughlin

By Katie Schultz

By Perri Ormont Blumberg

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Jeff Bezos’s New Yacht Comes With Its Own Yacht?

Another day, another reason that we must simply eat the rich. Construction is almost complete on the $500 million superyacht purchased by Amazon Daddy and Lizzo superfan Jeff Bezos. The 417-foot-long monstrosity, which Bezos bought two years ago, is among the biggest ever built in the Netherlands, the unofficial big-boat-building capital of the world.

What does a yacht longer than a football field come with? Multiple decks, an “ ambient cinema,” and its own support yacht. Yes, the yacht comes with its own yacht.

Project Y721 — the big boat’s temporary name — also has its own helipad. This is apropos given the rumors that Bezos’s sudden interest in helicopters may be what exposed his affair with now-girlfriend and famously “alive girl” Lauren Sanchez.

On top of the half-a-billion-dollar price tag, operating costs for the yacht will average about $60 million a year, per Bloomberg . To put that into context, for someone who makes $68,700 a year, the current median income in the U.S., that’d be like paying $23 in yearly operating costs. A pittance for the literal richest man on the planet.

Bezos isn’t the only rich person continuing to do rich-person things amid a struggling global economy. As Bloomberg reports, the yacht industry is among the few markets that thrived despite the spread of coronavirus. This shouldn’t come as any surprise, given the pandemic made the rich even richer . Bezos, for example, saw his wealth increase by 57 percent, per CBS News . Between March 18, 2020, and March, 18 2021, Bezos’s worth grew from $113 billion to $178 billion. Last year, the median income among Amazon employees was $29,007, per Business Insider .

Perhaps this purchase is Bezos in full post-divorce crisis mode. (He did buy the yacht the same year he and MacKenzie Scott announced they would be splitting.) While Scott recently remarried , Bezos continues to surround himself with the biggest, dumbest things money can buy. If anything, this all just further proof that the only good boats are the ones that get stuck .

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As Far As You Can Sea: World’s Largest Superyachts

Multimillion-dollar mega yachts.

by Emma Treagus Published on February 2, 2024

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With onboard swimming pools, cinemas, helicopter landing pads, and spas, the world’s largest superyachts have more facilities than your ‘average’ five-star hotel.

Owned by some of the world’s wealthiest people—along with a few anonymous owners who’d prefer to keep their luxury transport a secret—these mega yachts redefine the word “boat” into something indescribably sleek, stylish, and seriously impressive. 

If superyachts are your thing, you’ll want to read on for all the facts and figures on all of the largest yachts in the world.

The 26 largest yachts in the world

Multimillion-dollar mega yachts: our ranking methodology.

A superyacht or mega yacht is typically a motor yacht or sailing yacht with a length of 30 meters (100 feet) or more. For this ranking, we looked at the superyachts and luxury expedition mega yachts that are used privately or made available for charter. We excluded so-called ‘residential superyachts’ (think Njord and The World), which are essentially luxury apartment buildings at sea where people own private residences inside the superyacht rather than the whole yacht. By researching diverse, reliable sources like Wikipedia and the Superyacht Times, we compile a list of the largest yachts in the world.

Curious about other striking superlatives? Check our round-up of the most expensive cars in the world and the most expensive private jets in the world . They are both perfectly good alternatives to owning a yacht. And if you prefer to stay home, we’ve ranked the biggest homes and the most expensive houses in the world to give you some inspiration too.

26. Y721 (aka Koru) | 417 feet—127m

Ever wonder where Jeff Bezos spends his downtime? As of today, we’re predicting it to be on his $500 million superyacht. Y721—nicknamed Koru—is 127m long. And featuring three sky-high slender masts, Koru is said to be the largest sailing yacht in the world . 

With dark exteriors and natural wooden decks, Koru is inspired by another one of Bezos’ yachts—the Black Pearl. The clean lines and classically curved bow speak to an understated elegance despite the yacht’s mammoth size. While a long line of portals indicates at least 9 guest cabins. In light of all the secrecy surrounding Koru, we doubt Bezos will ever charter her out, but we can still dream.

25. Al Mirqab | 436 feet—133m

Adorned with cascading chandeliers and gold accents, Al Mirqab is renowned for its unrivaled interiors. Surrounded by suspended glass artworks, a grand staircase floats throughout the four floors. And inspired by authentic Arabian styles, the magnificent superyacht is reminiscent of a magic carpet ride through the seas . 

Built for the former Prime Minister of Qatar, Peterswerft-Kusch spared no expense in delivering Al Mirqab to an impossibly high standard for luxury. The large swimming pool is a standout feature as it opens up into the sea, creating the ultimate playground for adults. Al Mirqab has a capacity for up to 60 guests and is manned by an equal number of crew. Although you have to be invited by the politician himself as Al Mirqab isn’t available for private charter.

24. Serene | 439 feet—134m

Adeptly named, the magnificent superyacht embodies the serenity of a life at sea. Serene was built in Italy for a Russian owner in 2011. She was leased to Bill Gates for the Summer in 2014 for $5 million per week. 

Designed by Reymond Langton, the 134m mega yacht marries elegant sophistication with state-of-the-art technologies. The seven decks leave ample space for guests to soak in scintillating views. While the underwater viewing room—nicknamed the Nemo room—is a permanent gallery of resplendent sealife. The real-life snow room makes up to four inches of snow. And whilst this may seem odd when your billionaire boss asks for snow—you make it snow.

23. Crescent | 445 feet – 136 m

Yet another Lurssen masterpiece, Crescent pays homage to classic naval designs with traditional architecture and elegant interiors. Formerly named Project Thunder, she was built in Germany and delivered to Igor Sechin in 2018. The Russian oligarch’s superyacht was seized by Spain after sanctions were placed on Russia in 2022. 

Crescent features low bulwarks and full-height windows to maximize the view from the center of the boat. Her distinctive wing station provides unrivaled views for up to 18 guests. But don’t get your hopes up—Crescent is strictly for private use only and isn’t available for charter. 

22. Savarona | 446 feet – 136m

Savarona is the second-largest yacht built by Blohm & Voss and spends most of her time in the Mediterranean. This luxury superyacht is one of the oldest in the market — a perfect fusion of traditional charm and modern facilities. 

Previously named Gunes Dil, Savarona was designed by Cox & Stevens, with interior design carefully handled by Donald Starkey. She’s available to charter on a weekly basis and has been refurbished over the years. Back in the day, her cost price was $4 million, and in 1989, she was chartered by Kahraman Sadikoglu, owner of the Turkish Sadikoglu Group, who spent an estimated $50 million on refurbishing her from top to bottom.

21. Flying Fox | 446 feet – 136m

Flying Fox is known as the most expensive charter yacht in the world , and a week aboard will set you back around $3 million. Chartered by the one and only power couple Beyonce and Jay-Z in 2021, it’s filled to the brim with all of the luxury facilities you could ever possibly want. 

The Flying Fox is rumored to be owned by Jeff Bezos, although that’s a claim that’s never been totally certified. She spends most of her time in the Mediterranean, specifically Cannes, Capri, and Sardinia, although she’s recently visited Norway, too. She can accommodate the largest helicopters on the market, and it reportedly took more than 50 meetings with her owner for interior design to be completed.

20. Rising Sun | 454 feet – 138m

The Rising Sun’s original owner, Larry Ellison, CEO of Oracle Corporation, sold her in 2010 as he considered her too large. Famously used by David Geffen for self-isolation, Rising Sun has also been a popular hang-out spot for celebrities like Oprah Winfrey and Beatrice, the Princess of York. 

She’s a Superyacht with impressive attention to detail like interiors kitted out in teak and onyx and endless features like a full gym , a large wine cellar, a sauna, and a spa. She’s got a full-size basketball court that doubles up as a helicopter landing pad and a private cinema for those long evenings spent at sea.

19. Al Salamah | 457 feet – 139m

Al Salamah is part of the Omani Royal fleet and started her very secretive life in Genoa. Known as the world’s biggest superyacht right up until 2016, she’s a sleek masterpiece of a ship, with a distinctive cream color and beach club design. 

Al Salamah does everything in multiples, from the five galleys onboard (the main galley, a bakery, a crew galley, an owner’s diet galley, and an Arab galley), three hospitals (one for the owner, one for guests, and one for the crew) and 2,000 sqm of floor space. She was put on sale briefly for $280 million USD, before being delisted and instead given as a gift to the Crown Prince of Bahrain. 

18. Solaris | 458 feet – 139m

Everything about Solaris was supposed to be kept a secret when she was being built—a secret that didn’t last long when her huge size was spotted undergoing sea trials in the North Sea. One of this Superyacht’s main attractions is her beach club on the top floor: the perfect spot for relaxation during those long days out at sea. 

That beach club comes complemented with endless other stylish amenities, like a large helipad, sun deck, and a crane to launch tenders, toys, and subs. Interior design is largely unknown, but, if it’s anything as sleek and white as its exteriors, it’s sure to be impressive.

17. Scheherazade | 459 feet – 140m

Two helicopter landing pads, two outdoor Jacuzzis, and two outdoor fire pits: Scheherazade doesn’t hold back with not only the essentials but also the luxuries. Previously named Lightning, “Scheherazade” is mostly associated with a female character in the Middle Eastern folk tales in the series One Thousand and One Nights. 

Not much is known about this superyacht, and even her birth and building process were referred to under a codename: Project Lightning. No one involved in her creation, even Lurssen, has revealed anything about her interiors or her owner. All that’s really known is that she sailed from Germany to Norway initially after completion. 

16. Ocean Victory | 460 feet – 140m

Ocean Victory has traveled all over the world, from Europe to Southeast Asia and back again. Owned by Russian billionaire Viktor Rashnikov, she’s the upgraded vessel to follow his purchase of the 76-meter Ebony Shine. 

She’s one designed with pure luxury in mind, from the six individual swimming pools onboard to the 300-square meter spa area. She’s beautiful both inside and out, with a unique concept designed by Espen Oeino and interior designer Alberto Pinto. The largest superyacht ever built in Italy, Ocean Victory shows some of the finest in the world when it comes to premium quality adventures at sea.

15. Yas | 463 feet – 141m

Yas is known best for its seamless and rather unusual design — one that’s a little different from most superyachts out there. The owner of Yas wanted a yacht that lived up to his own heritage; one with a backbone reminiscent of the navy and with abstract lines throughout. 

He chose an existing boat in Abu Dhabi, which was deconstructed within the region before being shipped off and renovated into the wonder that it is today. The Yas yacht was originally a Dutch navy frigate, which you’d never guess from strolling around onboard today.

14. Nord | 465 feet – 142m

Nord’s distinctive bow design has never been seen before on a yacht. That’s one of the first things you’ll notice about her. The next thing you’ll notice is her unusual design, which verges on battle-esque and has been called “ a warship wearing a tuxedo ” by Dan Lenard of the Italian design studio Nuvolari-Lenard. 

She’s one of the best superyachts out there for fun, with a sports and diving center on the lower deck, a swimming pool higher up, overlooking the ocean, and a fleet of tenders. She was designed for global exploration: a yacht that will calmly cruise her way all across the world.

13. Sailing Yacht A | 469 feet—142.8m

Challenging the status quo and pushing design boundaries, Sailing Yacht A is an enigma. The sail-assisted superyacht was built in Germany and delivered to Russian tycoon Andrey Melnichenko in 2017. However, she was seized by the Italian police force, Guardia di Finanza, in 2022 after sanctions were placed on Russian businessmen following Russia’s invasion of Ukraine. 

Distinguished by soaring rotating carbon fiber masts, Nobiskrug’s hybrid approach to superyachts makes Sailing Yacht A more eco-conscious than other luxury yachts of her size. The u nderwater viewing pod molded into the keel speaks to her unrivaled innovation. And many balconies are enclosed by some of the largest pieces of curved glass ever made. 

12. El Mahrousa | 478 feet – 146m

El Mahrousa had a few different names in her time, ranging from the translated “The Protected” to El Horreya, which in Arabic translates to “Freedom.” It’s not surprising that she’s had more than one name when you take into account her age. As the oldest superyacht in the world, she’s undergone a lot of restoration over time, including multiple lengthenings and faster engines. 

She was renamed back to El Mahrousa in 2000 and gained even more recognition for being the first ship to cross the new Suez Canal extension in 2015. Back in her original days, she was built on the River Thames and took her first trip in 1867.

11. OK | 479 feet—146m

Delivered in Japan in 1982, OK is one of the largest and most unique superyachts in the world. Sprawling over 479 feet, the water giant is engineered to submerge almost seventy percent. This is accredited to the work done by Karmarine Shipyard. While the majority of the vessel was built by Oshima Shipping, it was privately converted to a semi-submersible yacht in Turkey. 

The superlative finishing on OK superyacht was designed by Timur Bozca, winner of the Younger Designer of the Year award in 2015. The blueprint being as many games as possible. The extraordinary vessel has the uncanny ability to hold over seventy toys, including a sailing yacht, a sea plane, tenders, buggies and even a tennis court.

10. Opera | 480 feet—146.4m 

Like many of the most majestic water titans, Opera was delivered by Lurssen in Germany and built for Abu Dhabi royalty. This time, the owner is Sheikh Abdullah bin Zayed Al Nahyan, son of the founder of the United Arab Emirates. And while it may not be quite as astronomical as Lurssen’s previous builds—Azzam, Blue and Dilbar—the streamlined vessel is equally impressive onboard. 

The three-story superyacht proves large enough for a pair of helipads and two swimming pools, amongst many other toys, while simultaneously making room for up to 48 guests and 80 crew members. When it comes to the interior, details are sparse, but we do know that it was designed by Terence Disdale, a London firm renowned for creating bespoke luxury spaces. 

9. Prince Abdulaziz | 482 feet – 147m

The Prince Abdulaziz’s yacht was ordered by King Fahd, who named her after his son Prince Abdul Aziz. Now, she’s owned by his brother, Abdullah. Just one of the yachts owned by the Saudi royal family, she’s spotted frequently throughout Europe, especially in Cannes, where the royal family owns a property. 

She’s been redecorated once — in 2007 — in a project that took 15 months to complete, without even taking into account the rest of the ship’s upkeep. The Prince Abdulaziz is known for its combination of bold colors and fusion of traditional and modern design, thanks to its influence from the late David Hicks.

8. A+ | 483 feet – 147m

What do you do when the name “A” is already taken for your superyacht? Choose the next closest thing: A+. Previously named Topaz, this superyacht was the world’s fourth-largest luxury yacht when she was built, before being stripped of that particular title only a few years later. 

Nevertheless, she’s a seriously impressive superyacht, with endless facilities like a large jacuzzi, double helicopter landing pads, a swimming pool with a swimming platform and underwater lights, as well as a fitness hall, cinema, and a large conference room. She’s also well equipped with water toys, like jet skis, inflatable boats, a catamaran, and even a mini-submarine.

7. Al Said | 508 feet – 155m

Another Superyacht built, shrouded in secrecy, Al-Said was referred to as “Project Sunflower” the entire time she was being created, right up until she was delivered to her owner in 2008. Not much is known about Al Said, from her movements through to her amenities — although she is known to have a huge concert room with space for a full 50-person orchestra. 

Currently, she’s flying the flag of Oman and has spent a lot of time in its surrounding waters. Her interior was styled by British designer design house RWD, with exterior design being credited to Espen Oeino. When she was delivered to the Sultan of Oman, she replaced a previous ship of a smaller size. 

6. Dilbar | 511 feet – 156m

Dilbar, or Project Omar, as it was originally known as, is another superyacht designed with the help of exterior expert Espen Oeino, but with interiors strikingly designed by Andrew Winch. Dilbar is famously known as the world’s largest yacht by gross tonnage (interior volume) but as the fifth-longest superyacht in the world. 

She’s home to a spa pool and beach club, as well as a large private cinema, spacious cabins set high on the main deck, a spacious dining room, and a salon with its own piano. She’s just as classy and beautiful on the inside as she is on the outside.

5. Blue | 527 feet—160.6m

Sunday blues simply cease to exist on one of the world’s most extravagant superyachts. The elegant behemoth was built for member of the ruling family of Abu Dhabi and billionaire, Sheikh Mansour bin Zayed Al Nahyan in 2022. Valued at over $600 million, Blue is one of the most expensive superyachts in the world. And with a strong emphasis on the environment, this superyacht is also one of the most sustainable. 

Blue strives to be as environmentally friendly as possible. She is equipped with a highly efficient Diesel-Electric Hybrid Propulsion Concept developed by Lürssen’s own engineering specialists. And the wastewater treatment plant allows water to be disposed of in drinking water quality.

4. Dubai | 531 feet – 162m

Dubai had multiple names in the planning stages—including Panhandle, Platinum, and Golden Star. Owned by the ruler of Dubai, it was aptly named after its home country and comes with all of the luxurious amenities you’d expect from such a name. 

The Dubai comes complete with a huge swimming pool and two jacuzzis. Further down, you’ll find a large dining room with striking blue and burgundy decor and space for up to 90 guests. Dubai usually spends her time moored at Sheikh Mohammed’s private island in front of his summer palace in Dubai. She’s basically the definition of a floating palace.

3. Eclipse | 533 feet – 162.5m

It took around five years for Eclipse to be built from start to finish. While she was always designed to be a huge, luxurious Superyacht, the focus was more on decking it out appropriately rather than breaking any records. An award-winning superyacht, she’s incredibly spacious, with endless rooms to explore and a sleek, neutral color palette running through. 

The Eclipse’s owner, Roman Abramovich, was more focused on facilities: he wanted more than one helicopter pad and a large swimming pool, too. Other than that, designer Terry Disdale had free reign for the rest of the superyacht. It’s just as much a clean piece of architectural styling as it is a stunning experience on deck.

2. Fulk Al Salamah | 538 feet – 164m

Fulk Al Salamah translates to “Ship of Peace” and that’s something that sounds like a given when you’ve taken a look at this superyacht’s incredible layout. Developed under the codename Project Saffron, Fulk Al Salamah is more of a support vessel than she is a typical superyacht. 

While she might still come complete with all of the necessities for a particularly relaxing voyage, she’s more so known for being a transport ship for the Royal Navy of Oman. She’s also used as a sort of friendship boat — pun intended — and is often sailed across the world with the intention of strengthening ties with the Sultanate. In some ports, influential people are welcomed onboard.

1. Azzam | 590 feet – 181m

Most superyachts in the top 10 category have a few mere inches between sizes, but the Azzam shoots far ahead with a large amount of extra length. The largest superyacht in the world, she was never designed to win the title — rather just to be a sleek and elegant vessel. Azzam was crafted backward, with the plans for her interior confirmed long before her exterior was fully signed off. 

Her length only came to be as such to incorporate everything required for the interiors, which added an extra 35 meters to her overall size. She’s also designed to look smaller than she actually is, with a blend of indoor and outdoor living. It took more than 4,000 people to build Azzam , clocking up six million man-hours over a period of four years.

The largest yachts in the world: Conclusion

The largest yachts in the world are:

• Azzam—590 feet
• Fulk Al Salamah—538 feet
• Eclipse—533 feet
• Dubai—531 feet
• Blue—527 feet
• Dilbar—511 feet
• Al Said —508 feet
• A+—483 feet
• Prince Abdulaziz—482 feet
• Opera—480 feet
• OK—479 feet
• El Mahrousa—478 feet
• Sailing Yacht A—469 feet
• Nord—465 feet
• Yas—463 feet
• Ocean Victory—460 feet
• Scheherazade —459 feet
• Solaris—458 feet
• Al Salamah—457 feet
• Rising Sun—454 feet
• Flying Fox—446 feet
• Savarona—446 feet
• Crescent—445 feet
• Serene —439 feet
• Al Mirqab—436 feet
• Y721 (aka Koru)—417 feet

The most expensive yacht in the world

The fact that the History Supreme, the world’s most expensive superyacht, comes coated in gold, is only part of the reason for its high cost. A superyacht with a real-life Midas touch, it was sold to an anonymous Malaysian businessman for $4.8 billion. 

Robert Kuok, the richest Malaysian businessman, is the rumored owner of History Supreme, but no one has confirmed for sure. The History Supreme also comes with plenty of other impressive touches: a master bedroom decked out in platinum, a wall feature made from meteoric stone, and a genuine T-Rex dinosaur bone, to add to the list. 

She took three years to build from scratch and comes with 10,000 kilograms of solid gold and platinum. Other seriously luxe features are her 68 kilograms 24-carat gold Aquavista Panoramic Wall Aquarium and a liquor bottle adorned with a rare 18.5-carat diamond . The base of the vessel comes wrapped in gold, too.

Frequently asked questions about the world’s largest yachts

The largest yachts in the world are owned by Sheikh Khalifa bin Zayed Al Nahyan, Sultan Haitham bin Tariq, Roman Abramovich, Sheikh Mohammed bin Rashid Al Maktoum, and Alisher Usmanov. Our guide tells you more about all the biggest yachts in the world .

At 417 feet (127 m), Amazon founder Jeff Bezos’ sailing yacht, Koru (formerly Project Y721), is one of the world’s largest yachts.

The 181-m (590 ft) Azzam is the world’s longest yacht in length, but the 156-m Dilbar has a much larger internal volume (measured in Gross Tons) at 15,917 GT (Gross Tons) versus 13,136 GT for Azzam. As such, Dilbar is the world’s largest yacht in volume. Read our full guide to discover the largest yachts in the world .

The biggest yacht in the world is the Azzam , which has an estimated cost of $600 million. She’s owned by Sheikh Khalifa bin Zayed Al Nahyan and is not currently for sale.

In terms of the number of megayachts, the largest superyacht-owning country is the United States. Nationality-wise, beyond American, an increasing percentage of superyacht owners are Turkish, Greek, Emirati, German, Australian and Dutch.

About the author

Emma Treagus

Women’s fashion & travel editor.

A former fashion assistant and budding entrepreneur who calls the world her home, Emma writes many of Luxe Digital’s women’s style and travel stories, drawing on her passion and experience for slow fashion alongside an appreciation for current trends. When she’s not getting her way with words, you’ll find her exploring a new city (at quite a walking pace)—locating the nearest sushi restaurant or devouring a book on the beach.

Learn more about Emma Treagus

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Who Owns Which Superyacht? (A Complete Guide)

Have you ever wondered who owns the most luxurious, extravagant, and expensive superyachts? Or how much these lavish vessels are worth? In this complete guide, we’ll explore who owns these magnificent vessels, what amenities they hold, and the cost of these incredible yachts.

We’ll also take a look at some of the most expensive superyachts in the world and the notable people behind them.

Get ready to explore the world of superyachts and the people who own them!

Table of Contents

Short Answer

The ownership of superyachts is generally private, so the exact answer to who owns which superyacht is not always publicly available.

However, there are some notable superyacht owners that are known.

For example, Larry Ellison, the co-founder of Oracle, owns the Rising Sun, which is the 11th largest superyacht in the world.

Other notable owners include Russian billionaire Roman Abramovich and Microsoft co-founder Paul Allen.

Overview of Superyachts

The term superyacht refers to a large, expensive recreational boat that is typically owned by the worlds wealthy elite.

These vessels are designed for luxury cruising and typically range in size from 24 meters to over 150 meters, with some even larger.

Superyachts usually feature extensive amenities and creature comforts, such as swimming pools, outdoor bars, movie theaters, helipads, and spas.

Superyachts can range in price from $30 million to an astonishingly high $400 million.

Like most luxury items, the ownership of a superyacht is a status symbol for those who can afford it.

The list of superyacht owners reads like a whos who of billionaires, with names like Russian billionaire Roman Abramovich, Microsoft co-founder Paul Allen, and Amazon founder Jeff Bezos.

The most expensive superyacht in the world is owned by the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani.

While some superyacht owners prefer to keep their vessels out of the public eye, others have made headlines with their extravagant amenities.

Some of the most famous superyachts feature swimming pools, private beaches, helicopter pads, on-board cinemas, and luxurious spas.

In conclusion, owning a superyacht is an exclusive status symbol for the world’s wealthy elite.

These vessels come with hefty price tags that can range from $30 million to over $400 million, and feature some of the most luxurious amenities imaginable.

Notable owners include the Emir of Qatar, Russian billionaire Roman Abramovich, Microsoft co-founder Paul Allen, and Amazon founder Jeff Bezos.

Who are the Owners of Superyachts?

From Hollywood celebrities to tech billionaires, superyacht owners come from all walks of life.

Many of the most well-known owners are billionaires, including Russian billionaire Roman Abramovich, Microsoft co-founder Paul Allen, and Amazon founder Jeff Bezos.

Other notable owners include Hollywood stars such as Leonardo DiCaprio and Johnny Depp.

However, not all superyacht owners are wealthy.

Many are everyday people who have worked hard and saved up to purchase their dream vessel.

Other notable billionaire owners include Oracle co-founder Larry Ellison, Saudi Prince Alwaleed bin Talal, and former US President Donald Trump.

These luxurious vessels come with hefty price tags that can range from $30 million to over $400 million.

For many superyacht owners, their vessels serve as a status symbol of wealth and luxury.

Some owners prefer to keep their yachts out of the public eye, while others have made headlines with their extensive amenities – from swimming pools and helicopter pads to on-board cinemas and spas.

Many of these yachts are designed to the owner’s exact specifications, ensuring that each one is totally unique and reflects the owner’s individual tastes and personality.

Owning a superyacht is an exclusive club, reserved for those with the means and the desire to experience the ultimate in luxury.

Whether they are billionaires or everyday people, superyacht owners are all united in their love of the sea and their appreciation for the finer things in life.

The Most Expensive Superyacht in the World

When it comes to superyachts, Sheikh Tamim bin Hamad Al Thani, the Emir of Qatar, certainly knows how to make a statement.

His luxury vessel, the 463-foot Al Mirqab, holds the title of the world’s most expensive superyacht.

Built in 2008 by German shipbuilder Peters Werft, this impressive yacht is complete with 10 luxurious cabins, a conference room, cinema, and all the amenities one would expect from a vessel of this magnitude.

In addition, the Al Mirqab features a helipad, swimming pool, and even an outdoor Jacuzzi.

With a price tag of over $400 million, the Al Mirqab is one of the most expensive yachts in the world.

In addition to the Emir of Qatar, there are several other notable owners of superyachts.

Russian billionaire Roman Abramovich, Microsoft co-founder Paul Allen, and Amazon founder Jeff Bezos all own luxurious vessels.

Bezos yacht, the aptly named The Flying Fox, is one of the longest superyachts in the world at a staggering 414 feet in length.

The Flying Fox also comes with a host of amenities, such as a helipad, swimming pool, spa, and multiple outdoor entertaining areas.

Bezos also reportedly spent over $400 million on the vessel.

Other notable owners of superyachts include Saudi Prince Alwaleed bin Talal, who owns the $200 million Kingdom 5KR, and Oracle founder Larry Ellison, who owns the $200 million Rising Sun.

There are also many lesser-known owners, such as hedge-fund manager Ken Griffin, who owns the $150 million Aviva, and investor Sir Philip Green, who owns the $100 million Lionheart.

No matter who owns them, superyachts are sure to turn heads.

With their impressive size, luxurious amenities, and hefty price tags, these vessels have become a symbol of wealth and prestige.

Whether its the Emir of Qatar or a lesser-known owner, the worlds superyacht owners are sure to make a statement.

Notable Superyacht Owners

When it comes to the wealthiest and most luxurious owners of superyachts, the list reads like a whos who of the worlds billionaires.

At the top of the list is the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, who holds the distinction of owning the most expensive superyacht in the world.

Aside from the Emir, other notable owners include Russian billionaire Roman Abramovich, Microsoft co-founder Paul Allen, and Amazon founder Jeff Bezos.

All of these owners have made headlines with their extravagant vessels, which are typically priced between $30 million and $400 million.

The amenities that come with these vessels vary greatly from owner to owner, but they almost always include luxurious swimming pools, helicopter pads, on-board cinemas, and spas.

Some owners opt for more extravagant features, such as submarines, personal submarines, and even their own personal submarines! Other owners prefer to keep their vessels out of the public eye, but for those who prefer a more showy approach, they can certainly make a statement with a superyacht.

No matter who owns the vessel, it’s no surprise that these superyachts are a status symbol among the world’s wealthiest.

Whether you’re trying to impress your peers or just looking to enjoy a luxurious outing, owning a superyacht is the ultimate way to show off your wealth.

What Amenities are Included on Superyachts?

Owning a superyacht is a sign of wealth and prestige, and many of the worlds most prominent billionaires have their own vessels.

The most expensive superyacht in the world is owned by the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, while other notable owners include Russian billionaire Roman Abramovich, Microsoft co-founder Paul Allen, and Amazon founder Jeff Bezos.

The cost of a superyacht can range from $30 million to over $400 million, but the price tag doesnt quite capture the sheer extravagance and amenities of these vessels.

Superyachts come with all the comforts of home, and then some.

Many owners will equip their vessels with swimming pools, helicopter pads, on-board cinemas, spas, and other luxury amenities.

The interior of a superyacht can be custom-designed to the owners specifications.

Some owners opt for modern, sleek designs, while others prefer a more traditional look.

Many of the most luxurious yachts feature marble floors, walk-in closets, and custom-made furniture.

Some vessels even come with a full-service gym, complete with exercise equipment and trained professionals.

Other amenities may include a library, casino, media room, and private bar.

When it comes to outdoor amenities, superyachts have some of the most impressive features in the world.

Many yachts come with outdoor entertainment areas, complete with full kitchens, dining rooms, and lounge areas.

Some owners even opt for hot tubs or jacuzzis for relaxing afternoons in the sun.

And, of course, there are the jet skis, water slides, and other exciting water activities that come with many of these vessels.

No matter what amenities a superyacht has, it is sure to be an experience like no other.

From the sleek interiors to the luxurious outdoor features, these vessels provide a unique, luxurious experience that is unrivaled on land.

Whether you’re looking for a relaxing escape or an exciting adventure, a superyacht is sure to provide.

How Much Do Superyachts Cost?

When it comes to superyachts, the sky is the limit when it comes to cost.

These luxury vessels come with hefty price tags that can range from anywhere between $30 million to over $400 million.

So, if youre in the market for a superyacht, youre looking at an investment that could easily break the bank.

The cost of a superyacht is driven by a variety of factors, including size, amenities, and customization.

Generally, the larger the yacht, the more expensive it will be.

Superyachts typically range in size from 100 feet to over 200 feet, and they can be as wide as 40 feet.

The bigger the yacht, the more luxurious features and amenities it will have.

Amenities also play a significant role in the cost of a superyacht.

While some owners prefer to keep their yachts out of the public eye, others have made headlines with their extensive amenities.

From swimming pools and helicopter pads to on-board cinemas and spas, the sky is the limit when it comes to customizing a superyacht.

The more amenities a superyacht has, the more expensive it will be.

Finally, customization is another major factor that will drive up the cost of a superyacht.

Many luxury vessels have custom-designed interiors that are tailored to the owners tastes.

From custom furniture and artwork to lighting and audio systems, the cost of a superyacht can quickly escalate depending on the level of customization.

In short, the cost of a superyacht can vary widely depending on its size, amenities, and customization.

While some may be able to get away with spending a few million dollars, others may end up spending hundreds of millions of dollars on their dream yacht.

No matter what your budget is, its important to do your research and find out exactly what youre getting for your money before signing on the dotted line.

Keeping Superyachts Out of the Public Eye

When it comes to owning a superyacht, some owners prefer to keep their vessels out of the public eye.

Understandably, these individuals are concerned with privacy and discretion, and therefore tend to take measures to ensure their yachts are not visible to outsiders.

For instance, some superyacht owners opt to keep their vessels in private marinas, away from the public areas of larger ports.

Additionally, some yacht owners may choose to hire security guards to patrol and protect their vessels while they are moored or sailing.

In addition to physical security, some superyacht owners also use technology to keep their vessels out of the public eye.

For example, a yacht owner may choose to install a satellite-based communications system that allows them to keep their vessel completely off-radar.

This system works by bouncing signals off satellites rather than transmitting them, making it virtually impossible for anyone to track the yachts movements.

Finally, some superyacht owners also choose to limit the number of people who have access to their vessels.

For instance, the owner may only allow family members and close friends to board the yacht.

Additionally, the owner may choose to employ a limited number of staff to help maintain the vessel and keep it running smoothly.

These individuals may be required to sign non-disclosure agreements to ensure they do not disclose any information about the yacht or its owner.

Overall, while some superyacht owners may choose to keep their vessels out of the public eye, there are still plenty of other ways to show off the opulence associated with owning a superyacht.

From swimming pools and helicopter pads to on-board cinemas and spas, there are many luxurious amenities that can make a superyacht the envy of any jet setter.

Final Thoughts

Superyachts are a symbol of luxury and status, and the list of yacht owners reads like a who’s who of billionaires.

From the Emir of Qatar’s world-record breaking $400 million yacht to Microsoft co-founder Paul Allen’s vessel with a helicopter pad and on-board spa, the amenities of these luxury vessels are truly stunning.

With prices ranging from $30 million to over $400 million, owning a superyacht is an expensive endeavor.

Whether you’re looking to purchase one or just curious to learn more about the owners and their amenities, this guide will provide you with all the information you need to stay up to date with the superyacht scene.

James Frami

At the age of 15, he and four other friends from his neighborhood constructed their first boat. He has been sailing for almost 30 years and has a wealth of knowledge that he wants to share with others.

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Celebrity Owned Super Yachts

Jul 9, 2019

Ever wonder who owns that million-dollar yacht?

Luxury superyachts are made for the rich and famous. The ones we have listed below are worth millions. Some feature gyms, pools, and movie theaters. Not only do these billionaire celebrities own beautiful yachts, but they also have their own private jets, multiple homes, and some, their own island! Many celebrities love to set sail in their luxury yacht to get away from all the chaos and spend time with their family and friends. Step aboard and read some about these celebrity-owned super yachts!

VENUS | Steve Jobs/ Laurene Powell

Steve Jobs was the co-founder, chairman, and CEO of Apple Inc with an estimated net worth of $18 billion USD. Jobs died in 2011 due to pancreatic cancer and could not see the finished product of the superyacht he was building with designer Philippe Starck. Venus is now owned by the Job family. It was built at Feadship and delivered to the Job family in 2012. She is approximately 252 feet long and accommodates 12 guests in six cabins and 22 crew members in 14 cabins. Rumors are that Job’s family spent a total of 100 million euros on the superyacht. She is powered by two MTU engines that bring her to a top speed of 20.5 knots. The boat is not for sale and is not available for charter.

MUSASHI |  Larry Ellison

2011 Feadship 288 | Larry Ellison is the owner of the American software company Oracle and is one of the richest people in the world. His estimated net worth is 58 billion USD. His mega yacht, Musashi, was launched in 2011 by Feadship and is 288 feet long. Her name was inspired by a Japanese samurai which stands for ‘warrior.’ She can sleep 18 guests comfortably with nine cabins and accommodate her 23 person crew. The designers combined elements from Japanese design and art deco. They even added a spa pool on the upper deck. She is powered by four MTU 16V4000 which brings her to a top speed of 21 knots. Not only does he own this beautiful superyacht, but he also has his own private island and a jet. He purchased Musashi for $160 million USD.

SEVEN SEAS | Steven Spielberg

2010 Oceanco 282 | Steven Spielberg is a director and film producer. You might know him from his classic films like Jaws and ET. His estimated net worth is $3.7 billion USD. His mega yacht, Seven Seas, was launched in 2010 by Oceanco and is 282 feet long. The yacht has an estimated value of $200 million USD and is named after his seven children. Seven Seas can accommodate 12 guests in six cabins. She has a crew of 26. The designers Nuvolari Lenard and Azure Naval Architects are responsible for the beautiful interior design. She is powered by two MTU engines that will bring her to a top speed of 20 knots. Seven seas are not available for yacht charter nor is it for sale. Rumors have been circling that Spielberg is building a new 109-meter Oceanco Y720 to be completed by 2021.

MAIN | Giorgio Armani

PRIVACY | Tiger Woods

2004 Christensen 155 | Tiger Woods is a professional golfer. His estimated net worth is $800 million USD. His superyacht, Privacy, was launched in 2003 by Christensen and is 155 feet long. Woods purchased the yacht for $20 million USD. Privacy can accommodate ten guests in five cabins along with nine crew members in four cabins. The yacht has a large bar on the upper deck, an elevator, jacuzzi, three SeaDoos, and a workout room. Her top speed is 18 knots and she is powered by MTU 12V4000’s.

MARAYA | Sean Combs aka P.Diddy

VA BENE | Eric Clapton

1992 Cornelissen 156 | Eric Clapton is a British rock musician who was born in England. His estimated net worth is $300 million USD. The yacht was built in 1992 at Cornelissen in the Netherlands. However, Clapton did not purchase the luxury until 2005 for an estimated $10 million USD. Va Bene can accommodate twelve guests and twelve crew members. She is powered by two Caterpillar engines that bring her to a top speed of 16 knots. The boat is available for yacht charter and was listed for sale in 2016.

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Joe Lewis: British billionaire and Spurs owner spared jail time after pleading guilty in US to insider trading

B ritish billionaire Joe Lewis, whose family trust owns the Tottenham Hotspur football club, will not spend any time in prison after he pleaded guilty to insider trading and conspiracy charges in New York, a US federal judge said.

Judge G.L. Clarke cited his decision to promptly come to the United States to face charges and his failing health, along with a lifetime of good works, in ruling that he will face three years on probation and a five million US dollar fine rather than time behind bars.

Lewis, 87, was wearing an eye patch and one of his hands shook steadily throughout the one-hour proceeding in Manhattan federal court.

He has remained in the United States since last July.

Before he was sentenced, Lewis spoke briefly, saying he learned as he grew up in England during the Second World War how “precious life is” and decided to spend much of his life devoting himself to finding a cure for “horrendous diseases”.

“Your honour, I’m here today because I made a terrible mistake. I’m ashamed,” he said.

Lewis said he hoped “to make amends and to rebuild the trust that I have squandered” in the remainder of his life.

US sentencing guidelines had called for Lewis, a citizen of the United Kingdom and resident of the Bahamas, to serve 18 months to two years behind bars.

Even prosecutors, though, agreed time behind bars was not necessary.

At his January plea, Lewis admitted that he agreed in 2019 to share secrets about publicly traded companies with several individuals.

Prosecutors said afterward that his company, Broad Bay Limited, and Lewis would pay 50 million US dollars in financial penalties, the largest financial penalty for insider trading in a decade.

His lawyer said that the money was in escrow and ready to be paid and plans were for him to leave the United States for the Bahamas on Thursday night.

Prosecutors wrote in their presentence submission that Lewis deserved leniency because he is elderly and “battles significant health issues” that would cause a term of imprisonment to be more difficult for him than others.

They cited his acceptance of responsibility that he demonstrated by voluntarily surrendering rather than forcing a drawn-out extradition battle, and said that he had “otherwise lived a law abiding life”.

The government also noted that Lewis is recognised as one of the 500 richest people in the world with approximately 6.2 billion US dollars as of February, including homes in several countries, a 250 million US dollar yacht, private planes valued at 90 million US dollars and an art collection worth 100 million US dollars.

Defence lawyers said in their presentence submission that Lewis “is nearing the end of life in declining health” and that the court’s probation office had recommended no prison time, a period of three years probation and a five million US dollar fine.

They said Lewis, if he received no prison time, will immediately leave the United States knowing that his conviction will mean he cannot return to see his children, grandchildren and great-grandchildren, who live in the US.

From the start, Lewis was no ordinary defendant.

After his arrest less than a year ago, he had been free on 300 million US dollars bail after putting up a yacht and private plane as collateral.

In court papers, prosecutors said Lewis learned secrets about public companies after making large investments.

They said that on at least four occasions, he tipped off his girlfriend, personal pilots, employees and friends, enabling them to profit from the secrets.

“This insider trading was not the result of aberrant, one-time conduct, but rather, a troubling pattern of misconduct over the course of several years,” they wrote.

Prosecutors said it was possible that the insider activity resulted from “hubris, ego, a desire to make a financial gift without parting with his own money, an irrational form of greed, or some other reason”.

But, regardless, “it is clear that Lewis believed he was above the law — that he had achieved a level of wealth and stature that relieved him from having to operate by the same rules that apply to everyday investors”, prosecutors said.

Press Association – Larry Neumeister, Associated Press

Former Tottenham Hotspur owner Joe Lewis pleads guilty to securities fraud

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The Luxury Boats Owned By Some of the Wealthiest People in Tech, from a Yacht So Big It Has Its Own Support Boat to Superyachts with Swimming Pools and Basketball Courts Tech billionaires like Jeff Bezos, Oracle cofounder Larry Ellison, and Google cofounders Sergey Brin and Larry Page have all purchased mini vacation hubs at sea.

By Grace Kay and Sindhu Sundar • Jul 3, 2023

Key Takeaways

• Many billionaires like Jeff Bezos and Richard Branson enjoy spending their time on luxurious yachts.
• The boats are decked out with amenities that many Americans can only dream of.
• Here are some of the billionaires in tech who own private yachts.

This article originally appeared on Business Insider .

A regular Jane celebrating a personal renaissance after a long-term relationship might commemorate the new era with an ankle tattoo of a spiritual saying. When you're a billionaire, you could do it instead with a $500 million megayacht .

Amazon founder Jeff Bezos made waves in May riding around the roughly 127-meter "Koru," a Māori term that may signify a fresh start, with his reported fiancée Lauren Sanchez. (In 2019, Bezos finalized his divorce from MacKenzie Scott, whom he was married to for 25 years).

Beyond the private planes occupying the hangars of billionaires, yachts have come to symbolize the highly private sites of leisure and networking reserved for the ultra-wealthy .

Tech billionaires like Bezos, Oracle cofounder Larry Ellison, and Google cofounders Sergey Brin and Larry Page have all purchased their own mini vacation hubs at sea, decking their boats with amenities like gyms, spas, pools, nightclubs, and movie theaters.

For those wishing to experience life aboard these multi-million-dollar yachts, some are available to rent out for a few nights or weeks at a time. Late Microsoft cofounder Paul Allen's yacht can be booked for $2.2 million per week or more, according Bloomberg .

Chartering yachts owned by billionaires like Alphabet cofounder Sergey Brin has previously cost customers anywhere from $773,000 a week to $1.2 million .

It remains to be seen how these vessels will fare against the apparent Orca uprising.

Take a look at some of the yachts that have been owned by tech billionaires.

A mystery buyer bought a 414-foot superyacht that was once owned by late Microsoft co-founder Paul Allen for $278 million. Allen had the boat, which was named "Octopus," built in 2003 for $200 million. Since the tech billionaire's death in 2018, the boat had been listed for as much as $325 million.

Octopus in Canary Wharf, London, in 2012. Ki Price/Reuters Source: SuperYacht Times

The wealthy can book the yacht for a weekly rate of $2.2 million or more, through the luxury company Camper & Nicholsons, Bloomberg reported last year.

414ft luxury yacht 'Octopus' owned by Microsoft co-founder, Paul Allen, is moored to fuel up at Ege Ports in Kusadasi district of Aydin, Turkey on April 27, 2015. Ibrahim Uzun/Anadolu Agency/Getty Images

Sources: Bloomberg; Insider .

Amazon founder Bezos' $500 million megayacht, the roughly 127-meter "Koru," sparked attention in May for its artistic decor. A sculpture of a woman on the boat appeared to observers to be the likeness of Bezos' reported fiancée Sanchez, who was also seen that month on the yacht sporting a large ring.

Jeff Bezos was spotted aboard his megayacht "Koru" in May. Lift Aircraft.

Even before its completion, "Koru" drew the ire of Dutch people vowing to hurl eggs at the boat if it would require a historic bridge in Rotterdam to be taken apart to let it through. An egg crisis was averted however, as the company making the ship found a less-irksome alternative.

View of the Koningshaven Bridge, known as De Hef in Rotterdam, Netherlands. Peter Dejong/AP

Bezos has long been interested in yachts. In 2019, he was spotted aboard entertainment mogul David Geffen's superyacht.

David Geffen's superyacht Flickr via BI

Oracle cofounder Larry Ellison owns a 288-foot yacht named Musashi that he acquired in 2013. The yacht has several amenities, including an elevator, swimming pool, movie theater, and both an indoor and outdoor gym.

rulenumberone2/Flickr, Justin Sullivan/Getty Images

Source: Yacht Bible

Ellison has owned several superyachts over the years, including the Katana, the Ronin, and the Rising Sun.

Courtesy of Lurssen Source: Forbes .

The Oracle cofounder also has a knack for competitive yacht racing, and helped to found and back a racing team, called Oracle Team USA, in 2000. The team has found success and won several prestigious titles over the years.

Xaume Olleros/Getty Images Sport Source: Telegraph

Ellison previously owned a bigger, 454-foot yacht called Rising Sun, which was designed specifically for the CEO in 2005. That yacht reportedly has 82 rooms, a movie theater, a wine cellar, and a basketball court. However, Ellison sold off the Rising Sun to Geffen for a reported $300 million.

Kimberly White/Getty Images Source: Forbes , Boat International

Ellison's boat, Musashi, is a sister ship to the yacht of another billionaire, former Sears CEO Eddie Lampert. However, the yacht, named Fountainhead, is often mistaken for belonging to billionaire investor Mark Cuban. "The guy who owns the boat tells everyone that it's mine," Cuban told Page Six in 2016. "It's so crazy ... I don't even own a boat."

Mark Cuban. Steve Marcus/Reuters

Source: Page Six

Ellison's yacht reportedly influenced the decision of late Apple CEO Steve Jobs to get a boat himself. However, Jobs never set foot on the boat — the yacht was commissioned in 2008, but wasn't completed until 2012, a year after his death.

Justin Sullivan/Getty Images Source: Business Insider

When Jobs died in 2011, his yacht — along with his $14.1 billion fortune — was inherited by his wife, Laurene Powell Jobs, founder and president of a social-impact nonprofit called the Emerson Collective. The 256-foot yacht is named Venus, and is worth $130 million.

AP Photo/Peter Dejong Source: Business Insider

Google's billionaire cofounders, Larry Page and Sergey Brin, are known to splurge. An Insider feature in December documented some of the trappings of their luxury, including planes and yachts.

Sergey Brin (left) and Larry Page. Getty / Michael Nagle

Source: Insider .

Page owned a yacht named Senses, a $45 million, 194-foot boat that he bought in 2011 from a New Zealand businessman. He's since sold the yacht, Insider reported in 2021, a vessel that had a private beach club with a Jacuzzi and sun beds, both indoor and outdoor dining areas, and a helicopter pad. It's unclear what other sea vessels he owns, though Insider has previously reported he might have another yacht.

Ari Helminen/Flickr, Justin Sullivan/Getty Images Sources: Boat International; Insider .

Brin meanwhile owns a number of yachts and vessels including the 73-meter Dragonfly, and the 40-meter Butterfly, Insider reported in January.

Abell Point Marina/YouTube Source: Insider .

Dragonfly, the $80 million boat that has a movie-theater, shares a name with Google's once-secret project to launch a censored search engine in China. Google said in 2019 it had officially terminated the project.

Eric Risberg/Associated Press Source: Insider , Forbes .

The former Google CEO picked up the Alfa Nero yacht for nearly $68 million in an auction in June, according to a Bloomberg report. The yacht had apparently been left amid Russia's war in Ukraine, according to the report.

Eric Schmidt REUTERS/Brian Snyder Source: Bloomberg .

For Skype cofounder Niklas Zennstrom, his interest in yachts skews toward racing and competitive sailing. Zennstrom has gone through a succession of boats all named Ran.

Co-Founder and CEO of Skype Technologies, United Kingdom Niklas Zennstroem listens during a plenary entitled 'Digital 2.0:Powering a Creative Economy' at the World Economic Forum in Davos, Switzerland, AP Photo/Michel Euler

Source: CNN

The Ran VII yacht is among the most advanced of Zennstrom's boats. The racing yacht uses electrical power, which Zennstrom has said makes it "lighter, less drag, quieter, and most importantly it is environmentally friendly."

Carkeek Design Partners/YouTube Source: CNN

The 40-foot yacht has been meant to compete in regattas through the racing team owned by Zennstrom and his wife, Catherine. The Ran racing team launched in 2008, and has won some prestigious regattas.

The Ran racing team. Carkeek Design Partners/YouTube Source: CNN

Barry Diller, chairman of digital media company IAC, co-owns a $70 million yacht with his wife, fashion designer Diane von Furstenberg.

Diane von Furstenberg, left, and Barry Diller. Scott Olson/Getty Images Source: Business Insider

The sailing yacht, named Eos, is 350 feet long with six bedrooms. The power couple has hosted many celebrities over the years — a few that have been spotted aboard Eos include model Karlie Kloss, actor Bradley Cooper, journalist Anderson Cooper, and singer Harry Styles.

snowwahine/YouTube Source: W Magazine

For Jim Clark, the cofounder of Netscape, one yacht hasn't been enough. Clark has owned boats for more than 30 years, and in 2012, he put up two of his sailing yachts for sale.

Jim Clark, right. Cameron Spencer/Getty Images Source: Business Insider

Clark listed the boats for a combined $113 million: the 136-foot Hanuman for $18 million, and the 295-foot Athena for $95 million. However, Clark has yet to offload Athena. Clark also previously owned a 155-foot yacht named Hyperion, and currently also owns a sloop called Hanuman.

The yacht Athena. Fosnez / Wikimedia Commons Source: Boat International , Forbes

Charles Simonyi worked at Microsoft until 2002, and oversaw the creation of Microsoft Office software. A few years before he left, Simonyi decided to purchase a yacht. He told the designer that wanted his yacht to be "home away from [his] home in Seattle."

Reuters/Sergei Remezov Source: Boat International

The product of that conversation in 1999 is Simonyi's yacht named Skat, meaning "treasure" in Danish. The yacht measures 233 feet long, and is unique with its nontraditional design and gray color. Skat features a matching gray helicopter, a gym, and motorcycles.

Christopher Hunt/Getty Images Source: Yacht Charter Fleet

Opulent British billionaire Richard Branson owned a yacht until he sold it in September 2018. The 105-foot catamaran sold for $3 million, significantly lower than the $9.6 million price Branson listed the boat for in 2014.

Anthony Harvey/Getty Images, Virgin Source: Business Insider

Branson, the founder of Virgin Group, bought the boat in 2009. He named it Necker Belle, a nod to his private Caribbean island, Necker Island.

Necker Island Source: Business Insider

Additional reporting by Paige Leskin.

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Billionaire fights to dock his boat on water behind his house. His 164-foot boat, that is.

The love of the water, and a mega-yacht to enjoy it, is putting one resident at odds with village of north palm beach leaders..

For some people, the ultimate Florida lifestyle is a waterfront house , a private dock and a boat parked next to it. But what if that boat is a mega-yacht , and the mega-yacht stretches 164 feet?

That's the conundrum facing the Village of North Palm Beach.

This tiny community in northern Palm Beach County, with only 13,000 full-time residents, has an identity so tied to the water that a ship's steering wheel is the village's emblem.

But it's that love of the water that is putting one resident at odds with village leaders.

For the past several years, homeowner Michael Bozutto has been battling the village for the right to park his 164-foot Westport, dubbed Honey, behind a home he owns at 932 Shore Drive.

The house, built in 1961, is a one-story, ranch-style property with three bedrooms on a half-acre lot. Bozzuto paid $840,247 for the house in 2014, according to Palm Beach County property records.

Lawsuit rooted in dispute over where to dock mega-yacht

What makes this plain house special is its location. It's on a rare corner bordered on the north and east by navigable waters that provide access to the Atlantic Ocean via the Lake Worth Inlet. The east-facing dock is large enough to accommodate Bozzuto's motor yacht.

Since Bozutto bought Honey for an undisclosed sum a decade ago, he mostly has parked it at the Old Port Cove Marina, near Tiger Woods' 155-foot showy mega-yacht, ironically dubbed Privacy.

More recently, Bozzuto has wanted to park Honey alongside his Shore Drive house, one of four houses he owns in the village. While Bozzuto keeps some personal property at the Shore Drive house, he lives at a house he owns at Harbour Isles Court.

Village officials warned Bozzuto he can't park Honey at 932 Shore Drive because boats can only be parked on docks behind houses that are occupied by the homeowner.

But village rules do not define the word "occupied." For instance, the rules do not state that occupied means the house is a residence where the owner lives. Village rules also contain no restrictions on the size of boats that can be kept at private docks.

After years of pushing back against what he believes are fuzzy rules, Bozzuto in March filed a lawsuit against the village.

More: Cannonsport Marina sells for $58.5 million in big deal for tiny Palm Beach Shores

He alleged the municipality is illegally depriving him of his property rights because nothing in the village code prevents him from mooring Honey at his house. He is asking a Palm Beach County Circuit Court judge to rule that he has a constitutional right to dock Honey there.

Gregory Coleman, Bozzuto's West Palm Beach attorney, said the village has plenty of waterfront homes with yachts parked behind them. But Coleman said the village is illegally blocking Bozzuto from docking Honey at his house because the village is bending to pressure from a handful of neighbors who think the boat is too big.

The selective enforcement is wrong, said Coleman, a former president of the Florida Bar.

"He's a very under-the-radar guy who doesn't cause anybody any problems," Coleman said of Bozzuto. "He pays his property taxes, and he wants to be left alone by the village of North Palm Beach. Unfortunately, they are singling Mike out."

Neither Leonard Rubin, the village's longtime attorney, nor Village Manager Chuck Huff responded to requests for comment.

Eric Stettin, a Fort Lauderdale-based attorney who is representing the village in the Bozzuto lawsuit, said he could not comment on pending litigation.

What good is a man's castle if he can't have a boat in his moat?

Coleman's lawsuit describes the conflict as a battle over property rights, but real estate and yachting experts say it's also a sign of the times.

As wealthy new residents pour into the county wanting all the perks of the Sunshine State, they want a boat to go along with their waterfront homes and golf club memberships. Some longtime residents fear Palm Beach County is turning into a playground for billionaires, to the detriment of everyday people who also want to live in sunshine and peace.

This conflict between Old Florida and new money is an ever-present tension, but even seasoned yacht brokers say they've never seen interest in luxury yachts quite as strong as it is now.

More: Illegal boat slips are popping near Palm Beach Gardens. Residents want regulators to act

"What we've seen in the marketplace right after COVID in the yachting industry, and especially the superyacht segment, is the most incredible growth ever seen in the history of yachting to date," said Shannon McCoy, a luxury yacht advisor and broker with Worth Avenue Yachts in Palm Beach.

"A lot of people are moving here with serious money," added Pascal Savoy, U.S. managing director of Camper & Nicholsons International yacht brokers in Fort Lauderdale.

While in the past Palm Beach County was not considered lively enough for some buyers, Savoy said the county's growing sophistication is putting it on the map in a way never seen before.

"It's a mini-Monaco for us," Savoy said.

Prices for mega-yachts can range from $18 million to $60 million, or many times that, for the largest and most decked-out mega-yachts, Savoy said.

While some yachts can be glitzy, a 164-foot Westport is considered a more low-profile boat, Savoy added.

Michael Bozzuto's interests: Houses, boats and philanthropy

Bozzuto is no newcomer to North Palm Beach. He's been a resident of the village for 20 years.

He is the billionaire owner of a family-owned supermarket wholesaler in Connecticut, and an investor and philanthropist who likes to collect houses and yachts, Coleman said.

In addition to the four North Palm Beach houses and several yachts he owns, Bozzuto in February paid a whopping $31.1 million for a house in the Town of Palm Beach Shores. The house, which has two docks, sits just north of the Palm Beach/Lake Worth Inlet.

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Coleman said there is plenty of room for other boaters to navigate the waterway when Honey is parked at the Shore Drive house in North Palm Beach. And while other people may not have as large a yacht, there are other sizeable yachts parked on docks behind other North Palm Beach homes, too, he added.

At a 2017 village council meeting, then-Mayor Darryl Aubrey commented on the issue, according to the complaint.

"When I didn't live here full time, I had a boat sitting in my dock, I was gone nine months of the year. I don't see how you can say that someone has to be in a residence year-round, seems to be some interpretation of occupant, there would be an enormous number of violations," Aubrey said.

Another member of the village council asked if the village had a definition now, the complaint said.

Rubin, the village attorney, replied: "No, we don't," according to the lawsuit.

Show me the money? Here it is: West Palm and Palm Beach rank in top 5 as cities with fastest growth in millionaires

Palm Beach County's waterways run deep, and they are popular

The yacht docking dispute is particularly timely, given the scarcity of dock space for boats of all sizes.

The most convenient place to park a boat is on the water behind a house, brokers say. But not every waterway or channel can accommodate the draft, or depth, of a mega-yacht.

However, the dock behind Bozzuto's Shore Drive house can.

Not only is the Westport not known for its deep hulls, but the waterway also is typical of northern Palm Beach County, which boasts deep water and easy access to the ocean via the Lake Worth Inlet, said Coleman, a lifelong boater.

"In Palm Beach County, they have deeper water, and it allows people to have larger yachts," Savoy agreed.

But not every waterway is deep enough for every boat.

McCoy said she specializes in helping advise potential yacht owners about the county's varied water depths before they buy a house, if they plan to dock their yacht behind it.

If yacht owners don't have a private dock, the other option is a marina. But marina space is hard to find, with many dock berths reserved for months in advance, McCoy said.

Despite the challenges of owning a boat and finding a place to dock it, yacht brokers say demand continues.

They see interest continuing from business executives moving here with their families as they relocate their companies to Palm Beach County. There's also a growing demand for yachts among female buyers, McCoy added.

They also see younger mega-yacht buyers, some even in their early 30s. This is in sharp contrast to the mostly older buyers in the past, Savoy said.

Palm Beach County may not be as go-go as Miami-Dade County when it comes to showy ships, but if interest continues, "it's coming," Savoy said. "You're going to attract bigger yachts."

Put another way: "No one needs a boat, but everyone needs a boat," McCoy said. "It's the ultimate lifestyle."

Alexandra Clough is a business writer and columnist at  The Palm Beach Post . You can reach her at  [email protected] . Twitter:  @acloughpbp .  Help support our journalism. Subscribe today.

British billionaire Joe Lewis gets no prison time at sentencing for insider trading

British billionaire Joe Lewis will not go to prison after pleading guilty to insider trading charges

NEW YORK -- British billionaire Joe Lewis, whose family trust owns the Tottenham Hotspur soccer club, will not spend any time in prison after pleading guilty to insider trading and conspiracy charges in New York, a federal judge said Thursday.

Judge G.L. Clarke cited Lewis' decision to promptly come to the United States to face charges and his failing health, along with a lifetime of good works, in ruling that Lewis will face three years on probation and a $5 million fine rather than time behind bars.

Lewis, 87, was wearing an eye patch and one of his hands shook steadily throughout the one-hour proceeding in a federal court in Manhattan. He has remained in the United States since last July.

Before he was sentenced, Lewis spoke briefly, saying he learned growing up in England during World War II how “precious” life is and decided to devote much of his life to finding a cure for “horrendous diseases.”

“Your honor, I’m here today because I made a terrible mistake. I’m ashamed,” he said.

Lewis said he hoped “to make amends and to rebuild the trust that I have squandered” for the remainder of his life.

U.S. sentencing guidelines had called for Lewis, a citizen of the United Kingdom and resident of the Bahamas , to serve 18 months to two years behind bars. Even prosecutors, though, agreed time behind bars was not necessary.

At his January plea, Lewis admitted that he agreed in 2019 to share secrets about publicly traded companies with several individuals. Prosecutors said afterward that his company, Broad Bay Limited, and Lewis would pay $50 million in financial penalties, the largest such penalty for insider trading in a decade.

His lawyer said Thursday that the money was in escrow and ready to be paid and plans were for him to leave the United States for the Bahamas on Thursday night.

Prosecutors wrote in their presentence submission that Lewis deserved leniency because he is older and “battles significant health issues” that would cause a term of imprisonment to be more difficult for him than others.

They cited his acceptance of responsibility that he demonstrated by voluntarily surrendering rather than forcing a drawn-out extradition battle, and said that he'd “otherwise lived a law-abiding life.”

The government also noted that Lewis is recognized as one of the 500 richest people in the world with approximately $6.2 billion as of February, including homes in several countries; a $250 million yacht; private planes valued at $90 million and an art collection worth $100 million.

When she announced the sentence, the judge said: “It is clear to me that Mr. Lewis’s life would be at serious risk if he were to be incarcerated.”

Defense attorneys said in their presentence submission that Lewis “is nearing the end of life in declining health."

They said Lewis was aware that his conviction meant he can't return to the United States to see his children, grandchildren or great-grandchildren, who all live in the U.S.

From the start, Lewis was no ordinary defendant. After his arrest less than a year ago, he had been free on $300 million bail after putting up a yacht and private plane as collateral.

In court papers, prosecutors said Lewis learned secrets about public companies after making large investments. They said that on at least four occasions, he tipped off his girlfriend, personal pilots, employees and friends, enabling them to profit from the secrets.

“This insider trading was not the result of aberrant, one-time conduct, but rather, a troubling pattern of misconduct over the course of several years,” they wrote.

Prosecutors said the insider activity might have resulted from “hubris, ego, a desire to make a financial gift without parting with his own money, an irrational form of greed, or some other reason.”

But, regardless, “it is clear that Lewis believed he was above the law — that he had achieved a level of wealth and stature that relieved him from having to operate by the same rules that apply to everyday investors,” prosecutors said.

As he left the courthouse, Lewis was surrounded by aides who blocked members of the media from seeing him as he walked a short distance to a waiting vehicle.

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The world's most expensive superyachts come with helipads, movie theaters, and swimming pools — take a look

• Many superyachts cost upwards of $200 million dollars and are owned by the wealthiest billionaires in the world.
• The most expensive yacht ever built is made from solid gold, and costs a whopping $4.8 billion.
• The yachts have features like movie theaters, concert halls, and multiple swimming pools. 

Some of the world's wealthiest individuals own the most outlandish yachts. 

With features like helipads, swimming pools, saunas, hot tubs, and more, the most expensive yachts in the world are the definition of luxury. Russian tycoons, oil  Sheikhs, and entertainment moguls are vacationing on yachts spanning over 200 feet that often cost over half a billion dollars, not to mention the  maintenance costs  of owning a superyacht.

Check out some of the most expensive yachts in the world below: 

$200 million: Microsoft co-founder Paul Allen owns this 414-foot yacht called the Octopus. It has 41 suites, a pool, two helicopters, a basketball court, and a recording studio.

Source: Forbes

$200 million: The Seven Seas yacht has a movie theater, infinity pool, gym and helipad. Reportedly, it once belonged to Stephen Spielberg.

$210 million: Billionaire Nassar Al-Rashid owns this yacht embellished with 24-karat gold lettering.

$250 million: Qatar's former Prime Minister, Hamad bin Jassim bin Jaber Al Thani, owns the $250 million Al Mirqab. It has a movie theater, outdoor bar, indoor swimming pool, jacuzzi, and helipad.

Source: Daily Mail

$256 million: The Dilbar is owned by Russian billionaire Alisher Usmanov. With more than 3,800 square meters of living space, the Dilbar makes for a comfortable way to travel. It also has two helipads and an indoor swimming pool.

Source: Yacht Harbour 

$300 million: The Sultan of Oman owns the 509-foot long Al Said yacht. It has room for more than 60 guests and a concert hall that can house a 50-piece orchestra.

$350 million: Russian billionaire Andrey Melnichenko owns Motor Yacht A, which resembles a military-style submarine and has a helipad.

Source: The Sun 

$400 million: Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the United Arab Emirates, owns the massive Dubai yacht, which costs an estimated $400 million. It has a mosaic swimming pool, circular staircase, and helipad.

$500 million: Andrey Melnichenko also owns Sailing Yacht A, which has an underwater viewing pod.

Source: CNN Money 

Source: Boat International 

$560 million: Mohammed bin Salman, the deputy crown prince of Saudi Arabia, owns this 440-foot yacht dubbed the Serene. At $560 million, it has 15 rooms, a club, multiple swimming pools, a spa, a gym, and two hot tubs.

Source: New York Times

Source: The Observer

$590 million: Entertainment mogul David Geffen owns this 454-foot superyacht know as the Rising Sun, complete with a basketball court and space for 18 overnight guests. In April 2017, Geffen hosted the Obama family on his yacht.

Source: Business Insider

$600 million: The Azzam yacht is the world's biggest private superyacht, and is rumored to have a submarine with a missile defense system. It is speculated to be owned by Sheikh Khalifa bin Zayed Al Nahyan, President of the United Arab Emirates.

Source: CNN

$600 million: Russian billionaire Roman Abramovitch's yacht, dubbed the "Eclipse" is estimated to be anywhere from $600 million to $1.5 billion. The superyacht features several helipads, more than 20 guest cabins, two swimming pools, a sauna, and several hot tubs.

$4.8 billion: The History Supreme is made from solid gold and is the most expensive yacht in the world. It reportedly sold to a Malaysian businessman in 2011.

• Main content

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‘A Lot of Chaos’: Bridge Collapse Creates Upheaval at Largest U.S. Port for Car Trade

A bridge collapse closed Baltimore’s port, an important trade hub that ranks first in the nation by the volume of automobiles and light trucks it handles.

• Share full article

Shipping in the Port of Baltimore

Monthly cargo handled by the Port of Baltimore

By Peter Eavis and Jenny Gross

• March 26, 2024

The Baltimore bridge disaster on Tuesday upended operations at one of the nation’s busiest ports, with disruptions likely to be felt for weeks by companies shipping goods in and out of the country — and possibly by consumers as well.

The upheaval will be especially notable for auto makers and coal producers for whom Baltimore has become one of the most vital shipping destinations in the United States.

As officials began to investigate why a nearly 1,000-foot cargo ship ran into the Francis Scott Key Bridge in the middle of the night, companies that transport goods to suppliers and stores scrambled to get trucks to the other East Coast ports receiving goods diverted from Baltimore. Ships sat idle elsewhere, unsure where and when to dock.

“It’s going to cause a lot of chaos,” said Paul Brashier, vice president for drayage and intermodal at ITS Logistics.

The closure of the Port of Baltimore is the latest hit to global supply chains, which have been strained by monthslong crises at the Panama Canal, which has had to slash traffic because of low water levels; and the Suez Canal, which shipping companies are avoiding because of attacks by the Houthis on vessels in the Red Sea.

The auto industry now faces new supply headaches.

Last year, 570,000 vehicles were imported through Baltimore, according to Sina Golara, an assistant professor of supply chain management at Georgia State University. “That’s a huge amount,” he said, equivalent to nearly a quarter of the current inventory of new cars in the United States.

The Baltimore port handled a record amount of foreign cargo last year, and it was the 17th biggest port in the nation overall in 2021, ranked by total tons, according to Bureau of Transportation Statistics.

Baltimore Ranks in the Top 20 U.S. Ports

Total trade in 2021 in millions of tons

Baltimore ranks first in the United States for the volume of automobiles and light trucks it handles, and for vessels that carry wheeled cargo, including farm and construction machinery, according to a statement by Gov. Wes Moore of Maryland last month.

The incident is another stark reminder of the vulnerability of the supply chains that transport consumer products and commodities around the world.

The extent of the disruption depends on how long it takes to reopen shipping channels into the port of Baltimore. Experts estimate it could take several weeks.

Baltimore is not a leading port for container ships, and other ports can likely absorb traffic that was headed to Baltimore, industry officials said.

Stephen Edwards, the chief executive of the Port of Virginia, said it was expecting a vessel on Tuesday that was previously bound for Baltimore, and that others would soon follow. “Between New York and Virginia, we have sufficient capacity to handle all this cargo,” Mr. Edwards said, referring to container ships.

“Shipping companies are very agile,” said Jean-Paul Rodrigue, a professor in the department of maritime business administration at Texas A&M University-Galveston. “In two to three days, it will be rerouted.”

But other types of cargo could remain snarled.

Alexis Ellender, a global analyst at Kpler, a commodities analytics firm, said he expected the port closure to cause significant disruption of U.S. exports of coal. Last year, about 23 million metric tons of coal exports were shipped from the port of Baltimore, about a quarter of all seaborne U.S. coal shipments. About 12 vessel had been expected to leave the port of Baltimore in the next week or so carrying coal, according to Kpler.

He noted that it would not make a huge dent on the global market, but he added that “the impact is significant for the U.S. in terms of loss of export capacity.”

“You may see coal cargoes coming from the mines being rerouted to other ports instead,” he said, with a port in Norfolk, Va., the most likely.

If auto imports are reduced by Baltimore’s closure, inventories could run low, particularly for models that are in high demand.

“We are initiating discussions with our various transportation providers on contingency plans to ensure an uninterrupted flow of vehicles to our customers and will continue to carefully monitor this situation,” Stellantis, which owns Chrysler, Dodge, Jeep and Ram, said in a statement.

Other ports have the capacity to import cars, but there may not be enough car transporters at those ports to handle the new traffic.

“You have to make sure the capacity exists all the way in the supply chain — all the way to the dealership,” said Mr. Golara, the Georgia State professor.

A looming battle is insurance payouts, once legal liability is determined. The size of the payout from the insurer is likely to be significant and will depend on factors including the value of the bridge, the scale of loss of life compensation owed to families of people who died, the damage to the vessel and disruption to the port.

The ship’s insurer, Britannia P&I Club, part of a global group of insurers, said in a statement that it was “working closely with the ship manager and relevant authorities to establish the facts and to help ensure that this situation is dealt with quickly and professionally.”

The port has also increasingly catered to large container ships like the Dali, the 948-foot-long cargo vessel carrying goods for the shipping giant Maersk that hit a pillar of the bridge around 1:30 a.m. on Tuesday. The Dali had spent two days in Baltimore’s port before setting off toward the 1.6-mile Francis Scott Key Bridge.

State-owned terminals, managed by the Maryland Port Administration, and privately owned terminals in Baltimore transported a record 52.3 million tons of foreign cargo in 2023, worth $80 billion.

Materials transported in large volumes through the city’s port include coal, coffee and sugar. It was the ninth-busiest port in the nation last year for receiving foreign cargo, in terms of volume and value.

The bridge’s collapse will also disrupt cruises traveling in and out of Baltimore. Norwegian Cruise Line last year began a new fall and winter schedule calling at the Port of Baltimore.

An earlier version of this article misstated the Port of Baltimore’s rank among U.S. ports. It was the nation’s 17th biggest port by total tons in 2021, not the 20th largest.

How we handle corrections

Peter Eavis reports on business, financial markets, the economy and companies across different sectors. More about Peter Eavis

Jenny Gross is a reporter for The Times in London covering breaking news and other topics. More about Jenny Gross

Singaporean firm whose ship took down the Baltimore bridge just cited an 1851 maritime law to cap liability at $44 million

The owner and manager of a cargo ship that rammed into Baltimore’s Francis Scott Key Bridge before the span  collapsed last week  filed a court petition Monday seeking to limit their legal liability for the deadly disaster.

The companies’ “limitation of liability” petition is a routine but important procedure for cases litigated under U.S. maritime law. A federal court in Maryland ultimately decides who is responsible—and how much they owe—for what could become one of the costliest catastrophes of its kind.

Singapore-based Grace Ocean Private Ltd. owns the Dali, the vessel that lost power before it slammed into the bridge early last Tuesday. Synergy Marine Pte Ltd., also based in Singapore, is the ship’s manager.

Their  joint filing  seeks to cap the companies’ liability at roughly $43.6 million. It estimates that the vessel itself is valued at up to $90 million and was owed over $1.1 million in income from freight. The estimate also deducts two major expenses: at least $28 million in repair costs and at least $19.5 million in salvage costs.

The companies filed under a pre-Civil War provision of an 1851 maritime law that allows them to seek to limit their liability to the value of the vessel’s remains after a casualty. It’s a mechanism that has been employed as a defense in many of the most notable maritime disasters, said James Mercante, a New York City-based attorney with over 30 years of experience in maritime law.

“This is the first step in the process,” Mercante said. “Now all claims must be filed in this proceeding.”

Cases like this typically take years to completely resolve, said Martin Davies, director of Tulane University Law School’s Maritime Law Center.

“Although it’s a humongous case with a very unusual set of circumstances, I don’t think it’s going to be that complicated in legal terms,” he said. “All aspects of the law are very clear here, so I think the thing that will take the time here is the facts. What exactly went wrong? What could have been done?”

A report from credit rating agency Morningstar DBRS predicts the bridge collapse could become the most expensive marine insured loss in history, surpassing the record of about $1.5 billion held by the 2012  shipwreck of the Costa Concordia  cruise ship off Italy. Morningstar DBRS estimates total insured losses for the Baltimore disaster could be $2 billion to $4 billion.

Eight people were working on the highway bridge—a 1.6-mile (2.6-kilometer) span over the Patapsco River—when it collapsed. Two were rescued. The bodies of two more were recovered. Four remain missing and are presumed dead.

The wreckage closed the Port of Baltimore, a major shipping port, potentially costing the area’s economy hundreds of millions of dollars in lost labor income alone over the next month.

Experts say the  cost to rebuild  the collapsed bridge could be at least $400 million or as much as twice that, though much will depend on the new design.

The amount of money families can generally be awarded for wrongful death claims in maritime law cases is subject to several factors, including how much money the person would have likely provided in financial support to their family if they had not died.

Generally, wrongful death damages may also include things such as funeral expenses and the “loss of nurture,” which is essentially the monetary value assigned to whatever moral, spiritual or practical guidance the victim would have been able to provide to their children.

Associated Press writer Stefanie Dazio in Los Angeles contributed to this report.

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Nearly a quarter of baby boomer and late Gen X men are ‘unretiring’ or planning to because they can’t afford to kick up their feet in the current climate

The U.S. reportedly wants the Netherlands to stop fixing advanced chipmaking tools sold to China

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California’s new $20-an-hour fast food minimum wage is so good that schools are worried they can’t compete for cafeteria workers

MacKenzie Scott’s game-changing philanthropy still mystifies nonprofits: ‘Her gifts are super generous, but unfortunately, they don’t provide long term sustainability’

Sam Bankman-Fried’s mom tried to explain her son to the judge: ‘He has never felt happiness or pleasure in his life and does not think he is capable of feeling it’

Elon Musk says he’s increasing salaries for Tesla engineers because Sam Altman’s OpenAI keeps trying to recruit them

Gen Z are increasingly choosing trade schools over college to become welders and carpenters because ‘it’s a straight path to a six-figure job’