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Enterprise V

About Enterprise V

The owner of this 51.20m yacht describes why Enterprise V was the favorite of his four ships: 'I guess what really stands out is her dark blue hull. We've taken her to Europe and back to the Caribbean five times and up and down the Eastern seaboard. She's got lots of miles on her and still works great. I have always thought that the real test of a boat is how she looks ten years after being built. With a Feadship, you just put on a coat of paint and it is as good as new. A Feadship is a joy to have.'

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clock This article was published more than  42 years ago

The Cadillac of Yachts Docks in Washington

The ship of soap enterprise iii, the amway corp.'s ultimate hospitality suite.

Rich DeVos would like to set the record straight. He is not, repeat not , giving his $5-million corporate yacht to President Ronald Reagan.

"No way ," ways the deeply tanned Grand Rapids, Mich., millionaire and finance chairman of the Republican National Committee.

The yacht is the 131-foot Enterprise III, the glorious Goodyear blimp of the seas.

It steamed into town last week, a custom-built Cadillac of corporate yachts, for a flotilla of exclusive parties, private dinners and twilight crusises feting cocktail-quaffing Cabinet members, ambassadors, representatives and senators. The ultimate hospitality suite.

"The last time I had gone down the Potomac was on the Sequoia," sighs Frank Ursomarso, former Nixon advance man and now White House director of communications. "I haven't been down it in a long time."

Indeed, when Jimmy Carter sold the 104-foot Sequoia in 1977 as part of an austerity move, some Washingtonians saw it as grounds for impeachment. But Ursomarso says Ronald Reagan's well-publized search for a replacement has been temporarily scuttled. "We're doing nothing."

The good ship Enterprise is owned by Amway Corp., which is to soap what Tupperware is to plastic. Company President DeVos and Chairman Jay Van Andel -- two former vitamin salesmen who parlayed the direct-sale company begun in their basement 21 years ago into a $1-billion corporation -- are in town for Friday's dedication of a new "uplink facility" in Fairfax for the Mutual Broadcasting System, which is owned by Amway.

DeVos, sporting a diamond pinkie ring and Gucci loafers, says the yacht is used primarily for floating seminar sessions in the sun, rewarding Amway distributors who sell $100,000 worth of merchandise during the year with a one-week Caribbean cruise.

But when in Washington, the ship of soap is more nautical nightclub than conference room.

It all started last Monday night with the Michigan congressional delegation. Tuesday night, it was the Republican National Committee staff. Wednesday night was "International Night," with embassy personnel from 12 countries Amway does business with, including England, France, Germany, Japan and Canada.

The Reagans, according to an Amway spokesman, were invited "any night they wish to come." So far, they have declined.

Ridgewell's Washington's premiere catering firm, was hired to handle the week-long, gala for a reported fee of $10,000.

There were waiters in black tie. Sterling silver candelabra on the buffet table. Tenderloin of beef, rack of lamb, chicken Wellington, chocolate-dipped macaroons, mousse royale, cucumber boats with ham salad and Clams Casino. All washed down with Chateauneuf du Pape and Chablis Grand Cru.

Beefy security guards kept groups of gawkers behind a locked gate at the Washington Marina, where the Enterprise III is docked.

Between sightseeing in rented limos, making speeches, seeing friends on Capitol Hill and chatting with Vice President George Bush, DeVos and Van Andel sank into plush chairs on the orange-and-yellow afterdeck of the Enterprise III to talk about the zen of yachting.

"The yacht is what America stands for," says DeVos. "We were told for a long time that it wasn't, but it's changed."

It's like his $40,000 green Rolls Royce. A yacht, he says, stands for "opportunity and reward for achievement." It stands for wealth and power. Above all, he says, it stands for success. "It's like Air Force One," he says proudly.

Jay Van Andel, tall and platinum-haired, interrupts.

"I happen to think the American people want the president to have these things in life," he says.

The yacht, with a cruising speed of 14 knots, was custom-built in the Netherlands last year at a cost of approximately $5 million. Since then, Amway has put an indeterminate amount of money into keeping the boat shipshape. "Yachts are like racehorses," says Van Andel. "The first cost is the smallest."

Helen DeVos flips through a scrapbook of photos taken at the boat's christening. "It was so cold I had to borrow the shipbuilder's wife's fur coat," she says.

The yacht, says her husband, is "an ego trip."

"It's the Rolls Royce of yachts," says chief steward Frank Padrone, passing a tray of cocktails.

"It rides like a Cadillac ," says Ridgewell's waiter Miguel Yanos, holding a silver tray of hors d'oeuvres.

The 292-ton, steel-and-teak behemoth boasts five plush staterooms, a bar, two lounges, galley, library (titles include "Born Again" and "What the Bible Is All About"), stereo system, closed-circuit television alarm and a crew of nine. Currently, it's on its way from the Caribbean to Nantucket, where it will spend the summer.

To qualify for the coverted five-day cruise, distributors (usually a husband-and-wife team) must make "diamond" by selling $100,000 worth of panty hose, biodegradable laundry detergent, jewelry, bug spray and various other Amway products. If the "diamond distributor" gets seasick, he can stay on the Caribbean resort Peter Island, another Amway holding. DeVos says Amway has a special department in the Ada, Mich., corporate headquarters that chooses the cruise couples based on their "compatibility" with one another.

Currently, there are 750,000 distributors. Only 400 have made diamond.

"We think this is a unique incentive," says DeVis. "It's the symbolism of achievement, the hope of achievement. Some of the joys of life that could be theirs."

In fact, says DeVos, at company conventions, when a picture of the Enterprise III is flashed on the screen, "People who make $50 a week stand up and cheer. They say, 'One of these days I'm going to get on that.'"

The fact that the boat is so inaccessible makes it more attractive. No, they say, no celebrities have ever been on board the Entrprise III. The boat is for the employes .

"But it's really funny," says Helen DeVos, watching the sun set on the Potomac. "When the boat is docked somewhere, people always ask if Frank Sinatra's on board."

The Enterprise III was docked on the Caribbean island of St. Martin in late January when two men approached the gangplank and asked to come aboard.

It was Richard Nixon and his brother, Donald.

Capt. Keenan Van Mill, a bearish man with a Burl Ives goatee, walked out from the bridge, looked down and, he says, refused to let the ex-president pass. The Amway owners had already left the island, Van Mill says, and besides, "I didn't have anything to talk with him about."

As most Amway afficionados know, the captain says, "We don't just let anybody on board."

Standing behind the chain-link fence at Pier 4 are two D.C. policemen with Polaroid cameras. Rich DeVos steps out onto the rail of the Enterprise III and waves like a politician from a podium. The policemen quickly click their cameras.

"How ya doin'?" DeVos calls to the men.

"Pretty good," answers D.C. policeman Henry Cole, who started selling Amway products seven months ago.

DeVos says Amway distributors from the Washington area have been straining against the fence all week to get a glimpse of the yacht. DeVos cups his hands like a microphone to the sides of his mouth.

"When ya gonna make diamond?" he shouts.

Henry Cole beams and calls back: "1984."

Keenan Van Mill, a salty 47-year-old sailor, stands on the bridge while guests from the RNC staff party wander up from the bar.

Amway, which bills itself as the "success story of the 20th century," has owned three corporate yachts. The Enterprise I has been sold. The Enterprise II, smaller than the new yacht, is in a Miami shipyard for repairs.

Van Mill has been with the company for the last four years. Yes, he says, being a corporate captain for Amway is "one of the top" private positions in his chosen field.

"Up to a month ago, this was the largest corporate yacht in America," he says. "Then somebody came along last month with on that's four feet longer."

The Enterprise III operates 40 weeks a year and, since delivery last summer, has logged 11,000 miles.

"We're here to entertain people," Van Mill says. "We're very busy doing so."

But the Enterprise III -- which is scrubbed down daily with Amway liquid detergent -- is no love boat, he says.

"These people are pretty much family-oriented," he says. "In fact, it's a little too quiet sometimes."

A tall young man holding a drink wanders into the room. He is Dick DeVos, 25-year-old son of the Amway president. The company owners have four children each and live next door to each other in Grand Rapids.

"This is very formal, very stuffy," says DeVos, compared with the smaller boats the family sails at home on Lake Michigan.

He calls the Enterprise III "a floating corporate conference room," and says, if it's not the biggest in the world, "we kinda think she's one of the prettiest."

A man with a tan suede jacket points to a technical-looking gadget above the varnished, spoked wheet. He turns to Keenan Van Mill and says, in an officious tone, "Tell me about that circle thing up there."

"It's the windshield wiper," the captain replies.

The tour continues as the party moves out onto the bridge.

"Listen," Dick DeVos whispers, "don't say I said this is stuffy. My Mom'll kill me."

DeVos and Van Andel, both in their late 50s, met each other as teenagers back in Grand Rapids. They served in the Air Force together during World War II and returned home to start a flying school which never got off the ground. Then they decided to sail to the Caribbean. Their boat sank off Cuba. After a year in the sun, they returned to Michigan and began selling Nutrilite vitamins. In 1959, they started selling liquied detergent out of a basement and Amway ("American Way") was born.

DeVos and Van Andel say the secret to Amway's success is remarkable simple. A customer is contacted by a company distributor, who buys the merchandise from Amway and then sells it, usually at a 30-percent mark-up. If the customer becomes interested in selling Amway products, he or she must be sponsored by an existing distributor. You make money, says DeVos and Van Andel, not just by selling products, but also by sponsoring other distributors. Like Avon and Tupperware, the products are similar to those found in stores.

Some Amway distributors work at it full time, others do it to supplement their income. But the message is clear: You too can be a self-made millionaire.

"It's the despair," says DeVos, which destroys most people today. Amway offers a chance to get out of the rut. Amway, he says, stands for motivation. It stands for free enterprise.

"It used to be thought of as sinful to be successful," he says. "Only the poor are virtuous."

Van Andel pipes up. "That, of course, stems from jealousy."

DeVos wants to right "the mixed signals our young people have been given" about the sweet smell of success. "The unions are against motivation," he says. "It's evil to be eager. You're laughed at. That's going to have to change if we're to compete with Japan and Germany."

"If a rich person gets richer, a poor person doesn't necessarily get poorer," says Van Andel.

Rich DeVos takes a sip of his dirnk. "That's why a boat like this raises eyebrows."

The motor starts, the foghorn blows and the Enterprise III chugs backwards for 100 yards in the river. The partygoers stand in small groups near the bow, cocktails in hand. The men are in three-piece suits. The women are dressed in pastels and chiffon. They wave to a group of onlookers on the shore. The onlookers wave back, some of them jumping up and down.

"It's not the ship of soap, it's the ship of hope ," says Debbi Bard, a housewife from Forestville, Md., who drove all the way to the Washington Marina just to see the Enterprise III. She says she has sold $2,500 worth of Amway products to her friends, neighbors and relatives since February. She reaches into her van with orange shag carpeting and pulls out a few samples.

"Amway is going to get people back on the right track," says Valerie Kline, a paralegal from Landover Heights "Did you know there's less than a one-percent divorce rate for Amway people?"

It takes two years, they say, to get the right, positive mental attitude. To get out of your rut and stop being shy and start selling. Sell enough to make emerald, then enough to make pearl, and finally enough to make diamond.

As the Enterprise III steamed off down the Potomac, Martha White, a housewife from Landover Heights, snapped her last picture from her Instamatic.

Above all, she says, "Amway offers common people a chance to get on something like that ."

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Super-yacht for sale, one formerly carefree owner

They are a luxury only the wealthy can afford, but as global recession looms, some of the world's wealthiest businessmen are offloading the multi-million-pound yachts that bestow super-rich status on their owners.

A host of boats are on the market, offered by a select group of brokers whose clients can pay £50m or more for a yacht moored in Monaco or Monte Carlo. There they entertain corporate contacts and throw parties where Hollywood actors rub shoulders with politicians and sports stars.

They include the Ultima III, owned by US investor Ron Perelman, once the world's richest man, who made much of his estimated $11.5bn fortune taking cosmetics manufacturer Revlon private in 1985 and has since bought and sold stakes in comic book publisher Marvel Entertainment Group and film-maker Technicolour.

Yacht broker Edmiston is selling the 190ft boat, which boasts eight "staterooms", accommodation for 16 guests and a Jacuzzi. Perelman has entertained actress Gina Gershon, who played fashion designer Fable in TV series Ugly Betty, and director and producer Penny Marshall on the yacht's lengthy sun deck in recent years, but like many investors, he has seen his wealth fall as the US market plunged. The Dow Jones index of leading shares fell by 33.8% in 2008, its worst performance since 1931.

The Ultima 111 is priced at over €50m (£47.7m) by Edmiston, which is also one of several brokers advertising the Lady Christine, owned by Conservative party donor Irvine Laidlaw. Laidlaw sold his conference business IIR for $1.4bn, and put the 182ft yacht named after his wife on the market last summer with a price tag of €45m. Others on the market include the Phocea, the largest sailing yacht in the world until 2004, which was bought by Mouna Ayoub, a French socialite of Lebanese origin who made a fortune from real estate. Ayoub refitted the boat with opulent oak panelling and handmade furniture from Viscount Linley's London showroom. She bought it 12 years ago from disgraced French politician Bernard Tapie, reportedly funding the $17m (£11.7m) cost by selling a 112-carat diamond bought by her ex-husband following their divorce. The yacht is for sale for an undisclosed price.

Other boats on the market include the Enterprise V, a 167ft yacht with a diving pool and fitness room, which used to be the corporate yacht at marketing company Amway and now belongs to the company's co-founder Richard De Vos, who also owns the Orlando Magic basketball team. It is on the market for $22.5m.

The Maltese Falcon, owned by American venture capitalist Tom Perkins is also for sale. One of the largest privately owned sailing yachts in the world at nearly 290ft, it can be bought for €115m. It has been on the market for months.

The Excellence III, owned by American car dealer Herb Chambers, whose leading top managers at his eponymous chain of showrooms used to be invited on board to watch films in its private cinema, is also for sale though broker Moran Yacht & Shop for an undisclosed sum.

Not every owner is selling because of falling share prices or declining profits. De Vos also owns a smaller yacht, a 130-footer, and Chambers reportedly took possession of a larger boat in July. The Excellence III may simply be surplus to requirements, but like other parts of the luxury goods market, yachts are not immune to the economic slowdown. Last month British yacht-maker Fairline revealed 275 redundancies, a few months after introducing three-day weeks for employees at its manufacturing base in Oundle, Northamptonshire, saying: "The ongoing global financial and economic conditions continue to affect demand for luxury products across many industries and regrettably, Fairline's products are not immune from these effects." It had already shed 90 jobs in September, reducing its workforce to 1,000, but its chief executive Dereck Carter managed to remain upbeat.

Carter said: "The downturn in the market will pass and we anticipate that towards the end of 2009, increased levels of activity are likely to materialise as the market begins to recover and as we bring new models in development to market."

Donald Starkey, the designer behind "giga-yacht" Everest, currently under construction in Fort Lauderdale, Florida, will be hopeful Carter is right. At 656ft, Everest will be longer than two football fields and have five decks serviced by two lifts, a helipad, a submarine and 17 apartments. It is scheduled for completion in 2010, according to the sales prospectus. By that time, the world economy may finally be emerging from a long slump. If not, Everest may be on sale at a discount, although given its $500m price tag, even a 50% reduction would prevent all but the richest buyers making an offer.

Merijn de Waard, founder of website Superyachttimes.com , said: "There are more big boats for sale now. I think there will be a price correction. That is logical because there is less demand."

He added: "In the past, very large yachts have sold quickly because there were a lot of people who wanted a yacht instantly and had the cash to buy them. But many of the shipyards that build these boats have orders until 2012, so they can afford to survive without any new orders for a few years."

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If you have any questions about the ENTERPRISE V information page below please contact us .

A General Description of Motor Yacht ENTERPRISE V

This motor yacht ENTERPRISE V is a superyacht of noteworthy proportions. This 51 m (168 ft) luxury yacht was begun and finished by The Feadship Royal Van Lent Shipyard in 1993. Superyacht ENTERPRISE V is a beautiful yacht that can accommodate a total of 12 guests on board and has approximately 10 crew. The naval architecture office that made this yacht's design details with respect to the yacht is De Voogt Naval Architects. Pierre Tanter / Bud Baty was also the interior designer who completed the overall interior design.

Build & Designing relating to Luxury Yacht ENTERPRISE V

The yacht's general design work came from De Voogt Naval Architects. The professional naval architect firm drawings are a creation of De Voogt Naval Architects. Motor Yacht ENTERPRISE V received her elegant interior designing from the interior design office of Pierre Tanter / Bud Baty. In 1993 she was actually launched with celebration in Kaag and following sea trials and detailing was afterwards handed over to the new owner. The Feadship Royal Van Lent Shipyard completed their new build motor yacht in the Netherlands. Her core hull was constructed with steel. The motor yacht superstructure component is fabricated for the most part with aluminium. With a width of 8.66 metres / 28.4 feet ENTERPRISE V has fairly large size. She has a fairly deep draught of 3m (9.8ft). She had refit maintenance and alteration work undertaken in 2001.

Engines & Speeds For M/Y ENTERPRISE V:

This boat subsumes twin proven CATERPILLAR main engine(s) and can manage a industrious maximum speed underway at 16 knots. The main engine of the ENTERPRISE V gives 1175 horse power (or 865 kilowatts). Her total HP is 2350 HP and her total Kilowatts are 1729. She is driven by twin screw propellers.

Superyacht ENTERPRISE V Has Accommodations:

Bestowing chambers for a maximum of 12 visiting passengers spending the night, the ENTERPRISE V accommodates them in style. The boat has room for approximately 10 able yacht crew to operate.

A List of the Specifications of the ENTERPRISE V:

Miscellaneous yacht details.

On October 2009 ENTERPRISE V went to Sunrise, in United States. This motor yacht also navigated the area encompassing Broward County during the month of October 2009. ENTERPRISE V features a teak deck.

ENTERPRISE V Disclaimer:

The luxury yacht ENTERPRISE V displayed on this page is merely informational and she is not necessarily available for yacht charter or for sale, nor is she represented or marketed in anyway by CharterWorld. This web page and the superyacht information contained herein is not contractual. All yacht specifications and informations are displayed in good faith but CharterWorld does not warrant or assume any legal liability or responsibility for the current accuracy, completeness, validity, or usefulness of any superyacht information and/or images displayed. All boat information is subject to change without prior notice and may not be current.

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"Whether it’s wiring or plumbing, pipe fitting or painting, finishing or wiring, Feadship has the finest compilation of artists that I could find on my journey of discovery among the superyachts that exist today. It is all the small things that they do, the time they take to do what they do, and the extra effort that they take to make every corner, nook and cranny look great. - Review by the Owner who commissioned yacht ROCK.IT" (hull 687).

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Education secretary Betsy DeVos owns a fleet of 12 private jets and 4 helicopters

Our experts choose the best products and services to help make smart decisions with your money ( here's how ). In some cases, we receive a commission from our partners ; however, our opinions are our own. Terms apply to offers listed on this page.

• Education secretary Betsy DeVos reportedly has a net worth close to $1.3 billion.
• DeVos shares the fortune with her husband, Richard DeVos Jr., the son of billionaire Amway cofounder Richard DeVos.
• The DeVos family reportedly owns a fleet of 12 private jets and four helicopters.

US Education Secretary Betsy DeVos is currently the richest member of President Trump's cabinet.

Her husband, Richard DeVos Jr., is part-heir to his father's $5.1 billion fortune , which he earned as cofounder of marketing giant Amway. The company does $8.8 billion in sales annually.

DeVos was confirmed as education secretary under President Trump in February 2017, and has since faced criticism for strongly supporting school voucher programs and charter schools. She sent her four children to private school.

DeVos has also been met with disapproval from the public for her billionaire status. Her security detail is set to cost $6.54 million through September 30 this year, the U.S. Marshals Service told Business Insider.

But amid reports claiming other cabinet members fly private at the expense of American taxpayers, DeVos' team has made it clear she travels on her own dollar.

According to Forbes , the DeVos family owns a fleet of 12 private jets — 1 Boeing Business Jet, 5 Gulfstream G550's, 1 Gulfstream G450, 2 Bombardier Challenger 350's, 3 Cessna Citation CJ4's — and four helicopters.

"Secretary DeVos travels on personally-owned aircraft, accompanied by her security detail and whenever possible, additional support staff, at zero cost to US taxpayers," her spokeswoman Elizabeth Hill said in September .

"The secretary neither seeks, nor accepts, any reimbursement for her flights, nor for any additional official travel-related expenses, such as lodging and per diem, even though she is entitled to such reimbursement under government travel regulations."

DeVos' predecessor, John B. King Jr., spent a total of $39,000 on commercial flights over his year-long tenure.

A number of Trump's other cabinet members and advisers own private jets as well, including Treasury Secretary Steve Mnuchin, Small Business Administration Administrator Linda McMahon, National Economic Council director Gary Cohn, and Commerce Secretary Wilbur Ross, according to Forbes.

Watch: Trump's pick for education secretary says guns in schools could 'protect from potential grizzlies'

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ENTERPRISE YACHT CHARTER

38.1m  /  125'   baglietto   2022.

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Cabin Configuration

• 2 Double/Twin

Special Features:

• Full-beam master cabin with dressing room, his/her en suite and study
• Impressive 3,000nm range
• Built in 2022
• Two VIP cabins
• Interior design from Baglietto

Enterprise offers guests ample areas to unwind and kick back, as well as 4 generous suites, perfect for relaxing yacht charters

The 38.07m/124'11" motor yacht 'Enterprise' is an excellent new superyacht for the luxury charter market. Delivered by the Italian shipyard Baglietto and featuring interior styling by Italian designer Baglietto she can comfortably accommodate up to 10 guests in 5 cabins.

Built in 2022, Enterprise offers beautifully proportioned decks for exquisite indoor/outdoor living during a luxury yacht charter . She has sensational features such as beach club and gym.

Guest Accommodation

Enterprise offers guest accommodation for up to 10 guests in 5 suites comprising a master suite located on the main deck, two VIP cabins and two cabins that can operate as twins or doubles. The supremely spacious full beam master suite incorporates its own study and dressing room as well as a his and her bathroom. She is also capable of carrying up to 7 crew onboard to ensure a relaxed luxury yacht charter experience.

Onboard Comfort & Entertainment

On your charter, you'll find plenty to keep you busy and entertained such as a beach club for you to relax on the edge of the water. A gym with all the latest equipment is available for a good work out and in addition soak up the bubbles in style in the deck jacuzzi.

Whatever your activities on your charter, you'll find some impressive features are seamlessly integrated to help you such as Wi-Fi connectivity, allowing you to stay connected at all times, should you wish. You can stay comfortable on board whatever the weather, with air conditioning during your charter.

Performance & Range

Enterprise is built with a aluminium hull and aluminium superstructure. Powered by twin Caterpillar engines, she comfortably cruises at 12 knots, reaches a maximum speed of 18 knots with a range of up to 3,000 nautical miles from her 55,170 litre fuel tanks at cruising speed.

When not cruising Enterprise has onboard an incredible selection of water toys and accessories for you and your guests to connect with the waters around you. Guests can experience the thrill and adventure of riding a SeaDoo WaveRunner. In addition there are towable toys offering fun and adventure. Another excellent feature are waterskis that are hugely entertaining whether you are a beginner or a seasoned pro. If that isn't enough Enterprise also features a seabob, wakeboards, fishing equipment, kneeboards and paddleboards. Enterprise features two tenders, but leading the pack is a 14m/45'11" Maori Yachts Chase Tender to transport you in style.

Book your next the Caribbean luxury yacht charter aboard Enterprise this winter. She is already accepting bookings this summer for cruising in the Mediterranean.

This luxury motor yacht for charter is in prime condition to host your next holiday of a lifetime.

TESTIMONIALS

There are currently no testimonials for Enterprise, please provide .

Enterprise Photos

Amenities & Entertainment

For your relaxation and entertainment Enterprise has the following facilities, for more details please speak to your yacht charter broker.

Enterprise is reported to be available to Charter with the following recreation facilities:

• 1 x 14m  /  45'11 Maori Yachts Chase Tender
• 1 x 5m  /  16'5 Williams Jet Tenders DieselJet 505 Tender

For a full list of all available amenities & entertainment facilities, or price to hire additional equipment please contact your broker.

Enterprise Awards & Nominations

• Boat International Design & Innovation Awards 2023 Outstanding Exterior Motor Yacht Design - 24m to 39.9m Finalist
• The World Superyacht Awards 2023 Displacement Motor Yachts 499GT and below, 30m to 39.99m Nomination
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For a full list of all available amenities & entertainment facilities, or price to hire additional equipment please contact your broker.

'Enterprise' Charter Rates & Destinations

Summer Season

May - September

€196,000 p/week + expenses Approx $213,500

High Season

€224,000 p/week + expenses Approx $244,000

Cruising Regions

Mediterranean Croatia, France, Italy, Monaco, Montenegro

HOT SPOTS:   Amalfi Coast, Corsica, French Riviera, Sardinia

Winter Season

October - April

$179,000 p/week + expenses

$199,000 p/week + expenses

Caribbean Antigua, Bahamas, Saint Martin, St Barts

HOT SPOTS:   Virgin Islands

Note: Not for charter to U.S. residents while in U.S. waters

Charter Enterprise

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Russian oligarch's yacht is costing U.S. taxpayers close to $1 million a month

A mega-yacht seized by U.S. authorities from a Russian oligarch is costing the government nearly $1 million a month to maintain, according to new court filings.

• The Justice Department is seeking permission to sell Amadea, which it seized in 2022, alleging that it was owned by sanctioned Russian billionaire Suleiman Kerimov.
• Attorneys for Eduard Khudainatov, an ex-Rosneft CEO who has not been sanctioned, say he owns the yacht, and have sought to take back possession of the vessel.

The U.S. Department of Justice is seeking permission to sell a 348-foot yacht called Amadea, which it seized in 2022, alleging that it was owned by sanctioned Russian billionaire Suleiman Kerimov. The government said it wants to sell the $230 million yacht due to the "excessive costs" of maintenance and crew, which it said could total $922,000 a month.

"It is excessive for taxpayers to pay nearly a million dollars per month to maintain the Amadea when these expenses could be reduced to zero through [a] sale," according to a court filing by U.S. prosecutors on Friday.

The monthly charges for Amadea, which is now docked in San Diego, California, include $600,000 per month in running costs: $360,000 for the crew; $75,000 for fuel; and $165,000 for maintenance, waste removal, food and other expenses. They also include $144,000 in monthly pro-rata insurance costs and special charges including dry-docking fees, at $178,000, bringing the total to $922,000, according to the filings.

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The battle over Amadea and the costs to the government highlight the financial and legal challenges of seizing and selling assets owned by Russian oligarchs after the country's invasion of Ukraine. European Commission President Ursula von der Leyen said last week that the European Union should use profits from more than $200 billion of frozen Russian assets to fund Ukraine's war effort.

Her comments echoed government calls in the spring of 2022 to freeze the yachts, private jets and mansions of Russian billionaires in hopes of putting pressure on Russian President Vladimir Putin and raising money for the war effort.

Yet, nearly two years later, the legal process for proving ownership of the Russian assets and selling them has proven to be far more time-consuming and costly. In London, Russian billionaire Eugene Shvidler has waged a court battle over his private jets that were impounded, and Sergei Naumenko has been appealing the detention of his superyacht Phi.

The battle over Amadea began in April 2022, when it was seized in Fiji at the request of the U.S. government, according to the court filings.

Though the U.S. alleges that the yacht is owned by Kerimov, who made his fortune in mining, attorneys for Eduard Khudainatov, an ex-Rosneft CEO who has not been sanctioned, say he owns the yacht, and have sought to take back possession of the vessel.

In court filings, Khudainatov's attorneys have objected to the U.S. government's efforts to sell the yacht, saying a rushed sale could lead to a distressed sale price and that the maintenance costs are minor relative to the potential sale value.

Khudainatov's attorneys refuse to pay the ongoing maintenance costs as long as the government pursues a sale and forfeiture. However, they say their client will reimburse the U.S. government for the more than $20 million already spent to maintain the yacht if it's returned to its proper owner.

In court papers, the government says Kerimov disguised his ownership of Amadea through a series of shell companies and other owners. They say emails between crew members show Kerimov "was the beneficial owner of the yacht, irrespective of the titleholder of the vessel."

The emails show that Kerimov and his family ordered several interior improvements of the yacht, including a new pizza oven and spa, and that between 2021 and 2022, when the boat was seized, "there were no guest trips on the Amadea that did not include either Kerimov or his family members," according to the court filings.

The government also says Kerimov has been trying to sell Amadea for years, so a sale would be in keeping with his intent.

"This is not a situation in which a court would be ordering sale of a precious heirloom that a claimant desperately wishes to keep for sentimental reasons," the government said in filings.

Even if Amadea were sold quickly, the proceeds wouldn't automatically go to the government. Under law, the money would be held while Khudainatov and the government continue their battle in court over the ownership and forfeiture. Don't miss these stories from CNBC PRO:

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