On the ocean, less is not more.As the fortunes of the world’s wealthiest have grown, so, too, have their floating palaces. Twenty years ago a 150-foot boat would have made its owner the envy of the sea- faring set. Now it wouldn’t even get a ranking on the world’s 100 largest yachts list, according to Power & Motor-yacht magazine.
Limited Brands billionaire Leslie Wexner kicked off the yacht wars in 1997 when he launched the 316-foot Limitless, at the time 110 feet longer than any other boat. Since then a competitive sport has emerged in waterlines. To play, you need to spend up to $300 million, and perhaps buy more than one vessel (Russian Roman Abramovich owns three). Rumor has it Larry Ellison ordered his Rising Sun be built a few feet longer than Paul Allen’s Octopus--just to stick it to his Microsoft (nasdaq:
A boat owner should be prepared to spend 10% of the purchase price each year on fuel, cleaning, system maintenance and crew salaries. Plus there are dockage and registration fees, taxes, insurance and the cost of a good mari-time attorney. But if you have to ask about any of these outlays, you can’t afford them.
