BC Business
Megayachts are much more than large boats in the 90 foot-plus range. They are spectacular ships capable of circling the world in absolute luxury. Their interiors and exteriors are finished to perfection. Most have enough varnished hardwood to put the most expensive men’s club to shame. They feature rich wool carpets, inlaid hardwood floors, marble countertops and top-end fixtures (gold plate: no problem). Their opulent saloons outclass any land-based living room, with designer decor, dining rooms, fully equipped bars and space to entertain dozens. The master staterooms have king-sized beds, his-and-hers showers, jetted tubs and expansive water-level windows. There are three or more VIP staterooms and, of course, separate quarters and living areas for the crew. On deck there’s plenty of room for lounging, hot-tubbing, barbecuing, storing all those water toys and, if desired, a helipad. Their bridges have enough controls, switches and computer screens to match modern jet aircraft. Satellite communication keeps owners in constant touch, regardless of where they are.
A typical megayacht owner has a net worth of $100 million to $250 million and can therefore justify spending about 10 per cent of his or her net worth on a $10-million-to-$25-million “toy.” An owner can expect to spend 10 per cent of the yacht’s value each year on operation and upkeep.
Those looking to have a mega-yacht custom-built must be prepared to wait. Most of today’s leading mega-yacht builders – the Dutch, Germans and Italians – have three- to five-year waiting periods before they’ll take new orders. In North America, the wait is only one to three years, and construction generally takes two years.