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Tuesday, November 18, 2008

Superyacht Owner/Broker/Shipyard business...

Article published on the website - 17 November 2008

The seller of one of the world’s most luxurious yachts – the 164ft Alibella – is offering a €9.5m (£8.1m) discount to a buyer prepared to complete a deal within the next 30 days.

Alibella – which has been finished with gold leaf and marble and comes complete with a helicopter landing pad – is one of a number of super yachts to have had millions of pounds slashed from their asking price in recent weeks.

Edmiston & Company, the London-based yacht brokers, have offered Alibella to its clients just six months after the super yacht was launched and delivered to its unidentified owner.

“The current global economic conditions have produced a number of interesting opportunities on the large yacht market,” wrote William Christie, a broker at Edmiston, in an e-mail to clients. “The brand new 50 metre Benetti, Alibella [has been] reduced in price by €9.5m ... the owner will sell at this massively reduced price if the deal can be completed in under 30 days.”

The discount reduces the cost of the yacht – which can accommodate 14 guests in six cabins – to €24.5m.

Edmiston is also offering a number of second-hand yachts at substantial discounts amid evidence that the financial crisis has hit the super yacht market.

According to the broker the price of the 150ft Midlandia – which comes complete with bullet-proof glass and an outdoor cinema – has been reduced from €27m to €19.9m.

The 163ft Thunder B – which includes a swimming pool – has been reduced in price from €18.9m to €13.7m. While the 146ft Candyscape can be yours for just €12.9m – reduced from €15.5m"

“It is a buyers market for super yachts,” said one yacht broker. “There are a lot of yachts around at the moment. People are being forced to sell their boats.”

>> Link to Telegraph article

In another interview for Fairplay, the Edmiston broker explained:
PRICES are being slashed for super-yachts during the global financial squeeze, but shipyards might not be harmed, a sector leader said today.

Speaking from his London office, super-yacht broker William Christie told Fairplay: “A lot of yachts have been built recently, and there aren’t that many buyers. “A year ago yachts were selling at significant premiums. Rich people were willing to pay a premium. People aren’t running in right now.”

Christie said shipyards won’t be suffering as much as buyers: “Lots of yards have full orderbooks, so they shouldn’t be too affected. The losers are those who ordered a boat prospectively, because they mightn’t be able to get a premium now. But there remain some “good opportunities”, with owners “clearly looking for a quicker deal”, he said.

“There’s more stock on second-hand market than in the past 3-4 years,” Christie explained.

Would you put for sale your superyacht with these guys?...or would you rather buy a superyacht with them?

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