Friday, May 25, 2012

Mine’s Bigger: Tycoons are dumping their superyachts




Talk about a sea change. These three business titans are cutting back. According to Fortune contributor David A. Kaplan, the oldest adage on the sea is that the two happiest days in a sailor's life are the days he buys his boat and the day he sells it. For three business titans, the days seem to be getting happier.

In 2009, Tom Perkins, the nonpareil venture capitalist of Silicon Valley, sold the Maltese Falcon, a 289-foot futuristic Darth Vader-esque square-rigger. Reported price: $90 million. The buyer: Elena Ambrosiadou, a European hedge-fund billionaire.

Then, last June, Joe Vittoria -- who made a fortune as head of Avis Rent a Car when he led an LBO of the company in the 1980s -- unloaded Mirabella V, the 247-foot sloop with a 292-foot mast that's so tall the yacht can't fit under the Golden Gate Bridge or through the Panama Canal. Price, according to industry sources: $25 million. The buyer: Rod Lewis, a billionaire Texas oil-and-gas tycoon. Now comes the 68-year-old billionaire Jim Clark, the co-founder of Netscape, Shutterfly and WebMD. He just put his splendid sailboats, Athena and Hanuman, on the market on the same day….

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