In our last blog we wrote about Ocean Emerald, designed and launch by Norman Foster for YachtPlus a new superyacht fractional ownership program. But what exactly is “Fractional Ownership”? Many call it time share without the sleaze – at least in theory. And it does differ in so much as the owner actually own something, by way of an asset, in this case a 41 metre super yacht.
But is it worth it? Here you are, buying a one eighth share of a brand new Italian built yacht designed by Norman Foster and his team. It will cost initially €1,875,000 plus a further €200,000 a year for each of the 8 owners to enjoy one month aboard their yacht. This is equivalent to €101,354 per week, assuming 8 years ownership and no increase in the service charge. And you should get some money back when the yacht is sold at the end of eight years.
So how does this compare with chartering a similar sized yacht? A week aboard Nantori a brand new 42 metre yacht from Baglietto and offered for charter by Camper & Nicholsons would before you haggle a bit, cost €135,000. So yes there is a saving but will it be enough to persuade more owners to buy into the scheme? 32 owners for 4 yachts are planned and with 20 owners said to have or nearly have completed that means the programme is already well over half way subscribed.
With just one full day between Owners’ visits our worries would be crew burn out and a high turnover of staff. Having a great looking boat is all well and good but if the staff are not happy you can bet the guests wont be either.