DRIVING; Buy a Yacht, Without Going Overboard — New York Times

27 Янв 2014 | Author: | No comments yet »
Fairline Squadron 62

DRIVING; Buy a Yacht, Without Going Overboard

THE ripples of the yacht’s reflection gleam white in the water. Its silhouette is sleek and streamlined. Inside, the quarters are the size of a modest apartment, with three bedrooms, three bathrooms and accommodations for the captain. Amenities include flat-screen television sets and bone china. And it can be had for $186,500 upfront. Just not all the time.

Jonathan Metcalfe and Philip Burroughs, financial consultants in Virginia, dreamed up YachtSmart (www.fractionalyacht.com; 703-328-6155) a year ago. Mr. Metcalfe had wanted to buy a boat, but when he divided the price by the amount of time he would spend on it, the idea seemed crazy. He mentioned his problem to Mr. Burroughs, who had similar boat-owning dreams. They began to look for a sharing situation they could both buy into, but no one was selling pieces of luxury yachts.

»We had to start the company,» Mr. Burroughs said. They wanted a fast, well-appointed yacht; found what they wanted in the Avignon, an English model; paid $1.85 million; and set up headquarters in Annapolis, Md.

For most shareholders, the allure of the Avignon is the use of a $1.85 million boat without the headache of owning a $1.85 million boat. The cost of one share is $186,500, and the monthly management fee is $1,450.

Michael Pinkert, a health care executive who lives in McLean, Va. with his wife, said he bought a share because although he wanted a large boat, friends who owned one complained about the time, work and money it consumed. »They all advised me not to buy,» he said.

When Mr. Pinkert disembarks after a few days on the Avignon, a cleaning service hired by YachtSmart tidies up and a YachtSmart captain takes it to the shareholder who is scheduled to use it next. Mr. Burroughs and Mr. Metcalfe, who own two of the 11 shares of the Avignon, expect their idea to eventually spawn a fleet, with summer ports in the Northeast and winter ports in Florida. All but two shares have been sold.

Scott Clark, who designs sports complexes and lives in Delhi, N.Y. with his wife and two teenage sons, is another shareholder. He used to charter boats, spending about $15,000 for a day on the water. He looked for a sharing situation for four years before seeing an ad for YachtSmart in a boating magazine. »I’m a working guy,» Mr. Clark said. »I can’t take off 30 days and go on a boat. I needed something I could use a few days at a time.»

Fairline Squadron 62

The Avignon was chosen partly for its speed — up to 34 knots, compared with 10 to 20 knots for most yachts. From New York, it can sail to Nantucket in a day and a half, and to Washington in a day. Mr. Pinkert plans to take it to the Bahamas in the winter.

Unlike a conventional real estate time share, which the purchaser buys outright, a share in the Avignon is good for five years. At that point, to avoid further depreciation, the yacht will be sold and each shareholder will receive a portion of the proceeds.

The interior of the yacht has wood veneer and leather upholstery. There are a full kitchen and grills, dining areas inside and on the deck, and entertainment systems. A personal watercraft is on board and ready for launching.

The cost of a YachtSmart share might not seem like a bargain. But Mr. Clark called it an »incredible» deal.

»Look, when you buy season tickets for box seats to the Giants, they’re $8,000 a game,» he said. »You’re investing in a level of quality entertainment.»

Fairline Squadron 62
Fairline Squadron 62
Fairline Squadron 62
Fairline Squadron 62

Interesting Articles

Here you can write a commentary on the recording "DRIVING; Buy a Yacht, Without Going Overboard — New York Times".

* Required fields
All the reviews are moderated.
Our partners
Follow us
Contact us
Our contacts


Born in the USSR


About this site

For all questions about advertising, please contact listed on the site.

Boats and Yacht catalog with specifications, pictures, ratings, reviews and discusssions about Boats and Yacht