Valleywag: megayachts

Tom Perkins picked a bad time to sell the Maltese Falcon

Nicholas Carlson — Fri, 11 Apr 2008 08:20:00 PDT

Why is VC Tom Perkins already selling the Maltese Falcon, his 289-foot sailing yacht he finished building in 2006? For a quick profit, ostensibly. But he has likely botched the timing. In 2007, used yachts cost more than new ones because wealthy buyers wanted them immediately. That demand led to profitable yacht-flipping, similar to the condo-flipping of the late real-estate bubble. But that was 2007. In 2008, sales for yachts priced between $200,000 to $800,000 are down 50 percent, a broker told Fortune. Likewise, another recent megayacht sale didn't happen until the owner slashed the price by $7 million. Still, the market might be different if Perkins sails his $233 million ship through the Suez Canal, where petrodollar fortunes abound.

5 best videos of the $233 million megayacht Tom Perkins no longer wants

Nicholas Carlson — Wed, 26 Mar 2008 15:00:00 PDT

At 289 feet, the Maltese Falcon, is the world's largest sailing yacht. Its owner, venture capitalist Tom Perkins, is over it. He's looking for a buyer to take the Falcon off his hands for about $233 million, according to The Wealth Report blog. Of the Falcon, Perkins once told Lesley Stahl on 60 Minutes: "I just wanted the biggest boat." It was a beautiful sentiment, people, and we're here to honor it. So below, the five best videos on the Web catching the Maltese Falcon in all its glory.

The Falcon at sunset.
The Falcon turning, chased by a smaller boat.
Perkins built this yacht to wake one morning off the coast of France and hear, amid the puttering noises of the dock, a man with a thick accent say: "This is the Maltese Falcon, the biggest sailing yacht."
Ha ha. Your Rolex boat looks tiny.
"I just wanted the biggest boat. Do I have an ego? Yes. Is it big? Yes."

(Photo by antiguan_life)

Larry Ellison and fellow billionaire trade accusations of rigging the America's Cup

Jackson West — Mon, 24 Mar 2008 17:00:01 PDT

The America's Cup is the world's premier opportunity for the ultrariches to prove whose is bigger. But if you think the race has anything to do with sailing, you'd be mistaken — it's about who can muster the most capital. This year the victor could be rigged by lawyers, not sailors, thanks to a spat between billionaire software tycoon Larry Ellison and billionaire biotech tycoon Ernesto Bertarelli.

Last July, the Golden Gate Yacht Club sued Cup defenders Société Nautique de Genève [PDF], accusing the Swiss of hand-picking an unqualified challenger, the newly formed Club Náutico Español de Vela. The Deed of Gift, which outlines the terms and rules of the race, requires that a challenging club hold an annual regatta — CNEV held a regatta, with boats crewed by children, only after being selected as challenger.

Now it's SNG's turn to accuse the GGYC of trying to tilt the field. GGYC wants the race to be held in October, giving the Alinghi team only seven months to build their boat. The BMW Oracle team, meanwhile, started building their multi-hulled vessel three months ago. SNG wants the race held in 2009, and says that the GGYC originally agreed that any race would be held ten months after the legal decision had been handed down [PDF].

We are disappointed that GGYC is backtracking on this agreement and launching a new legal campaign seeking to undo what GGYC previously agreed to. Why not simply meet us on the water and settle this there?

Probably because Ellison figures that if the case goes back to mediation, New York State Supreme Court Justice Herman Cahn will likely rule in the home team's favor. Us Yankees have a saying — "If you aren't cheating, you aren't trying." (AP/Fernando Bustamante)

Tom Perkins is richer, more successful than you -- and has a big yacht

Jordan Golson — Mon, 05 Nov 2007 15:23:47 PST

Tom Perkins, bazillionaire venture capitalist and owner of the Maltese Falcon, was interviewed on 60 Minutes last night. Humility is not his strong suit. Why build the biggest sailboat in the world? "I just wanted the biggest." I can relate. In his spare time, Perkins also fake blogs.

Tom Perkins "embarrassed" by megayacht

Jordan Golson — Fri, 02 Nov 2007 11:05:05 PDT

"I am embarrassed by [the price] ... There's the homeless and charity and there are lots of things you could do with that money that would improve the world, right? So you know, 'How selfish is this guy?' ... is the criticism. So the answer is pretty selfish, but I am not going to put a number on it." — Tom Perkins, to CBS's 60 Minutes, on the price tag for his ubermegasuperyacht Maltese Falcon. We bet he'll feel better after he goes for a quick sail — and would be happy to take it off his hands if he's still feeling guilty.