Same planet different world (superyacht)

nmuir · 05-23-2018, 05:39 PM

Kogo just anchored out front of our house yesterday.

A quick google search shows:
* 235'
* crew of 21
* #58 out of the world's largest 100 superyachts
* orginal owner Mansour Ojjeh of Mclaren Formula 1 team fame. Net worth $2.6 bn
* winner of some 2007 superyacht design competition. Video tours online

Probably as close as I will ever get to this sort of wealth. Just thinking about the maintenance makes me dizzy!

cardude01 · 05-23-2018, 06:33 PM

Meh. It doesn’t even have a helipad. Posers!

dwhatty · 05-23-2018, 06:34 PM

If you don't want the expense and hassle of maintenance, just charter her. Only "from Euro 477,000 /wk".

dwhatty · 05-23-2018, 06:35 PM

Quote:

Originally Posted by cardude01

Meh. It doesn’t even have a helipad. Posers!

Blurb says it does.

Fletcher500 · 05-23-2018, 06:40 PM

Impressive ship in your front yard. We get some of the "smaller" mega yachts in San Diego. Attessa IV also pulls in a few times per year but they have to anchor in the bay because they are too big to park inside. Its fun to drive out there and do a couple laps around it.

markpierce · 05-23-2018, 06:44 PM

Expect the crew costs approaching $1,000,000 a year. Wouldn't be surprised if annual operating costs are several millions.

AlaskaProf · 05-23-2018, 06:55 PM

Sticks out like sore....uh...thumb, even when viewed from Bowen Island, where we are today.

FF · 05-24-2018, 04:54 AM

"Expect the crew costs approaching $1,000,000 a year. Wouldn't be surprised if annual operating costs are several millions."

Most are probably "businesses" owned by a larger corp, so expenses are deductions on their taxes , not an out of pocket expense.

Except for the little folk that need to keep the gov funded if the big guys don't.

George Harmon · 05-24-2018, 07:14 AM

Should have invited them up to the house for a cookout and swim in the pool.

siestakey · 05-24-2018, 08:25 AM

Quote:

Originally Posted by George Harmon

Should have invited them up to the house for a cookout and swim in the pool.

I was thinking the same thing

boatruptcy · 05-24-2018, 08:41 AM

Quote:

Originally Posted by FF

"Expect the crew costs approaching $1,000,000 a year. Wouldn't be surprised if annual operating costs are several millions."

Most are probably "businesses" owned by a larger corp, so expenses are deductions on their taxes , not an out of pocket expense.

Except for the little folk that need to keep the gov funded if the big guys don't.

Someone is still paying no matter the structure. A corporation can't print money, it comes from somewhere, i.e. the owners.

caltexflanc · 05-24-2018, 08:44 AM

The costs of that yacht are to the right of the decimal point for someone like that.

FF · 05-25-2018, 05:56 AM

"Someone is still paying no matter the structure. A corporation can't print money, it comes from somewhere, i.e. the owners."

As an owner I pay for my fun time aboard , with after tax bucks.

The "owners" of any corp are the stock holders who loose nothing when management has a big toy that is a tax deduction . Taxpayers pay for the toy.

boatruptcy · 05-25-2018, 06:12 AM

Quote:

Originally Posted by FF

"Someone is still paying no matter the structure. A corporation can't print money, it comes from somewhere, i.e. the owners."

As an owner I pay for my fun time aboard , with after tax bucks.

The "owners" of any corp are the stock holders who loose nothing when management has a big toy that is a tax deduction . Taxpayers pay for the toy.

Ha, okay, that's quite a stretch you're making. A corporation can be made up of as little as one person and that yacht isn't tax deductible unless placed into service for charter and even then is subject to hobby loss rules, so you can't just go writing anything off and calling it a business. I can assure you that you and I aren't subsidizing anyone's yachting adventures with our tax dollars.

Fletcher500 · 05-25-2018, 08:36 AM

Stretch indeed. A corporate titan titan who owned a yacht, and also played games with share holders money was the CEO of Tyco in the 90’s. Kowalski was his name if I remember correctly. Things didn’t end well for him.

mramoo · 05-25-2018, 08:43 AM

It wasLeo Dennis Kozlowski, notKowalski.

Fletcher500 · 05-25-2018, 10:12 AM

Quote:

Originally Posted by mramoo

It wasLeo Dennis Kozlowski, notKowalski.

ThankYou for theclarification

**koliver** · 05-25-2018, 10:18 AM

Neil
We cruised up Indian Arm on Saturday. Kogo was then anchored in Deep Cove, Triton (Dave Ritchie, formerly of Ritchie Bros Equipment Auctions, now just a retired mega wealthy guy) Cruised up to the North end of Indian Arm on Sunday and is now tied up at Coal Harbour. Lots of Mega Yacht spotting in Vancouver.
http://www.charterworld.com/index.ht...er=triton-2606

dhays · 05-25-2018, 11:26 AM

Quote:

Originally Posted by boatruptcy

I can assure you that you and I aren't subsidizing anyone's yachting adventures with our tax dollars.

Hm.... well.... Most of the US TF members who pay taxes are helping to subsidize my boat. I claim it as a second home and therefore deduct the mortgage interest on the loan from my taxable income.

I have a friend that owns a 20 year old 114’ motor yacht. He charters it out for a minimum of about $50k a week. I am sure he is writing off a good portion of the expenses each year.

boatruptcy · 05-25-2018, 12:34 PM

Quote:

Originally Posted by dhays

Hm.... well.... Most of the US TF members who pay taxes are helping to subsidize my boat. I claim it as a second home and therefore deduct the mortgage interest on the loan from my taxable income.

I have a friend that owns a 20 year old 114’ motor yacht. He charters it out for a minimum of about $50k a week. I am sure he is writing off a good portion of the expenses each year.

Your home interest deduction is a law enacted by congress to encourage home ownership, hardly a taxpayer subsidy even in the broadest sense.

If he is chartering then I am sure he is writing off expenses, as he should be allowed. When/if he makes money on the charter you can bet your bottom dollar it will be taxed by the IRS. If he doesn't claim his personal use on the asset, he is breaking the law.

The point is that even if a megayacht is structured in a corporation, that money to pay for expenses comes from somewhere, ie the shareholders. No, big companies don't have 100 million dollar yachts on there books that "we" are subsidizing, which appears to be the common misconception here with some folks. Corporations have a board of directors that are tasked with making decisions for the shareholder's best interests.

IF a yacht were to be on the books for some reason (I highly doubt it), only the business use portion of that yacht's use is deductible, this is a real sticky point with the Feds for the very reason so many of you are confused about. You aren't allowed to deduct your personal use items against income, that's the whole point of the income tax.