What it costs to run $150 million superyacht
It’s expensive to buy a superyacht — but it’s just as expensive to maintain it. Just ask Aussie billionaire Ian Malouf who owns a mammoth 73 metre vessel.
It’s expensive to buy a superyacht — but it’s also expensive to maintain it.
Just ask Ian Malouf, the Aussie billionaire behind Dial-a-Dump who is also known as Australia’s superyacht king.
He and his family own around 11 yachts that average about 30 metres in length.
One of his most treasured is the 73 metre Coral Ocean he bought for about $US50 million ($A74 million) in 2019 before spending another $US50 million refurbishing it — costing him around $A150 million in total.
It features a spa pool, private treatment room with infra-red sauna, teppanyaki grill, pizza oven, indoor-outdoor gym and an on-board beauty therapist.
But the bills to run a yacht are not for the faint-hearted.
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“You could be looking at a payroll of $250,000 per month,” Mr Malouf tells The Australian.
“Then you’ve got extras on top of that, which could be another $300,000.
“We can staff up to 28 and it is usually two months on and two off. Some can be one month on and one off.
“The boats do get older as well, so they need maintenance. Overall, that can be millions of dollars. It definitely is a case of ‘buying them is one thing, running them is another’.”
A rule of thumb is that annual running costs will generally be about 10 per cent of the price a billionaire shells out for their vessel, which is why chartering the boat to others can be cost effective, according to the publication.
If you think that is expensive, Amazon honcho Jeff Bezos’ $A740 million superyacht Koru, codenamed Y721, costs about $US25 million ($A37 million) a year to run, according to the New York Post.
The 127 metre yacht can accommodate 18 guests – and requires a crew of 40 sailors.
Mr Malouf, who made The Australian’s The List - Australia’s Richest 250, sold his Dial-a-Dump business in 2021 to Bingo Industries for a whopping $557 million cash and shares deal.
He remains on the privatised Bingo board and still has waste property holdings in Sydney’s east — but most of his time is devoted to his superyacht chartering business Ahoy Club, which is run by his daughter Ellie Malouf.
The business rents out his collection of boats, including his beloved Coral Ocean for about $A1.2 million per week. It was booked out for the entire summer. Some A-lister clients include Canadian rapper Drake.
He chartered the megayacht in July last year for about $A1 million enjoying a European holiday with friends.
“Before we got it, it was going for €350,000 ($A567,000) per week,” Mr Malouf told The Australian.
“We were going to spend €5 million ($A8 million) on a refit but decided to go for a big refurbishment for €35 million ($A56 million). But the amount we’re getting for it now shows that sort of investment can pay off.”
Included in Mr Malouf’s collection is a 54 metre superyacht Mischief that’s usually based in Sydney.
But you can understand why Coral Ocean is the object of his affections. He said the rooms are so big, you’ve got a kingsize bed in one with his and hers bathrooms and dressing areas, while the guest areas have four big bedrooms and you can get straight out of the sauna and jump into the water.
And that’s not even mentioning the jet skis, inflatable water slides and paddle boats.
The rooms also feature high-end beauty products such as Dior and iKou.
Mr Malouf, who purchased the yacht on a whim at the Monaco boat show in 2019, said you could easily hang out with 12 other people but you could also have your own space as it’s big enough to not get in each other’s way.
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“The bow is the size of most boats. You can go up and have a party. Over a week you can hang out in seven different places. You can sun bake. You don’t have to get off the boat,” he told The Australian.
The pricey superyacht includes a sun lounge with a glass-bottom spa pool, a sky lounge with a full-service bar and a sound system, according to the boat’s website.
And let’s not forget there are 22 crew members including beauty therapists that can give massages and manicures, a private chef and several stewardesses and deckhands, and of course, a captain.
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