Clive Palmer yacht a $5m rust bucket

A $5m super yacht sits rotting outside Clive Palmer’s Gold Coast mansion.

Palmer Boat

A $5 million super yacht sits rotting outside Clive Palmer’s Gold Coast mansion, despite Queensland Nickel administrators having run out of assets to sell in their ­attempts to save the refinery.

The Australian understands a search of QNI’s records has determined that Mr Palmer’s central Queensland cattle station and a fleet of old trucks are the only surplus assets not tied up in his other companies or privately registered to himself and relatives.

All other QNI assets are needed for the “day-to-day running of the refinery”, a source confirmed.

Mr Palmer’s 30m Horizon 88 Maximus super yacht was yesterday identified as one of several big-ticket items administrators have no claim to. Ironically, the yacht was bought by Mr Palmer at a 2009 receivers’ auction by administrators selling off the assets of fallen Gold Coast IT tycoon Daniel Tzvetkoff.

The cruiser, which was commissioned by Mr Tzvetkoff for more than $7m, was bought by Mr Palmer for what was considered a bargain price of $5.3m and gifted to his daughter Emily on her 15th birthday.

But Mr Palmer has failed to maintain the yacht, which is in need of major repair works. Peeling paint is visible on the outside, wooden railings are rotten, windows are covered in grime, and rust and barnacles have formed underneath. But Gold Coast yacht salesman Ryan Leigh-Smith estimated the six-cabin cruiser could still fetch about $5m after a “good clean up”.

He told The Australian the Maximus was a highly sought after yacht around the world and would appeal in the current market thanks to the low Australian dollar. Without urgent maintenance for both cosmetic and safety reasons, however, finding a buyer would be near impossible.

“It’s a very good brand but it’s not a cheap boat to run and maintain ... it’s one that would appeal predominantly to affluent bus­iness people ... not one for mum, dad and the kids,” Mr Leigh-Smith said. “Boats are the same as planes, the upkeep is vital to keep them safe and in top condition.

“In this market, luxury is the key word so aesthetics are ­extremely important. If we were to sell it, we would have to say it might need $500,000 to get it to a saleable point.”

Queensland Nickel’s Yabulu refinery is midway through a shutdown due to a lack of ore. A spokesman for FTI confirmed that shipments had been ordered but were delayed by weather.