Superyacht bargain at Cayman auction

| 30/03/2010

(Superyachts.com): The luxury 67m Lürssen superyacht Apoise has been sold to a UK bidder for a below market price sum of $46.6 million dollars at an auction in the Cayman Islands. The yacht was held at an unreserved auction today (Tuesday 30 March) with bidders from all over the world arriving at the Ritz-Carlton Grand Cayman. Apoise is a widely celebrated superyacht built in 2006 and benefiting from a refit in 2009. The auction for this particular yacht has proved a great success for the buyer with the sale coming in way below the estimated worth of around $87m. (Photo by Dennie Warren Jr)

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Category: Business

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  1. Anonymous says:

    From a superyacht captain’s standpoint, the community is very small and Cayman has made immeasurable faux pas in years past with stories of poor channel markings, bad Port Authority directions, refueling fiascos, nickel and diming, and less than enthusiastic or polite receptions.  There is still no dedicated gov’t concierge or yacht liaison trained in the correct protocols, and there should be if we want to get the message out that we are prepared to host these ships and crew.  From a logistics standpoint, the Captains are already looking for strategic stops between Panama Canal and Miami/Lauderdale/Atlantis, so there could indeed be quite a bit of super yacht traffic if we were equipped with the basic "customer service" to handle it.  The biggest improvement we could make is marketing that we have a dedicated protocol/logistics officer that will be welcoming and make their stay enjoyable and easy.  After that, it’s word of mouth marketing that we are actually open for business. 

    • Anonymous says:

      Totally correct – Cayman is missing the boat and has been for the longest time. The country does not even have one super yacht mooring off George Town for the yachts to safely moor in the harbour. Instead they stay on watches and on engines for the entire period of their short stay.

      Cayman, just look at all the business we are loosing because of ineffective Govt., MLAs and civil servants who can not make a decision and get the job done. Install super yacht moorings and create a super yacht all weather safe harbour for both super yachts and commercial shipping in the George Town bight on the weather lee of the island and close to everything.

      • Anonymous says:

         "Totally correct" tell me what’s in it for you, then advise me how Native Caymanians will benefit from such a deal.  It want to know it all pros and the mostly "CONS" since Natives have been Conned far too many times by con artists.

  2. Scrooge McDuck says:

    46,000,600,001!!!!!   Am I too late?

  3. Anonymous says:

    Jealousy or envy masked by neo-nationalism and it is most unattractive.

  4. Foo Foo says:

    Actually, yes you can – IF you advise Customs in advance of the circumstances of the transaction and get a letter from the Collector.  Clearly the boat would be classified as a temporary import.  

    Now, you know about my business, how about you educate me about yours?  Or is it as simple as you

    • Anonymous says:

      So Customs was advised in advance, right?

      • Phuk phuk says:

        Or on arrival when they asked "purpose of visit"…

        Clearly you put – "to stir a little spit…"

         

        • Anonymous says:

          Yes, but that was to immigration, not customs. There is a difference you know.

          • Phuk phuk says:

            Yes they are – but they both go out to a vessel together when they arrive…  And Customs asks the same thing in an effort to establish whether duties are owed…  So… 

            • Anonymous says:

              But did they. And was the waiver requested in writing and in triplicate etc etc etc….

  5. Anonymous says:

    Here Here!!!

  6. Anonymous says:

    So I can import a car, pay duty, and when the purchaser later exports it, I can go to customs and get my money back?

    OK Foo Foo, let’s try that shall we?

     

    • Caymanian 2 da Bone says:

      Depends on how much later, if it is days you have a good case, if it years of course not.

      All that liquor imported in to GT and then sold to cruise shippers and delivered to the ship. Duty is not paid on importation or export in this case.

      Think of this as the same if it makes it easier for you to mind wrangle

      • Anonymous says:

        Now that’s another thing.  If only we could legally export the rum from these shores internationally as opposed to just the Rum Cake.  That in itself would be a good revenue-raising export for the country, as demand for our rums is worldwide but folk can only get it if they either come here or ask someone who is coming here to pick it up for them.  Very sad indeed.

  7. anonymous says:

    It was auctioned off by Richie’s Auction House (of Canada). Owner of yacht was David Richie. Common knowledge in the yacht world, not sure why that info was suppressed here. Just google it — it’s all over internet. 

  8. Other Side of the Coin says:

    Wow, the new owner(s) saved millions!!! Almost 1/2 price – what a bargain!! Now that he/she has some spare change kicking around, perhaps we can offer to sell them the Turtle Farm or somethin????

  9. Great Promo says:

    Congrats to the new owners!!!

    I hope they make Cayman a regular on their touring circuit, and don’t pay any attention to the trouble seeking commentators on this board.

    And even more congrats to the sellers who not only pulled off a successful auction in a dubious financial climate, but also brought a lot of publicity to the islands as a result of holding it here.  Cayman needs all the good press it can get, and if you Google "Yacht Apoise Auction" you will see that not only has there been a lot of publicity in the weeks/months leading up to the auction, but also a ton more today.  Just about every high end boating and yachting site picked up on this as did major press.  

    Now if we could get some of the other bidders to bring their vessels down and cater to them, we will all stand to win!!!   (Indirectly, Bobby AnonymAss – not everyone is going to dish stuff out to you for doing nothing, even if you expect it!!)

    • Pending says:

      Just a little more info for you regarding yachts…almost or round about 90% of the world’s mega yachts (such as this one are registered in Cayman), the reason why they are not all here on a regular basis is because there is nowhere for them to dock or moor for a considerable period of time, unlike places like Monaco. Another reason is that these yachts are hardly used by their owners for any length of time other than there summer holidays or entertaining clients for a weekend because they cost millions every year to maintain let alone run.

      Next time you see these on TV look at the flags they fly and you would be suproised to see how many of these, owned by the rich and famous are flying the red Cayman flag .

      Big Mac has mentioned in the past ideas concerning buildiong such facilities to bring these yachts here however judging by the most recent happenings in Cayman that is a pretty far fetched idea and one that will be put  to rest. Dredging out the North Sound and destroying more mangroves is not worth it in the long run…

      • Anonymous says:

        You are so right a mega yacht dock is what we need in Cayman to revitalize the economy and bring in the super rich people and money back into the country. Countries like Monaco only have these yacht there because we don’t have the proper facilities for them to dock here.  After all they are registered in Cayman and would much rather be here in such a beautiful island which is the 5th financial center in world ahead of Monaco.

        We how have the Ritz Carlton which is one of the best hotels in the caribbean in fact in the world so the super rich will not have a problem staying there.  I am sure all the rich people who go to Monaco will come here if we get a proper dock for yachts, we should do it now.  I am sure that this idea will work and prove to be a good source of needed revenue for these islands.

  10. Anonymous says:

    my God you people can complain about anything what pathetic little lives you live

  11. Anonymous says:

    I take it that all duties etc were paid on this yacht? It was imported to be sold!

    Did the auction company have T&B and permits in place?

     

  12. Wake me when it's over says:

    Hmmmmm.    Well Mr. Bush…  Prison Yacht???     Take away the canapes and buffet.  Paint it black.  Add chains on deck.  And a plank!

  13. Anonymous says:

    I hope Gordon Brown can get a bail out plan passed for the seller.

  14. Bobby Anonymous says:

    A couple of questions:

    1/ Who was the auction company?

    2/ Did they have a T & B?

    3/ Did the auctioneer have a permit?

    4/ Was duty paid on the yacht? After all it was imported to the Cayman      Islands to be sold?

    5/ What did the Comunity get out of this.

    6/ Who was invited to the auction?

     

    • Foo Foo. says:

       1, Ritchie Brothers – the owner of the yacht also owns the company.

      2, This was an international event and they are a reputable firm, and it was very highly publicised, so I am sure it was.

      3, See #2

      4, Vessels in Transit are not subject to duties.  I doubt very much the new owner will be keeping her here.  Same goes for aircraft or parts for either.  As for being sold here, if duties were to be charged, they could be claimed back as a temporary import.

      5, Some very wealthy people with some very deep pockets would have been here to take part.  They probably flew in on their private jets, earning income for the islands, spent money on somnot-so-cheap goods and consumables, earning money in duties and revenue to the vendors.  They stayed, no doubt, either at the Ritz, or their existing private villas.  Some may even have decided to look at buying one when they were here – which leads to future revenues.

      6, Anyone who could ante up the 2mm Euro deposit and prove the wealth to support the purchase if they one.  http://www.rbauction.com/theapoise/index.jsp

      A simple Google search could have answered most of your questions, which, quite honestly, come across as being caked in jealousy with an air of muckstirring!!!

       

      • Anonymous says:

        And the answer to #2 is…………?

         

        No one questions that this event was excellent for Cayman and should be encouraged. No one is suggesting the organisers should not get a T&B, work permits, or get exemption from having to pay import duties. The fact is that legally, to get a T&B, a work permit, and to get exemption from import duties, you have to apply. – just like the performers at Jazz Fest.

        So, was there an application for both or either, or (yet again), do the laws of the Cayman islands only apply to some?

         

         

        • Foo Foo says:

           I do not know for a fact that any permits were granted, nor any laws broken, but I do know most high profile clients I deal with would rather follow the law than be slapped with a petty charge of carrying on business without a license.  

      • Pending says:

        I think you will all find the reason why it was here in the first place is because it was registered here with the shipping / yacht registrar……thus it had to sold here / de-registered….

         

    • Cayman Prosperity says:

      Get a job man…

      • Anonymous says:

        I had one but became unemployed because my stupid boss kept paying for his T&B licence, health insurance, work permit fees (for the real positions filled), import duties (based on the real price), and was training and providing some limited scholarships for Caymanians and otherwise obeying the law, but none of his competitors were so he was put out of business and I was made redundant, all because he was doing the right thing and expected the Government of the Cayman Islands to enforce the law against them.

         

        Sucker!

        • Anonymous says:

          Now if we could only get every other offshore jurisdiction in the world to impose the conditions on businesses, then maybe we wouldn’t be losing companies at the pace of 3 per month.

          • Anonymous says:

            They do. No wonder Cayman/Expat relations are at all all time low. Try breaking business licensing laws in Bermuda or Singapore. You seriously think it is OK just to come here and ignore our laws with impunity. If you do not like them, get them changed, but until you do you are just a common criminal, or otherwise defending those that are. 

      • Anonymous says:

        Exactly. What a moron.