Ritz developer selling luxury sail boat for $10m

| 17/09/2010

(CNS): According to reports in the international yachting online media the developer of the Ritz Carlton Grand Cayman is selling his luxury sail boat for $10.3million (€8.25 million). Michael Ryan’s 128 ft (40metre) sailing yacht Tenaz, will be on show next week at the Monaco Yacht Show in Europe which takes place between the 22-25 September. Originally launched as Mamamouchi by the Pendennis Shipyard in Falmouth, in 1996, Ryan purchased and renamed the boat in 2007 before taking it on a round the world sail with his family in 2009. Tenaz has recently been refitted and the yachting press says it is in excellent condition with the mechanics and the infrastructure having been comprehensively refitted and replaced.

“This involved a top to bottom, interior and exterior repaint, refurbishment of the teak decks, general interior re-touching, main engine exhaust rebuild, maintenance and updating of rigging and systems and general electrical and mechanical refurbishment,” the Yachting Times reported. 

Described as having a sleek profile which “gives wonderful visibility forward from her huge cockpit,” the boat has also reportedly earned a superb reputation for her performance under sail.
Tenaz sleeps 10 guests in a master and three twin cabins plus two Pullman berths. The yacht also won the Voyager’s Award at this year’s World’s Superyacht Awards in May. The sailing yacht is listed at boatinternational.com: View this superyacht’s media and specifications
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    Very nice article & useful information. I appreciate you for this kind of posting.

  2. Anonymous says:

    Bo, Anon, or Sir Ricco, why can’t you just get in your thick head- "It is not the Ritz Carlton that owes the concession duty but the developers of the property"

    And please don’t give your real name…

    Its embarrassing

    • Anon says:

      Does it matter?? Ryan still does not owe the money personally to the Gov, so selling his yacht will mean nothing.

      The duty is owed by the development COMPANY not Ryan, so what has selling his yacht got to do with anything.

      Do you get that through your THICK HEAD

  3. Kerry Horek says:

    Hope it sells fast, because our Treasury needs that money for all those unpaid duties.

    Good move Mr. Ryan.

    Oh by the way, I am still waiting on your invitation to see the nursery where you are growing all those mangroves to replace in the Dragon Bay development. My cell is 926-3539, I think you owe the people of this country that are environmentally aware the decency of showing them this nursery.

    Thank you.

    • Anonymous says:

      Kerry, while you are there, perhaps you try to find out where that big pile of marl belonging to the government went. I understand it washed away in Hurricane Ivan and it seems no-one can find it. It was worth a few dollars we could really use right now, so yourassistance would be appreciated. You might have to look carefully because it is rumored to have been washed really deep under some buildings.

    • Anonymous says:

      Sorry Kerry. Although much of the area is or was zoned Public Open Space, and belongs to the people of the Cayman Islands, only hotel guests from overseas with prior golf course reservations, black American Express Cards, and a willingness not to ask questions, can be permitted entry.

      Any further questions which you may have can be directed to our politician. I am afraid he is in Asia so messages can be left with our real estate agent. I am afraid he is in Asia too, so contact should be attempted with our banker (great guy – 0% loans available) but he is in Asia as well. Next in line is our immigration and planning consultant, but come to think of it, he is in Asia too.

      It may be a while before anyone gets back to you.

      Have a nice day.

    • Anonymous says:

      What should happen is that the Cayman Islands Govt should seek a way of legally putting a "charge on the property- luxury yacht" so that the monies that is used for the purchase of Ryan’s yacht, $6 million of that money which is owed to the CI Govt, be sent directly to the Cayman Islands Treasury. The balance Mr. Ryan should have, for him and Mckeeva to enjoy on another worldwide tour as reported on (CNN) in the US.

  4. Anonymous says:

    She is registered in … get ready for it… BERMUDA !!!

    In some defense, she was registered there by the former owner, although you would think you would want to change the registration to your home port… espeically since it is GRAND CAYMAN…

    Nice boat, dreaming on the price though. There is a 23 meter for sale for under $2 million built in the same year.


  5. Anon says:

    Why should he be able to pay back the CI government???

    This is his personal asset, and the Ritz Carlton company owes the Gov the duty, not Ryan, so why would he pay it?

    Really do people not understand a company is a separate legal entity.

    Example the company I work for can’t pay it’s rent, should I as an employee be expected to sell my house to pay the Companies rent?

    I tell you if ignorance is bliss, you guys must already be in heaven!

    CNS: It is not the Ritz Carlton that owes the concession duty but the developers of the property.

    • Anonymous says:

      CNS, that was a low blow! I love it. Thank you CNS for setting him (10:19) straight. Doesn’t he "understand that the developers are a seperate legal entity? He must already be in Heaven"!!! That was a real low blow, OUCH!

    • Anon says:

      But the Ryan Group is still a collection of companies and that still makes the bill owed by the Company and not Ryan himself, so the point still stands

    • Bushwacker says:

      Mr Anon10.19

      You really need to get the facts straight. The Ritz-Carlton owes nothing: just the owner of the project which is a Cayman company with several owners, not just Mr Ryan but others including a religous foundation. Rather interesting I think and could do with more investigation.

      • Anonymous says:

        But Ryan owns 60% or more, otherwise we would be seeing adverts for Caymanian participation in all of these entities, right?

        • Bushwacker says:

          Correct but a religous foundation owns about $20m of shares. This is a matter of public record

          • Anonymous says:

            If I owned equity in a company that can’t pay its taxes I would be praying too.

            • JIM says:

              Really?, if you owned shares in CUC would you expect to pay their taxes if couldn’t afford them?

              No because a company has limited liability, you cannot lose any more than the capital you have introduced

              But I would carry on praying.

  6. Sir Rocco Forte says:

    The o/s Govt debt is with his company, not him personally. No way Ritz will pay unless Govt (no, Mr Bush) forces it to. Which is unlikely any time soon. Not Mr Ryan’s fault, why blame him? He’s a businessman like any other, stop having a go at him! I respect the guy, he learnt from me.

    But….Ministers (other than Mr Bush); why are you deathly silent on this debt? Any chance of a coup?

    Govt PR disaster, up there with the christmas lights! But UDP rank & file conveniently ignore it because Mr Bush is NOT to be questioned. Seemingly trivial personal ‘favours’ like this ridiculous debt deferral cost votes big time because the electorate is left with no option but to join the dots as to why Ritz gets special treatment…

    Thank god for the internet and websites like this.


    Sir Rocco

    CNS: It is not the Ritz Carlton that owes the concession duty but the developers of the property.

  7. Anonymous says:

    Can we locals bid on it too?Hope its nor too late because I want to put in my bid too…

  8. Anonymous says:

    you are missing the point…the money to purchase this was made on your land….and he owes you money…what are you going to do about it? Please tell me you are not going to count on the Premier to get it?…does M. Ryan even live in Cayman anymore?

  9. Chris Johnson says:

    Good news at last. The Government can be repaid. Oh yee of little faith.

  10. Concerned Citizen says:

    Well hopefully someone buys it so he can pay of the government what he owes, and interest!

    • Bo says:


      The Ritz Carlton owes the money not Ryan, duh!

      CNS: It is not the Ritz Carlton that owes the concession duty but the developers of the property.

  11. Anonymous says:

     sounds good now he can pay the CI Govt!

  12. Anonymous says:

    Is it Cayman registered?