Crazy Eric Schmidt, His Yacht Prices Are Insaaane!

theodp writes "After languishing on the market, the price of Google Executive Chairman Eric Schmidt's Lone Ranger expedition yacht was cut from $20,000,000 to a mere $14,000,000 (sales brochure). Still no takers for the vessel, so the former pride of the Schmidt Ocean Institute — which can travel an amazing 31,000 miles at 12 knots thanks to a fuel capacity of 1.3 million liters — will be auctioned "as is" on April 20th at the Antibes Yacht Show, with bid estimates ranging from EUR 3 million to EUR 10 million (auction brochure). 'Lone Ranger and her truly astonishing story will appeal to a new generation of luxury yacht owner,' the sales brochure notes. 'The yacht epitomizes low key luxury, but most importantly offers the ideal platform for anyone wanting to explore the farthest flung corners of the world with their family.' And you can buy it just in time for Earth Day gift giving!"

Comments

Probably Bought with Laundered Tax Free Income

[Anonymous Coward]

Oh look, it says "George Town, Cayman Islands" beneath the name on the ship ... and the brochure says "NOT FOR SALE OR CHARTER TO U.S. RESIDENTS WHILE IN U.S. WATERS."

Taxes are such a bitch, aren't they Eric?

Re:Probably Bought with Laundered Tax Free Income

[deadweight]

and the brochure says "NOT FOR SALE OR CHARTER TO U.S. RESIDENTS WHILE IN U.S. WATERS." That has been standard in boat ads for decades and yes, it has to do with taxes paid to register the boat. BTW, the secandary market for these boats can be rough. Once you pass a few million, you can afford your own new custom design.

Re:Probably Bought with Laundered Tax Free Income

[schneidafunk]

Apparently funneled through Google's lunch system.

Re:Probably Bought with Laundered Tax Free Income

[alexander_686]

Boeing does the same thing – It sells all of its aircraft while flying in international waters – that way customers don’t have to pay sales tax. (Not exactly the same thing as registration fees, but in the same area.)

Re:Probably Bought with Laundered Tax Free Income

[afidel]

I don't think Boing sells their aircraft flying in international waters, over internal waters or in international airspace maybe.

Re:Probably Bought with Laundered Tax Free Income

[ShooterNeo]

Are you saying that when a Boeing aircraft is actually sold, the buyers and the sales team get onboard, they take off, fly out over the nearest ocean, and sign the bill of sale while IN FLIGHT? That's crazy amusing.

Re:Probably Bought with Laundered Tax Free Income

[Anonymous Coward]

Are you saying that when a Boeing aircraft is actually sold, the buyers and the sales team get onboard, they take off, fly out over the nearest ocean, and sign the bill of sale while IN FLIGHT? That's crazy amusing.

That is absolutely correct, at least for USA based airline customers. The actual transfer of ownership occurs inflight in international airspace and as an added bonus the first point of landing is in Oregon to avoid state sales taxes---or at least it was a few years ago when I was aboard one such flight.

(I am a commercial airline pilot for a major US airline and thus the AC.)

ugly

[RearNakedChoke]

That is one ugly yacht. A tug converted into a yacht? That's like converting a dump truck into a limo.

Re:ugly

[fuzzyfuzzyfungus]

A dump truck would actually offer a lot of room to work with...

Ugly, sure; but you'd have a passenger compartment larger than some New York apartments to add ostentatious touches to.

Re:ugly

[MrDoh!]

If I was rich enough to have to worry about getting a yacht, this is exactly the type I'd want to get (I think). Doesn't scream out 'hey, rich person here!', you can moor up in odd places and not stick out that some white and gold monstrosity would. I like it.

Re:ugly

[ColdWetDog]

That;s a lovely boat. It's a work boat, not a pagoda on a glass brick like some other luxury yachts we've dissected. It might even weather a real storm in a real ocean as opposed to sinking at the dock as soon as the tide turned.

He should donate to a real oceanography group, Scripps, Texas A&M, hell, NOAA could probably use it.

Or, if he will simply transfer the title to me, I'll pay for the moorage and start buying lottery tickets to put fuel in the thing. Maybe a kickstarter project....

Yacht?

[Tailhook]

That's a yacht? Looks like a commercial fishing vessel or a coast guard cutter.

I suppose if you need to intercept drug smugglers or rescue someone it might be the thing... but most yacht buyers are looking for a nice place to drape their naked women.

Re:Yacht?

[camperdave]

It's likely that Lone Ranger could fill a similar role. But it would need to be renamed ;)

Just name the other vessels Ltwo Ranger, LthreeRanger, etc. Then Lone Ranger won't be out of place.

The two best days of boat ownership.

[Anonymous Coward]

The day you buy it and the day you sell it.

First World Problems

[stevegee58]

(Picture of man hunched over looking despondent)
"I've grown bored with my giant yacht. Now no one wants to buy it."

First rule of wealth management:

[pr0t0]

If it flies, floats, or fornicates; rent it.

Re:Nice Crazy Eddie reference

[SteveFoerster]

Yes, actually. Crazy Eddie's ads used to show up nationwide because many cable systems carried "superstation" WOR.

The two happiest days in a boat owner's life

[stevegee58]

1) The day he buys it.
2) The day he sells it.

Might make sense for some Russian oil oligarch

[Animats]

This might make sense for some Russian oil oligarch who has to visit oil platforms in the White Sea. For anybody else, it's kind of pointless.

At least it's more seaworthy than that boxy thing Steve Jobs had built.

Cheat on your wife and your taxes

[thetoadwarrior]

It would be a real shame if his boat caught on fire before it was sold.

Holy Mixed Unit Systems Batman!

[mooingyak]

$20,000,000 to a mere $14,000,000

presumably that's USD. Also all digits and no words (as in 14,000,000 rather than 14 million)

with bid estimates ranging from EUR 3 million to EUR 10 million

and not knowing the exchange rate off the top of my head, I couldn't tell you how far off $14M USD is from 10M EUR. And the numbers are the opposite of above, spelling out 'million' rather than using digits.

And then there's this gem:

which can travel an amazing 31,000 miles at 12 knots thanks to a fuel capacity of 1.3 million liters

so, distance is in miles (imperial), speed is knots (nautical miles rather than miles) and then capacity is liters (metric)

Pick a style, pick a system, and STICK WITH IT.

Re:Holy Mixed Unit Systems Batman!

[Anonymous Coward]

the exchange is around 1 EUR = 1.3 USD so they are about 1 million USD apart.

Myth

[Anonymous Coward]

Boeing does the same thing – It sells all of its aircraft while flying in international waters – that way customers don’t have to pay sales tax.

This is a myth. Large companies like Boeing (and Airbus with its new plant under construction in Mobile, AL) get sales tax abatements from local governments in exchange for and agreeing to continue to build aircraft in the area.

Re:Myth

[baegucb]

I'm not an AC. Seattle Times had that story a few years ago. Seems to be true, they fly off the coast for some (all?) contract signings.

A Massive Yacht

[chenjeru]

http://www.youtube.com/watch?v=sdi6E-qzS1c