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What Is the Best Yacht Charter Ownership Program? A Comprehensive Guide

What is the best yacht charter ownership program  a comprehensive guide.

If you've ever dreamt of owning a sailing yacht and embarking on life-changing adventures while maximizing your investment, Navigare Yachting’s yacht charter ownership programs can turn that dream into a reality. 

With several options available, how do you determine the best yacht charter ownership program for your needs? In this guide, we'll explore the key features and benefits of Navigare Yachting's most popular Ultimate ownership program, providing valuable insights to help you make an informed decision and see if this is the right fit for you.

Flexible Investment Program:

Navigare Yachting’s Ultimate program provides unparalleled flexibility and empowers you to steer the course of your yacht ownership experience. With this program, you have complete control over how often you explore our 11 destinations and have the potential to maximize your charter revenue with a variable income of up to 12% annually. 

This program sends the majority of the revenue to the owner. From this revenue stream, you will pay the maintenance expenses of the yacht. The additional risk allows the program to qualify for US tax advantages and, typically, offers the highest return. With this program, your yacht can quickly turn into a profit-generating asset. 

To learn more in-depth about the Ultimate program, check out this webinar . 

Yacht Ownership Made Easy:

With the Ultimate program, you purchase a new yacht through Navigare Yachting, which is then placed in our charter fleet. In our ownership programs, Navigare takes care of all the logistics associated with maintenance and charter turnover, relieving you of the hassle and saving you both money and time. 

Enjoy the privileges of yacht ownership without stress. Leave all the work associated with boat ownership for us. You’ll enjoy your boat on your own schedule and let it generate income the rest of the time without having to lift a finger.

Maximize Income Potential:

The Ultimate Program is not our most popular program without reason. One of its most significant advantages is the opportunity to maximize your income. With the Ultimate program, also known as the variable program, you can capitalize on any unused owner weeks by leaving the boat available for charter to increase your earnings. The percentage of income varies depending on factors such as the type of boat you buy, destination choice, and yacht maintenance. 

While the Ultimate program has the potential to be the most profitable, if you prefer a higher level of security, you may opt for the Complete or Smart programs instead, which offer a guaranteed income and no maintenance costs or the ability to offset the initial cost of the yacht using charter revenue.   

Flexibility to Explore the World:

Imagine indulging in the pleasures of sailing the world as little or as often as you desire. In this investment program, you can use your yacht for up to 12 weeks per year. This opportunity gives you the choice between maximizing your revenue by leaving the yacht available for charter or getting the most out of your investment by sailing more. 

All of our ownership programs not only give you access to your own boat but to our entire fleet and all of our 11 destinations. With a steep discount, you can charter any other yacht in the fleet, giving you the exclusive opportunity to explore other parts of the world and other yacht models while your own boat generates income. 

The Ultimate program offers a flexible sailing schedule, where you have the ability to reserve the boat last minute if it has not been booked by charter guests. Additionally, you can share your yacht with your loved ones as owner weeks can be used by your direct family members, without extra charge to them. 

Expert Guidance and Support:

At Navigare Yachting, our team of experts takes care of yacht maintenance and charter turnovers, ensuring that you can enjoy your yacht stress-free. 

We provide professional yacht and charter management services, with a dedicated owner support system. Our owner’s concierge will take care of you from the day you enter the fleet to the day you leave it, helping you book your owner’s weeks and taking care of any inquiries you might have. 

Furthermore, our unique online Service Platform allows you to track all planned and completed services in real-time, keeping a close eye on your vessel at all times. 

Holiday Program Rewards:

In our charter fleet, in addition to the sailing time mentioned above, you gain access to our exclusive Holiday Program called Thirdhome . This program allows you to earn points that can be exchanged for unforgettable vacations on land anywhere in the world. Whether you prefer sailing on your own yacht (or another yacht in our fleet) or exploring various worldwide destinations and live in luxury vacation homes, the Ultimate program offers it all. 

Thirdhome will take your vacations to the next level, exchanging your week on the water for a luxury ski resort in the Alps, a massive villa in Bali, or a beautiful beach house in Costa Rica while only paying a small cleaning and booking fee. The Holiday program offers thousands of luxury vacation rentals globally and is a truly unique opportunity to get even more out of your yacht ownership. 

Carefully Planned Exit Strategy:

When considering a yacht ownership program, it's essential to have a clear exit strategy in mind. Navigare Yachting understands this and offers guidance tailored to your long-term goals and will assist you in making the best decision. 

Through our ownership programs, we offer many beneficial exit strategies, whether you want to continue owning boats, take a break from the boating lifestyle, or retire and go cruising. 

Thanks to the high market value of our yachts at the end of the charter program, one reasonable option is to simply sell the boat. Trading the vessel in for a new boat is another great option that tailors to those who want to continue living the boating lifestyle within a financially sound framework. Or why not retire on your yacht and sail away into the horizon? Enjoy complete freedom and explore the world.

No matter what you choose, our sales representatives are here to guide you through every step of your exit from the fleet. 

All of Navigare Yachting's yacht charter ownership programs provide an exceptional opportunity to own a yacht, maximize your investment, and enjoy unforgettable sailing adventures all at the same time. The Ultimate program has been our most popular historically due to its flexibility, income potential, expert guidance, and access to exclusive benefits. The Ultimate program clearly stands out as an excellent choice for those seeking a financially rewarding yacht ownership program.

Our team of experts is ready to help you embark on a journey of luxury, freedom, and financial rewards, so what are you waiting for? Don’t hesitate to get in touch and start your yacht ownership adventure with Navigare Yachting today!

Do you have any questions? Ask away! We are here for you.

Request info, yacht charter request.

.css-7gvbs7{max-width:var(--chakra-sizes-full);}@media screen and (min-width: 48em){.css-7gvbs7{max-width:600px;}} The Ultimate Guide to Types of Yacht Ownership in 2024 [Updated]

Fractional Ownership

Wondering about the ins and outs of yacht ownership? You have several options. Explore the diverse types of ownership that are available, from yacht chartering and fractional ownership to sole and co-ownership. Whether you're a seasoned sailor or a newcomer to yachting, we can help you find the perfect ownership model to fit your lifestyle and financial goals.

More often than not, the journey to yacht ownership begins with a yacht charter. The cost of chartering and the flexibility it offers makes this a natural first step for many yacht owners. Spending a week living aboard a yacht will help you determine what is most important to you in a way that is impossible with a simple viewing.

Chartering allows you to:

• Sample yachts of different sizes from different builders with a low upfront cash commitment

• Explore different charter regions throughout the year

• Save on relocation fees (assuming you are chartering from the yacht’s home port) — for example, if you wanted a summer charter in the Mediterranean and later escape winter in the Caribbean

• Be responsible only for the operating costs of the boat (fuel, crew, docking fees)

All of these advantages make chartering an ideal option for someone who is either new to yachting or only looking to be on the water a handful of days throughout the year.

As with everything, chartering also presents some drawbacks. There are a few things you will want to consider before booking your charter.

Most major yachting destinations have strict coast guard laws that limit the maximum number of guests allowed on a charter to 12, regardless of the size of the vessel. If you are looking to entertain large groups during the day or the evening, chartering is restrictive, so you’ll need to be mindful of this.

The yacht you want may not be available when you want it. Often the most popular yachts are booked several months in advance of busy holidays like Christmas and New Year’s Eve, and throughout the months of July and August.

You also might not be able to book your chosen yacht if its owner chooses to use it to celebrate the holiday with their family and friends or if it has already been booked by another charterer.

Let’s look at a simple example to understand the cost of chartering a yacht. Let’s say you are looking to spend a week in the Bahamas over the New Year holiday. You’ll be eight guests: two couples, each with two children.

Working with your charter broker, your and your guests decide on this 84′ Lazzara Chip with five well-appointed guest staterooms and an updated design. A sample charter would entail:

• A $39,000 charter fee for the week,

• $5,460 in taxes in the Bahamas

• $5,850 in crew gratuity

• $11,700 in operating costs (estimated)*

• For a total of $62,101

*The running costs of the charter can vary widely depending on your itinerary and your provisioning preferences. The standard 30% APA is included here as an illustrative example.

Fractional Yacht Ownership

Fractional yacht ownership is when a manager arranges to purchase a boat among several owners. Each owner has an equity stake in the vessel, depending on what percentage of the purchase they fund. Similarly, each owner is allotted a set number of days they are able to use the boat each year. 

The owners pay an annual maintenance fee to the manager who is then responsible for managing the boat’s calendar, crew, and maintenance throughout the year.

Fractional ownership allows you to split the cost of owning a boat among several owners. Thus, the capital required upfront and annually is a “fraction” of what it would cost if you were to purchase a yacht on your own.

This type of ownership also allows you to have a professional manager run all aspects of the boat — hiring the crew, coordinating maintenance, and managing the calendar among all owners.

Unlike chartering, fractional ownership means you are able to invite as many guests as deemed safe and as long as you have proper safety equipment onboard. Furthermore, if you no longer wish to own a fraction of the yacht, most fractional ownership agreements allow you to easily sell your shares to another owner.

Fractional ownership could make sense if you already know which yacht you want and are likely to use it several times throughout the year in one particular region. However, in exchange for the lower cash required and the convenience of having a professional manager, you will be restricted to using the boat a limited number of days per year and will need to coordinate your usage with the other fractional owners.

Similar to chartering, fractional ownership comes with some drawbacks.

It’s possible the vessel might not be available for the particular dates you are looking to use it. After all, you are splitting the boat among several owners, so there’s a good chance more than one owner will want to use the boat at the same time over the course of the fractional ownership.

If you want to relocate the vessel from one area to another for an extended period, you’ll need to get most or all of the owners to agree, depending on how your ownership agreement is drawn up). 

For example, if you want to move the boat from its home berth in Cap d’Atibes to Sardinia for a month, you would need to get approval from the other owners before the boat is relocated. If you were chartering the boat, you would simply pay a relocation fee, and if you owned the boat, you would simply advise the captain to arrange for dockage in Sardinia.

You’ve just returned from your New Year’s charter in The Bahamas aboard that 84′ Lazzara Chip. You and your friends fell in love with the boat and had the most incredible week ever. You call your broker and ask how much it would cost to buy the boat new. Your broker informs you the latest model with all the custom upgrades and finishes similar to the boat you chartered would cost around $4 million.

But your broker also informs you that you could split the boat among seven other owners in a fractional ownership program. 

In this example, you would pay the manager $500,000 for your fractional shares in the boat, along with a $60,000 annual maintenance fee.

You would get roughly 45 days of usage each year, and if you choose not to use the boat, the manager would try to charter the boat for you. You would earn proceeds from any charter the manager successfully confirms.

After three years, the manager sells the boat for $2.8 million, and the owners split the proceeds amongst each other, with each owner netting $350,000.

In the above example, instead of paying $4mm to purchase the yacht along with roughly $400k in annual operating costs, you would instead pay $500k upfront and $60k annually in exchange for 45 days of use on the boat each year.

While there certainly are advantages to chartering and fractional yacht ownership, those who make the decision to invest in the purchase of their own yacht have full access to a private vessel with their crew on their terms. 

Purchasing: the pros

Having your own dedicated crew means your staff will learn your tastes and preferences so that when you step foot on your boat, everything is exactly as you would expect — from the wine that is being served to the music that is playing to the food that is prepared.

Every detail of the boat is personalized for you by you, including the color of the hull, the cushions on the sunbed, the towels in the heads, and the artwork on the walls. The ability to store your clothes, toiletries, books and wines onboard leads to a level of convenience simply not possible with chartering or fractional ownership, in most cases.

And let’s not forget the pride of ownership in itself. For many people, purchasing their first yacht commemorates a special moment in their lives — perhaps the sale of a business or the beginning of retirement. Having your chosen name on your vessel and the freedom to travel somewhere only accessible by boat, dropping anchor and staying there as long as you wish is at the core of yachting.

Purchasing: The Cons

Of course, with ownership comes responsibility. The biggest downside to purchasing a yacht, versus chartering or fractional ownership, is the financial responsibility that comes with buying and then operating your vessel. 

Aside from the purchase price of the yacht, you’ll need to hire staff to run your vessel, pay for insurance and dockage, and take care of any needed maintenance and repairs.

Similar to buying a private aircraft or an automobile, in almost all cases, a yacht owner should expect depreciation from the time of purchase to when the yacht is eventually sold. 

As with any major purchase, it’s always important to have a long-term plan in mind and work with your broker on putting together a budget for your yacht. Chartering is a common way for owners to offset the yacht’s annual cost.                                                                                                                                                                                                                                                                                                              

Purchasing: Case Study

Let’s return to our 84′ Lazzara Chip we chartered for our trip to the Bahamas. Instead of splitting the costs of the boat in a fractional ownership program, you decide, after careful consideration, that you would like to have the full freedom to use the boat as you wish, with your own crew. You want it outfitted down to the finest detail to your exact specifications, so you decide to purchase the yacht.

You and your broker work through an annual operating budget for a new 84′ Lazzara Chip. Let’s take a look:

You should expect to pay $4 million to have the boat delivered with the upgrades and finishes you choose. Your insurance should run you about $30,000 per year.

Now that you have the boat delivered and insured, let’s make sure you have it crewed. Running the boat with a full-time captain, first mate and stewardess will run you about $186,000 per year: $90,000 for the captain, $48,000 for the first mate, and $48,000 for the stewardess.

Your captain helps you secure a slip at a local marina with an annual berthing fee of $70,000. Your broker advises you that if you run your boat locally a few times per month throughout the year, you should expect to pay about $100,000 in fuel.

For a boat this size, you should expect to have a 12- or 24-month warranty that comes standard. Your broker should be able to help negotiate a 12-month warranty extension so that most work for the first three years should be covered. But even with this warranty, you should budget about $20,000 each year for maintenance and repair work.

Overall, you can expect to have a $4 million outlay for the purchase of your yacht along with a $376,000 annual operating budget.

Owners will often choose to enter their boat into a charter program to help offset the running costs of the boat. Chartering is an important factor you will want to consider before purchasing your yacht, as this will dictate what type of insurance you purchase and even which boat might make the most sense, given the charter demand in a particular market.

As you can see, there are several options when it comes to yacht ownership, each with its advantages and drawbacks. 

The first things to consider before engaging with a broker is what you will be using the boat for, where you will be, and how often you will be using it. After weighing the pros and cons of each option, the next most important step in the process is appointing your broker — someone who is knowledgeable when it comes to the type of vessel you are interested in and who understands your wants and needs.

A good broker is your advocate and whichever option you choose — charter, fractional ownership or purchase. They will be sure to make the process smooth and enjoyable. 

We look forward to hearing from you and helping you along the way in your journey. Our brokers are dedicated professionals who have deep knowledge and understanding of the fast-changing yacht market. We are passionate about making our clients happy and developing new relationships that will last a lifetime.

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Boat of the Week: This New 208-Foot Superyacht Has an Owner’s Suite That’s Bigger Than Most Apartments

The 208-foot "moca" is one of the big draws at the fort lauderdale boat show, a luxury superyacht designed to live off the grid for months., howard walker, howard walker's most recent stories.

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Talk about living a pampered life. When Moca’ s first owner took delivery of the 208-foot superyacht at builder Benetti ’s yard in Livorno, Italy, back in 2016, he wanted his first cruise to be to the Bahamas.

Instead of doing what most owners would do and instruct the crew to get it there on time, to avoid the wear and tear of a transatlantic crossing, he had the massive superyacht hoisted on the deck of a freighter and shipped there. The owner, a Greek shipping magnate, then used the yacht just twice before listing it.

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After the bespoke Benetti changed hands in October 2019, and was renamed Moca, it continued to lead a sheltered life, spending winters in the Bahamas and summers in the Hamptons. Even though the yacht is available for the occasional charter , its current owners are so protective and selective, they only let “caring” customers pay the $475,000-a-week fee to enjoy their yacht.

The main salon includes a bespoke bar, just steps away from the rear cockpit, with a large lounging space forward.  Courtesy Joel Eriksson

“They don’t allow day charters or parties on board,” said Frank Grzeszczak Jr. with FGI Yacht Group. Grzeszczak gave Robb Report an exclusive tour of Moca at this week’s Fort Lauderdale International Boat Show, where the yacht officially entered the brokerage market at €39.95 million, or roughly $46.6 million.

Originally named Waku , it was built by Benetti to ABS class for the first owner who specified a steel hull and aluminum superstructure, a 35-foot beam for voluminous interior spaces and 13-foot draft for good stability. The boat is equipped with MTU diesels, packing 1,029 hp each; enough to push Moca to a top speed of 18.5 mph and cruise serenely at 14. Her 30,000-gallon fuel tanks give her a range of close to 5,000 nautical miles. In five years, only 1,000 hours have been put on the engines.

The interior design by Francesca Muzio, co-founder of Italian studio FM Architettura, provides accommodation for up to 14 guests in seven staterooms, plus a multitude of multi-use spaces indoor and out. “The owners are big family people who love to have their extended family and friends aboard,” says Grzeszczak.

Elevators tend to be a mundane feature on most yachts but Moca’s, a transparent tube stretching four floors, is a work of art.  Courtesy Joel Eriksson

The main, big-windowed salon is an oversized, comfy space with a neutral, beach-cottage look of soft-white sofas, bleached oak for the walls and dark wood flooring. It’s a theme that continues pretty much throughout the boat. The salon opens out on to a huge covered back deck with a big U-shaped sofa providing seats for 16 and a large table for casual alfresco dining. An air-conditioning system is built into the ceiling to provide respite on hot, humid days.

Also on this level is an industrial-grade galley with extensive pantries, fridge/freezers, and a 1,000-bottle wine cellar just steps away. According to Grzeszczak there’s enough cold and dry storage for the yacht to go off the grid for more than four months. Right now, Moca runs with a crew of 15.

One of the design highlights is the glass-tube elevator that runs between all four levels of the yacht. With its shimmering chrome framing, it looks like a piece of art. Down on the lower level are the sleeping quarters, with twin bunk rooms for kids, and a spacious VIP double cabin, each with their own bathroom and shower. Forward are two more identical VIP double cabins.

The full-beam main suite is palatial, with a separate office, best-in-class walk-in closet and even two sofas near the window.  Courtesy Joel Eriksson

But the piece de resistance is the owner’s suite on the upper level. “It’s not really a suite, but a whole apartment,” says Grzeszczak. “It has an impressive amount of space, including what must be the biggest walk-in closet of any superyacht in its class.”

The master bedroom stretches the entire 38-foot width of Moca , and comes with a vast bathroom and massive walk-in shower. Close by is a lovely owner’s office, with views through a picture window.

Moca’ s incredible walk-in closet.  Courtesy Joel Eriksson

A press of a button opens a door from the master suite onto a private outdoor deck, where there is an alfresco dining table for 14. On the top level, there’s yet another outdoor deck with steps to the pool, and doors opening into a room that, since Covid-19, is no longer a massage and yoga room but a classroom for kids. Steps away is the yacht’s gym and reconfigured massage space.

The top deck is designed for family time and outdoor living.  Courtesy Joel Eriksson

Our final stop is Moca’s gleaming engine room with the pair of shiny, stainless steel-adorned MTUs, generators and Quantum stabilizers. Says Grzeszczak: “Since the owner bought the yacht, every single piece of machinery has been overhauled. Nothing has been overlooked. It really has been a labor of love for the owners.”

Here are the many sides of Moca.

Courtesy Joel Eriksson

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PLAN B Yacht – Luxuriant $100M Superyacht

The PLAN B yacht is Patokh Chodiev’s $100 million superyacht that was delivered by German shipbuilders Abu Dhabi Mar in 2012.

Alberto Pinto drew up the classic interior design, and the exterior was designed by Focus Yacht Design. The 73m yacht offers a luxurious yachting experience.

PLAN B yacht interior

Alberto Pinto designed the interior of the PLAN B yacht. She has eight cabins that can accommodate 16 guests, one master, three VIPs, one double, and three twins.

There are ten cabins for 22 crew members. She features a massive beach club that creates an inside/outside area on the water for guests to enjoy.

Behind the helipad, which serves as an excellent spot to view the surrounding environment, is a sundeck jacuzzi surrounded by sun pads, sun loungers, and a bar.

A corridor connects the beach club to a spa and steam room.

The main deck aft has a partially shaded area by the upper deck overhang and with the option for additional shade with a canopy to suit guests.

There are plenty of interior design features that are excellent for relaxation and socialization among guests.

The master suite is on the main deck and is a large room with a private terrace, en-suite bathroom, a lounge, and a study.

The sundeck has an indoor gym space that guests can use while the boat is underway. The gym features spectacular views with floor-to-ceiling windows.

The exterior was designed by Focus Yacht Design and built by Abu Dhabi Mar, a prestigious German shipbuilder.

The ADM shipyard, Nobiskrug, is on the Elder River in Germany and is known for building custom-made and cutting-edge luxury yachts. ADM was formerly known as HDW-Kiel.

The PLAN B yacht was delivered in 2012, with an exterior consisting of a striking steel hull and white aluminum superstructure. PLAN B was recently refitted in 2020.

Specifications

With her 2 MTU engines, The PLAN B yacht can reach a top speed of 17kn. She has a volume of 1773 tons and costs $5-$10 million per annum to run.

At her cruising speed of 13 knots, she can cover 4000 nautical miles. She has a total length of 73m, a draft of 3.6m, and a 12m beam.

She has a Lloyds Classification, with advanced Zero Speed stabilizers for maximum comfort onboard while at anchor.

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7 of the largest yachts owned by American sports billionaires, ranked: From Dan Snyder’s Lady S, which has an IMAX theater, to the Dallas Cowboys owner’s $225 million superyacht. The most expensive vessel belongs to an immigrant who once washed dishes for $1.20 an hour.

7. Steve Bisciotti, Baltimore Ravens – Winning Drive, 130 feet-

Yachts are an extension of their owner’s personality, and the 130-footer Westport yacht is no different. As a young boy, the tycoon, who is worth $7.5 billion today according to Forbes, witnessed his father’s demise and the struggles of his middle-class Italian-American household. It was a winning drive that led 23-year-old Bisciotti to Aerotek, a staffing company in the aerospace and technology sectors, with his cousin Jim Davis.

6. Terry Pegula, Buffalo Sabres – Top Five Yacht, 200 feet-

The son of a truck driver from Quebec relied on his science degree in petroleum and natural gas engineering and $7,500 from family and friends in 1983 to start his natural gas drilling company. The 73-year-old made a fortune in oil and gas before transforming it into a sports empire that includes the Buffalo Bills and Buffalo Sabres. The father of famous professional tennis player Jessica Pegula saw many highs, but the one we like most is the $75 million Royal Hakvoort vessel named after the owner’s five kids. The tycoon, worth $10.8 billion according to Forbes, has shown the world how to have a fun time with family when you can splurge $500,000 per week.

5. Stanley Kroenke, Los Angeles Rams – Aquila yacht, 281 feet-

This 77-year-old sports mogul has been honing his business acumen since childhood. Raised in Mora, Missouri, he started sweeping floors at his father’s lumber yard and managing the company’s books by age ten. After earning his MBA in 1973, he met Wal-Mart heiress Ann Walton in Aspen and married her a year later. In 1985, he launched his own real estate development company, and by 1994, he ventured into sports team ownership. With a net worth of $16.9 billion, the billionaire now commands an impressive portfolio, including the Denver Nuggets, Colorado Avalanche, Colorado Rapids, and the U.K.’s Arsenal soccer club. A major landowner, with over 1.6 million acres of ranches across the U.S. and Canada also owns the majestic Aquilla superyacht with his wife, Walmart heiress Ann Walton.

4. Arthur Blank, Atlanta Falcons – Dreamboat, 295 feet

This 81-year-old New York-born businessman founded Home Depot after being fired from a hardware store. As it turned out, this setback led to a revolutionary success, transforming the home improvement industry and making the Babson Institute graduate a billionaire . Worth $9.1 billion today, the father of nine from three marriages retired as Home Depot’s co-chairman in 2001 and purchased the NFL’s Atlanta Falcons for $545 million in 2002. He also commissioned the massive ‘DreAMBoat,’ highlighting his initials (Arthur Morris Blank), built by Oceanco with interiors designed by Terence Disdale.

3. Daniel Snyder, Washington Commanders – Lady S, 305 feet

Snyder is an enterprising businessman worth $4.5 billion who, as a 20-year-old college dropout, made his first million leasing jets to fly college students to spring break in Fort Lauderdale and the Caribbean. The 59-year-old operated that business out of his parents’ apartment. With a successful business called Snyder Communications, he had enough wealth to buy the NFL’s Washington Commanders for $750 million in 1999. Ten years later, the boy who mopped the floors at the cafeteria inside the National Institutes of Health as a high school student splurged on a whopping $192 million yacht, Lady S.

2. Jerry Jones, Dallas Cowboys – Bravo Eugenia, 358 feet

From co-captaining Arkansas’ 1964 national championship football team to acquiring the Cowboys from H. R. “Bum” Bright for $140 million in 1989 (now valued at a staggering $9 billion), the 81-year-old billionaire worth $14.5 billion has showcased that sports run deep in his veins. His passion extends to art, with a collection that includes masterpieces by Picasso, Renoir, and Matisse. His $225 million Oceanco-built superyacht stands as a testament to luxury, adorned with art, bespoke furniture, and Swarovski details, all reflecting his wife Gene’s exquisite taste.

1. Shahid Khan, Jacksonville Jaguars – Kismet, 400 feet

The poster boy for rags-to-riches tales, billionaire Shahid Khan went from washing dishes for $1.20 an hour to taking delivery of one of 2024’s largest yachts. The $360 million superyacht Kismet , meaning ‘destiny,’ is a lavish Lürssen vessel that comes with exciting features like a Balinese spa, a gym, two movie theaters, and three swimming pools. The Reymond Langton-designed floating palace, dubbed a cathedral of design in his own words, is a huge leap from a teenage migrant boy grinding away in a YMCA kitchen.

Frank Fertitta III, Former UFC owner – Viva, 308 feet-

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For families of Key Bridge collapse victims, a search for justice begins

The families of the six construction workers killed in the collapse of Maryland's Francis Scott Key Bridge plan to file legal claims against the owner and manager of the container ship that lost power and struck the bridge

BALTIMORE -- Years after immigrating to the U.S. and settling in the Baltimore area, Maria del Carmen Castellón was working toward a new chapter of her family’s American dream, hoping to expand her successful food truck business into a Salvadoran restaurant.

Her husband, Miguel Luna, was right there beside her. Years of welding and construction jobs had begun taking a toll on his health, but he kept working hard because he couldn’t afford to retire yet. He was filling potholes on an overnight shift when disaster struck. A massive container ship lost power and slammed into the Francis Scott Key Bridge , sending Luna and five other men plunging to their deaths as the steel span collapsed into the water below.

Several months later, Luna’s family is still struggling to construct a future without him .

“That day, a wound was opened in my heart that will never heal, something I would not wish on anyone,” Castellón said in Spanish, speaking through a translator at a news conference Tuesday.

She appeared alongside other victims’ relatives and attorneys to announce their plans to take legal action against the owner and manager of the Dali, arguing the companies acted with negligence and ignored problems on the ship before the March 26 collapse .

A last-minute mayday call from the ship’s pilot allowed police officers to stop traffic to the bridge, but they didn’t have time to alert the road work crew. Most of the men were sitting in their construction vehicles during a break and had no warning. One survived falling from the bridge by manually opening the window of his truck and climbing out into the frigid waters of the Patapsco River.

Following the disaster, salvage divers worked around the clock to recover the victims’ bodies. The underwater wreckage blocked the main channel into the Port of Baltimore for months, disrupting East Coast shipping routes and putting many longshoremen temporarily out of work.

All six of the victims were Latino immigrants who came to the U.S. seeking better-paying jobs and opportunities for their families. Most had lived in the country for many years, including Luna, who grew up in El Salvador. He left behind five children.

Luna would often go straight from a construction shift to helping at the food truck, where his wife served up pupusas and other Salvadoran dishes. The business attracted a diverse clientele and had a loyal following in their close-knit Latino community south of Baltimore.

Castellón said the business symbolized their shared vision for the future. Just days before his death, Luna surprised her with a visit to the storefront they hoped to rent.

“Every mile driven in that food truck, every vegetable chopped took us a step closer to our dreams,” she said.

She recalled how he stopped by the food truck before heading to work the last time. She gave him dinner and he gave her a kiss.

In seeking justice for her family, Castellón said, she hopes to prevent future tragedies by advocating for safer working conditions. She wants more robust protections for immigrant workers who too often find themselves taking dangerous jobs no one else is willing to do. She displayed a pair of her husband’s old welding uniforms, noting holes in the fabric caused by flying sparks.

Gustavo Torres, executive director of the Maryland-based advocacy group CASA, said it should come as no surprise that the victims of the collapse were immigrant workers. He said their suffering must not be brushed under the rug by corporate interests.

“No financial loss can compare to the loss of human life,” Torres said at the news conference, calling the victims “six irreplaceable souls” whose loved ones are trying to pick up the pieces after their worlds were destroyed in an instant.

The Dali is owned by Grace Ocean Private Ltd. and managed by Synergy Marine Group, both of Singapore. The companies filed a court petition days after the collapse seeking to limit their legal liability, a routine procedure for cases litigated under U.S. maritime law. The joint filing seeks to cap their liability at roughly $43.6 million in what could become the most expensive marine casualty case in history.

Darrell Wilson, a spokesperson for the ship’s owner, said the victims’ upcoming challenge was anticipated and noted there is a Sept. 24 deadline for such filings in the case. He declined to comment further on the pending litigation.

Several other interested parties , including city officials and local businesses, have already filed opposing claims accusing the companies of negligence. Filings on behalf of the victims and their families are expected in coming days.

Preliminary findings from a National Transportation Safety Board investigation show that the Dali experienced a series of electrical issues before and after leaving the Port of Baltimore. The ship was destined for Sri Lanka when it experienced a power blackout and lost steering at the worst possible moment. The FBI launched an investigation into the circumstances leading up to the crash.

A plan is underway to rebuild the bridge, but it could take years.

Meanwhile, Castellón said she plans to continue pursuing her dream of opening a restaurant — now in her husband’s honor.

“I know he is up there watching down on me, celebrating all of the victories with me,” she said. “I will continue to make him proud.”

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Baltimore Bridge victims’ families will take legal action to hold ship owner liable

The families are not currently seeking a specific amount of monetary damages but want better protections for migrant workers, article bookmarked.

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The families of victims who died in the Baltimore Bridge disaster are planning to file a request to stop the ship’s owner from escaping liability.

The Francis Scott Key Bridge collapsed into the Patapsco River on March 26 after being hit by the Dali , a 984ft cargo vessel , which had experienced two electrical failures the day before the incident and lost power shortly before it hit the structure.

Six construction workers who were on the bridge at the time were killed: Miguel Angel Luna Gonzalez, Jose Mynor Lopez, Dorlian Ronial Castillo Cabrera, Carlos Daniel Hernández, Alejandro Hernandez Fuentes and Maynor Yassir Suazo Sandoval.

The families of Luna Gonzalez, Lopez and Castillo Cabrera now intend to submit a limitation of liability proceeding against Grace Ocean Private Limited, the ship’s owner, according to a Tuesday press conference.

Grace Ocean Limited filed a motion in April along with the ship’s operator, Synergy Marine, seeking to limit its liability in the incident to $43.7million, the value of the ship and its cargo at the time of the disaster.

The families’ motion will be filed in Maryland’s District Court before a September 24 deadline, set by the federal court, after the companies filed their petition.

Maria del Carmen Castellón, Luna Gonzalez’s wife of seven years, said that the disaster destroyed the dreams and hopes she had of a happy life with her husband.

“Miguel was not only an incredible husband. He was a father to five children, a proud grandfather and a darling son,” she said.

The day he disappeared, “created a wound in my heart that will never heal,” she added.

Days before the tragedy, she said that her husband surprised her by taking her to a space that they were trying to rent to start a restaurant. They already had a food truck which they operated together in the Baltimore area.

“As we looked through the windows, we spoke of a future in which he would not have to suffer in a dangerous job and deteriorating health,” she said.

The families are not currently seeking a specific amount of monetary damages.

“Accountability here means, first and foremost, figuring out what went wrong and holding those who are responsible to account for their actions in the tragedy,” said Matthew Wessler, an attorney representing the families, during the news conference.

The families’ goal is to bring about legislation that creates new working protections for migrants and grants work permits for immigrants already in the US, according to Gustavo Torres, the executive director of CASA, an advocacy organization supporting the victims’ loved ones.

He condemned the companies’ decision to try and limit their liability in the disaster.

“Grace Ocean has chosen the path of impunity over the path of justice. Driven by profit and self-interest, their actions seek to erase the accountability they owe to these families, to these men whose lives were stolen. But we will not let that happen,” he said.

The Independent has contacted Grace Ocean Limited and the ship’s operator, Synergy Marine, for comment.

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Local News | Families of Key Bridge victims seek to hold Dali owner accountable for their losses

Maria del Carmen Castellón will never forget his visit that evening, a few brief moments that became her last memory of him, she told reporters Tuesday. Luna gave her a kiss. She caught a glimpse of his phone when he climbed into his truck. The background was a picture of the couple smiling. She said seeing it made her happy.

Hours later, in the early morning of March 26, a massive cargo ship smashed into one of the bridge’s critical support columns, collapsing the whole span and sending Luna and six of his coworkers plunging into the frigid Patapsco River below. He and five others died and it took more than a month for authorities to recover all of their bodies from the tangled mess of steel and concrete that lay in the water.

“Those final memories will be marked forever in my memory, in my heart,” Castellón said through a Spanish interpreter at a news conference at CASA in East Baltimore.

Castellón and the families of Jose Minor Lopez and Dorlian Ronial Castillo Cabrera, both of whom died in the bridge collapse, said at a news conference Tuesday that they will sue the Singaporean companies that owned and operated the 984-foot container ship named Dali to hold those businesses accountable.

“We hope that no one else has to suffer a tragedy like we have, and justice means preventing future tragedies,” Castellón said. “Real justice would have meant that my husband never died and he would be here with me continuing a life of joy and laughter. Real justice means that no son has to miss their father, no wife has to navigate this world alone and no grandchild has to know their grandfather through a distant picture.”

Grace Ocean Private Ltd., the owner of the Dali, and Synergy Marine Pte Ltd., which manages the cargo ship, asked a federal judge in Baltimore’s U.S. District Court to largely absolve them of liability for the crash , citing a 19th-century federal law that limits liability for maritime disasters to the salvage value of the ship plus the revenue it stood to make from its cargo. They estimated that value at $43.7 million.

Those companies also hired a lobbying firm to fight against proposed changes in Congress to the Limitation of Liability Act of 1851, under which they seek protection.

“We ask for justice today not only for the families, their parents, their fathers, their brothers, their sons, but the memory of these men who believed in the promise of a better life,” Gustavo Torres, CASA’s executive director, said at a news conference. “We ask for justice because no corporation, no amount of lobbying, no legal loophole should ever be able to erase the value of a human life.”

He accused Grace Ocean and Synergy Marine of attempting to “wash their hands of responsibility” in the deadly collapse.

“Grace Ocean has chosen the path of impunity over the path of justice,” Torres added. “Driven by profit and self-interest, their actions seek to erase the accountability they owe to these families, to these men whose lives were stolen. But we will not let that happen.”

Darrell Wilson, a spokesman for Grace Ocean and Synergy Marine, said in an email the companies anticipated claims filed by the families.

“The owner and manager will have no further comment on the merits of any claim at this time,” Wilson said.

Matthew Wessler, of the firm Gupta Wessler LLP, is representing the families of Luna, Lopez and Cabrera in their lawsuit, which has to be filed by a claims deadline of Sept. 24. Unlike claims that have been filed so far on behalf of businesses or the City of Baltimore, Wessler said, their lawsuit will be a personal injury complaint.

“Those personal injuries are a direct result of actions we believe were taken negligently by the ship,” Wessler said.

Wessler added that the families’ claim would mirror others brought so far in the sense that it will accuse Grace Ocean and Synergy Marine of negligence, alleging they allowed an unseaworthy vessel to sail. Like the other claims, it will focus on the Dali losing power twice roughly 10 hours before it left the Port of Baltimore’s Seagirt Marine Terminal.

The Dali lost power twice again a short way into a doomed voyage for Sri Lanka, rendering the more than 100,000-ton vessel mostly adrift as it approached the Key Bridge.

Federal investigators with the National Transportation Safety Board determined that the in-port blackouts, or total power losses, led crew members to switch breakers for the ship’s electrical power system. The replacement breakers tripped shortly after it departed, causing the first of two complete power losses aboard within about half a mile of the bridge.

More recently, investigators have narrowed their probe to an electrical component about the diameter of a soda can . The NTSB brought in representatives from the ship’s Korean manufacturer, Hyundai, to analyze the device, identifying a loose cable connection related to the component in the process.

Castellón and the families of Lopez and Cabrera walked to the podium among dozens of Latino immigrants wearing yellow construction vests to symbolize their support for the fallen workers.

“We are all with you, today, tomorrow and always,” they chanted together in Spanish and in English.

Torres and Castellón said they hoped to also secure better worker protections for immigrants in honor of the men who died on the bridge. They advocated to eliminate language barriers on job sites and for the administration of President Joe Biden to immediately give immigrants temporary protective status so that they can work legally in America.

“Justice means additional OSHA protections and improved work through standards and training,” said Torres, referring to the Occupational Safety and Health Administration by its acronym. “Imagine every worker is safe on the job site.”

Castellón said her husband labored as a welder under extremely hot and cold conditions detrimental to his health. The hard work, she said, caused him to get surgery on his hands in December.

“He wore his pain with dignity and continued to work,” Castellón said.

Despite the challenges of the coronavirus pandemic, Castellón said, Luna helped his wife of seven years — and partner of 14 — open a food truck, Pupuseria Y Antojitos Carmencita Luna. Before he switched to the night shift, Luna helped her with the food truck when he finished working for the day.

“Days before the tragedy, he surprised me by taking me to a place that we were trying to rent to start a restaurant,” she recalled. “While we looked in the windows of the place we wanted to rent to start a restaurant, we imagined a future where he had a job where he did not have to suffer the labors and dangerous work. Those moments were filled with laughter and love, and plans about what our life could be.”

Castellón said she will “forever pursue” her dream of opening a restaurant in honor of her late husband. A father of five and grandfather, Luna was 49.

It was one of her husband’s sons who broke the “news I would not wish on anyone” to her on March 26, opening a “wound” in her heart “that will never heal.”

“In that moment, I wish I had wings so that I could fly down and be the one to save my husband,” Castellón said.

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