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Crazy Eric Schmidt, His Yacht Prices Are Insaaane! 179

Posted by Unknown Lamer
from the rusty-bids-ten-dollars dept.
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!"
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Crazy Eric Schmidt, His Yacht Prices Are Insaaane!

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  • by Anonymous Coward on Wednesday April 10, 2013 @01:05PM (#43413553)
    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?
    • by deadweight (681827) on Wednesday April 10, 2013 @01:10PM (#43413593)
      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.
      • by alexander_686 (957440) on Wednesday April 10, 2013 @01:18PM (#43413705)

        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.)

        • To be totally technically correct, the actual registration costs somewhere between free and maybe $40-$50. But they will not give you a registration without the sales tax being paid. Also their is import duty for a foreign-built boat. Maryland would let me slide if I could prove I bought the boat in another state and paid tax there, but if they see a boat that has never had a USA registration, import duty, or sales tax paid then I am on the hook for *a lot* of cash.
        • by afidel (530433) on Wednesday April 10, 2013 @01:25PM (#43413795)

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

        • 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.

          • I wonder could you do the same with a piece of software? Risky business having it be the only version on earth mind you...

          • by Anonymous Coward on Wednesday April 10, 2013 @02:40PM (#43414665)

            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.)

        • Myth (Score:2, Informative)

          by 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.

          • One AC is calling it a myth. The other AC has said they were actually on board such a flight. Can someone actually comment on this with some weight?

            • by jeffmeden (135043)

              One AC is calling it a myth. The other AC has said they were actually on board such a flight. Can someone actually comment on this with some weight?

              Are you implying that the other posters did so from a weightless environment? I don't know how many people aboard the ISS troll slashdot, but i suppose the other option would be they are onboard a (boeing?) flight that is in freefall...

              Just so there is no confusion, I have weight and mass, as I am in a stationary position on/near the surface of Earth.

            • Re:Myth (Score:4, Informative)

              by baegucb (18706) on Wednesday April 10, 2013 @10:07PM (#43418487)

              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.

    • Re: (Score:2, Insightful)

      by phantomfive (622387)
      Who, exactly, pays more taxes than they have to? Feel free to, the donation information is here [treas.gov].
      • by ceoyoyo (59147)

        Most people, who don't have money to pay for creative accountants, or good lawyers if they get caught?

    • by schneidafunk (795759) on Wednesday April 10, 2013 @01:17PM (#43413687)
      Apparently funneled through Google's lunch system.
      • Funny; that was the first thing I was thinking the post was going to be about when I read the title.

    • 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?

      Given the way that various large economies have been starting to lean on dinky tax havens about the details of what they do lately, I'm a little surprised that the Coast Guard hasn't been flirting with a "Oh, no support contract? I hope you like either per-incident support fees or very long distance swims..." policy for ships registered in places with that flavor.

    • by Joce640k (829181)

      Does it come with a full tank of gas?

  • by RearNakedChoke (1102093) on Wednesday April 10, 2013 @01:09PM (#43413589)
    That is one ugly yacht. A tug converted into a yacht? That's like converting a dump truck into a limo.
    • Re:ugly (Score:5, Insightful)

      by fuzzyfuzzyfungus (1223518) on Wednesday April 10, 2013 @01:17PM (#43413683) Journal

      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.

      • 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....

        • +1 I would buy that boat if I didn't already have one. Also I have no money, see my previous sentence. This boat is 9,000X better than some butt-ugly floating disco-bachelor-party-limo POS that will sink in the first storm it sees. I used to work on those crap-tastic "yachts" and I always thought "beer taste on champagne budget".
          • by rockout (1039072)

            "beer taste on champagne budget".

            Still, that probably beats having it the other way 'round.

            • You can work with Champagne taste on a beer budget, but you can't work with a beer taste on champagne budget. Though it pays more, it ends up a FUGLY mess.

              • by rockout (1039072)
                You're speaking from the point of view of the worker. Given the choice of the two, I'd prefer to be the guy with the big budget.
          • by pspahn (1175617)

            "beer taste on champagne budget"

            Forgive me, I'm from Denver, but I don't understand this phrase... Is this to infer that champagne is actually more expensive than beer?

            Huh... go figure.

        • by scheme (19778)

          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....

          Given that it was used in oceanographic research cruises in the Antarctic, I think it's probably already weathered some real storms and been through some pretty crazy seas before. The specs on the thing make it look like it'd be a nice working vessel.

    • by MrDoh! (71235)
      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.
      • If I was rich enough to have to worry about getting a yacht, this is exactly the type I'd want to get

        Well, being a tug, it can only make 19 knots, but it can also pull half a supertanker behind it. You never know when that might come in handy.

        I actually like it. Looks like a proper boat. Ship.

    • I don't think that's a yacht, it's a research boat.

    • by gmack (197796)

      Ugly and non creative. For what he spent on that he could have had a luxury submarine [ussubmarines.com]

  • Yacht? (Score:5, Funny)

    by Tailhook (98486) on Wednesday April 10, 2013 @01:10PM (#43413595)

    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.

    • by houghi (78078)

      It still look a lot better then the iYacht [scmp.com].

    • by LoudMusic (199347)

      It's more of a research vessel with amenities for the pampered. I've been on Falkor [schmidtocean.org] (also mentioned in the article) which is their current SOI vessel. It's far nicer than a typical work boat, but certainly not up to the class and sophistication of the actual super and mega yachts I've been on. I never had an opportunity to visit Lone Ranger, but I imagine it's quite similar to Falkor with possibly nicer owner spaces.

      I guess you could think of these ships more as SUVs than luxury autos, to belabor the car an

      • 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.

    • by ceoyoyo (59147)

      Some people like women who respond positively to "hey baby, wanna take a cruise to Antarctica?"

  • Jealousy issue? (Score:2, Informative)

    by Frosty Piss (770223) *

    People like to gripe about what "rich people" buy with their cash. But why not spen it on toys if you can afford it? Unless the current Group Think is that Rich People should give away all their money a la Bill Gates?

    Jealousy issue?

    • by Dunbal (464142) *
      Yeah they think that not a single unionized shipyard worker was paid for this boat.
    • by couchslug (175151)

      We should encourage the rich to buy expensive things, because it employs skilled workers.

      Welders, fitters, electronics tech, subcontractors, engine and drive manufacturers, radar and nav system makers, and many others made money off that fancy boat.

  • by Anonymous Coward on Wednesday April 10, 2013 @01:12PM (#43413627)

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

  • news for nerds? (Score:2, Insightful)

    by andy1307 (656570)
    I know theodp is big into the "the man is screwing you" themes but how did this get greenlighted?
  • Look at it, it's a research vessel, and it's ugly. Eric Schmidt started an organization for researching the oceans. Great idea.
  • Much more serious-looking than the over-styled fiberglass fantasies the super rich seem to typically buy. Probably a better ocean-going vessel, as well. If I had, say, $30M, I'd spend $10M of it on that.

  • Whenever people wonder why the ultra-rich (movie stars, music stars, sports starts, CEOs, lottery winners, etc) end up going bankrupt, I point out stuff like this. There's no point in owning a boat like this unless you plan to live on it. For the number of times you'd actually be able to use the thing, it would make much more sense to just rent the boat. If you are going to own the boat, you should at least of some kind of business set up that rents it out while you're not using it. I'm all for people spe
    • That all depends on what your relationship with the typical $14 million is. Sooner or later it's all just Monopoly money.

    • by vidnet (580068)

      You'll never in your life get $14 million worth of enjoyment out of a boat.

      There are probably half a billion people in this world that would claim that you could never in your life get $25,000 worth of enjoyment out of a new car.

      Millions would say that never in your life would you get $400 worth of enjoyment out of a PC or smart phone.

      • by tompaulco (629533)

        There are probably half a billion people in this world that would claim that you could never in your life get $25,000 worth of enjoyment out of a new car. Millions would say that never in your life would you get $400 worth of enjoyment out of a PC or smart phone.

        I would say you could get $400 worth of entertainment out of a PC. Out of a smartphone? Probably not. I definitely would be one to say you couldn't get $25,000 worth of enjoyment out of a new car. Unfortunately, you pretty much have to have a car to get around in U.S. society. So there is some utilitarian value in addition to the happiness provided. Also, there is some resale value.
        With a boat of this value, and an already deflated price, there is a pretty good chance you could get some enjoyment value ou

    • by afidel (530433)

      He's worth $6.9B, at a very conservative 4.5% interest that throws off $3.88M per DAY, I think he can get 4 days worth of enjoyment out of his yacht...

      • by afidel (530433)

        Ooops, calculation error, only $851k per day, still that's only two weeks to pay off that yacht.

      • by CastrTroy (595695)
        Do the calculation the other way. If the boat costs your $ 14 million, and you spend a total of 4 weeks a year on it, and you live for 50 years (after you bought it) that means you would have spent 4 * 50 * 7 days on the boat, or about 1400 days on the boat. Each day on the boat would have cost you $10,000. That doesn't even account for the fact that you have to pay a crew to man a boat of this size, as well as fuel, and pay for moorage (where the boat goes when you aren't using it) fees. Sure you may hav
  • by stevegee58 (1179505) on Wednesday April 10, 2013 @01:22PM (#43413747) Journal
    (Picture of man hunched over looking despondent)
    "I've grown bored with my giant yacht. Now no one wants to buy it."
  • by pr0t0 (216378) on Wednesday April 10, 2013 @01:24PM (#43413771)

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

  • by stevegee58 (1179505) on Wednesday April 10, 2013 @01:28PM (#43413847) Journal
    1) The day he buys it.
    2) The day he sells it.
  • by Animats (122034) on Wednesday April 10, 2013 @01:33PM (#43413911) Homepage

    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. [google.com]

  • by thetoadwarrior (1268702) on Wednesday April 10, 2013 @01:38PM (#43413967) Homepage
    It would be a real shame if his boat caught on fire before it was sold.
  • by mooingyak (720677) on Wednesday April 10, 2013 @01:47PM (#43414051)

    $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.

    • You'd be surprised how many countries in the world actually use mixed units......
    • Re: (Score:2, Informative)

      by Anonymous Coward

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

    • by jvkjvk (102057)

      Are you a human being or a computer?
      As you said: "Pick a style, pick a system, and STICK WITH IT."
      Regards

    • by ceoyoyo (59147)

      I wouldn't be at all surprised if that distance is in nautical miles. Sailors assume when you say miles and you're talking about over water, it's nautical miles.

      The combination makes perfect sense. In metric countries (i.e. almost everywhere) marine units are frequency metric except for distance and speed. Distance is measured in nautical miles because there's a real, navigation-related reason for doing so, and speed is measured in knots because it's a derived measurement dependent on distance.

    • by anethema (99553)

      Assuming the distances are given in normal miles not nautical miles, and the capacity, this would run though the 1.3 million liter tank in 93 days, giving a fuel consumption of 152.8 gallons per hour. OUCH.

      Given the average US diesel price at $4 or so, this is $611 per hour or $14668 per day of travel. Total tank value around 5.2 million bucks.

      Or to put it how most car drivers would want to see it, about 0.0903 miles per gallon. Also ouch! That would make me want a big sailboat instead! Then again if you're

  • 1.3 Million liters is 317,006 US gallons

    According to this:
    http://www.psmfc.org/efin/data/fuel.html#Data [psmfc.org]

    Marine fuel costs between 3.5$ and 4$ a gallon.

    At 4$ a gallon, it would cost almost 1.3$ Million dollars to fill the thing with fuel!

    So really considering that it would be almost 1/10 of the value, 14 Million is pretty disposable! 10 Fill ups and it would pay for itself! :)

    It would also get (317,006 / 31,000) 10 mpg! Likely pretty Eco-friendly for a ship...

  • by HeyBob! (111243)

    She draws over 6 meters! That alone eliminates most of the places in the world I'd want to visit by boat.

  • As many people have noted, his ocean research non profit is selling some boats that look an awful lot like the sort of workhorse boats that such a non profit would be expected to have. That's not Eric Schmidt's yacht. This [cnn.com] is Eric Schmidt's yacht. It's got a night club.
  • > Eric Schmidt's Lone Ranger expedition yacht was cut from $20,000,000 to a mere $14,000,000

    "Ok Schmidt. Let's haggle. I'll give you 12! No, you can't think on it. Tell me now! Right now! 3, 2, 1..."

    "SOLD!!!! .... Ok gimme my 12 million!"

    "Who said anything about million? Muahahahahhahaha!"
  • Beauty is in the eye of the beholder, and the beholder that sees beauty in this boat is:

    a) a fisherman;
    b) a tug captain; or
    c) a researcher.

    Which of the above is likely to have 10 million plus to sink in to a vessel that would then need to be remodeled (+$$$) to either fish, do tug work, or do research?

    BTW, she started life in 1973 as an ocean-going tug and was converted (for $millions) to a yacht. No question that she is likely an awesomely tough and seaworthy vessel, much more so than any other yacht out

  • Think maybe Eric Schmidt is compensating for something?

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